证券代码：002991 证券简称：甘源食品 公告编号：2024-065 甘源食品股份有限公司 关于董事会、监事会完成换届选举 并聘任高级管理人员、证券事务代表 和内部审计负责人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整、 没有虚假记载、误导性陈述或重大遗漏。 甘源食品股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日召开 2024 年第四次临时股东大会，审议通过了董事会、 监事会换届选举的相关议案，选举产生了第五届董事会董事、第 五届监事会非职工代表监事。 同日公司召开了全体职工代表大会选举产生了第五届监事 会职工代表监事，与公司 2024 年第四次临时股东大会选举产生 的非职工代表监事共同组成公司第五届监事会。 公司于 2024 年 11 月 8 日召开了第五届董事会第一次会议和 第五届监事会第一次会议，选举产生了第五届董事会董事长、副 董事长、董事会专门委员会委员及第五届监事会主席，聘任了公 司高级管理人员、证券事务代表、内部审计负责人。现将相关情 况公告如下： 一、 公司第五届董事会组成情况 （一）董事会成员 非独立董事： 严斌生先生（董事长）、严海雁先生（副董事长 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-066 甘源食品股份有限公司 关于选举第五届监事会职工代表监事的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 甘源食品股份有限公司（以下简称"公司"）第四届监事会 任期即将届满，为保证监事会的正常运作，根据《公司法》《公 司章程》等有关规定，公司于 2024 年 11 月 8 日在江西省萍乡市 萍乡经济技术开发区清泉生物医药食品工业园公司行政楼会议 室召开了公司 2024 年第一次职工代表大会，审议通过选举甘新 开先生（简历见附件）为公司第五届监事会职工代表监事。 甘新开先生将与公司股东大会选举产生的两名非职工代表 监事共同组成公司第五届监事会，与非职工代表监事的任期一致， 任期三年，自 2024 年第四次临时股东大会审议通过之日起至第 五届监事会届满之日止。 2024 年 11 月 8 日 附件： 公司职工代表监事简历 甘新开，男，1970 年 6 月出生，中国国籍，汉族，中共党员。曾任职于东莞长安平基鞋厂任保安队长，东莞 长安展丰鞋厂任总务，东莞厚街新联食品厂任总务，福建泉州佳升机械厂 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-061 关于持股 5%以上股东减持股份预披露公告 公司持股 5%以上股东严海雁先生保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 特别提示： 甘源食品股份有限公司（以下简称"公司"、"本公司"） 于近日收到持有公司 5,613,420 股（占剔除回购股份后本公 司总股本比例的 6.13%）的股东严海雁先生（现任公司副董 事长、董事）出具的《关于减持甘源食品股份计划的告知函》， 计划在本公告披露之日起 15 个交易日后的三个月内（2024 年 12 月 2 日-2025 年 2 月 28 日）以集中竞价或大宗交易方 式减持本公司股份不超过 916,099 股（含）（占剔除回购股 份后本公司总股本比例的 1%）。现将有关内容公告如下： 甘源食品股份有限公司 一、股东的基本情况 注：截至本公告披露日，公司回购专用证券账户中的股份数量为 1,605,872 股，减持比 例按公司总股本 93,215,831 股剔除回购专用证券账户中的股份数量后的 91 ...

公 司 研 究 [Table_Reportdate] 2024年10月31日 食 品 饮 料 甘源食品 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/30 | | 收盘价 | 72.51 | | 总股本 ( 万股 ) | 9,322 | | 流通 A 股 /B 股 ( 万股 ) | 4,969/0 | | 资产负债率 (%) | 21.46% | | 市净率 ( 倍 ) | 4.18 | | 净资产收益率 ( 加权 ) | 15.65 | | 12 个月内最高 / 最低价 | 91.36/47.54 | [Table_QuotePic] -48% -37% -26% -15% -4% 8% 19% 30% ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to the parent company was 277 million yuan, up 29.48% year-on-year [2] - In Q3 2024, the company achieved a revenue of 563 million yuan, a year-on-year increase of 15.58%, with a notable improvement in revenue growth compared to Q2 2024 [2] - The company is actively optimizing its distribution channels, particularly in the snack wholesale sector, which has shown high growth rates. The e-commerce channel is also being enhanced with new product introductions [2] Financial Summary - For 2024, 2025, and 2026, the projected net profits attributable to the parent company are 390 million yuan, 470 million yuan, and 560 million yuan, respectively, with year-on-year growth rates of 21%, 20%, and 18% [2][3] - The company's current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 17, 14, and 12 times, respectively [2] - The revenue for 2024 is expected to be 2.257 billion yuan, with a growth rate of 22.2% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company reported a total revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders reached 277 million yuan, up 29.48% year-on-year [4][6]. - The revenue growth rate improved in the third quarter, with a year-on-year increase of 15.58%, significantly higher than the 4.9% growth in the second quarter. This improvement is attributed to adjustments in traditional sales channels and the performance of the e-commerce channel [4][5]. - The company is expected to continue its revenue growth in the fourth quarter, driven by new product launches in the e-commerce channel and the ongoing expansion of high-growth channels such as overseas and bulk snack channels [5][6]. Summary by Sections Financial Performance - For the third quarter, the company achieved a revenue of 563 million yuan, with a net profit of 111 million yuan, reflecting year-on-year increases of 15.58% and 17.10%, respectively [4][6]. - The gross margin for the third quarter was 36.8%, down 0.7 percentage points year-on-year, primarily due to changes in channel structure [5][6]. - The sales expense ratio increased to 11.4%, up 1.5 percentage points year-on-year, mainly due to increased personnel costs from hiring new sales staff [5][6]. Future Outlook - The company is expected to maintain its revenue growth momentum into the fourth quarter, with ongoing improvements in both traditional and e-commerce channels [5][6]. - Long-term growth prospects remain strong due to the company's leading position in niche categories and its robust product innovation capabilities [5][6]. Earnings Forecast - The company is projected to achieve revenues of 2.25 billion yuan, 2.71 billion yuan, and 3.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 20.5%, and 19.9% [6]. - The net profit attributable to shareholders is expected to reach 392 million yuan, 464 million yuan, and 553 million yuan for the same years, with growth rates of 19.1%, 18.4%, and 19.2% [6].

Investment Rating - The report maintains a "Buy" rating for Gan Yuan Food (002991) with a target price of 70.20 RMB [1] Core Views - Gan Yuan Food achieved a revenue of 1.61 billion RMB in the first three quarters of 2024, a year-on-year increase of 22.2%, and a net profit attributable to the parent company of 280 million RMB, a year-on-year increase of 29.5% [2] - The company's product matrix is rich, with traditional products like mixed nuts and peas continuing to dominate consumer preference, while new products such as potato chips and peanuts show strong growth [2] - The company's gross margin in Q3 2024 was 36.8%, up 2.4 percentage points quarter-on-quarter, driven by lower raw material prices and improved channel structure [3] - The company is actively adjusting its sales channels, with e-commerce and direct sales showing promising results, and overseas markets, particularly Vietnam, experiencing steady growth [2] Financial Performance - The company's net profit margin for the first three quarters of 2024 was 17.3%, up 1 percentage point year-on-year, with Q3 net profit margin reaching 19.7% [3] - Gan Yuan Food's EPS for 2024-2026 is forecasted to be 4.51 RMB, 5.39 RMB, and 6.42 RMB, respectively, with corresponding P/E ratios of 16x, 13x, and 11x [1] - The company's ROE is expected to increase from 19.53% in 2023 to 23.20% in 2026, reflecting improved profitability and efficiency [4] Channel and Product Strategy - The company is focusing on e-commerce channel development, with a dedicated team in place to optimize product offerings and prepare for the Q4 sales peak [2] - KA (Key Account) channels are transitioning from distributors to direct sales, showing better performance compared to the industry average [2] - Overseas expansion is centered on the Vietnamese market, which has shown consistent growth [2] Cost Management and Hedging - The company has implemented hedging strategies for key raw materials such as peanuts, sugar, and palm oil to mitigate price volatility risks [3] - Sales expenses increased by 1 percentage point year-on-year due to higher personnel costs and increased investment in online marketing channels [3] Future Outlook - Revenue growth is expected to remain strong, with forecasts of 22.51% growth in 2024, 19.86% in 2025, and 19.29% in 2026 [4] - The company's net profit is projected to grow from 420.54 million RMB in 2024 to 598.59 million RMB in 2026, driven by improved operational efficiency and market expansion [4]

| --- | --- | --- | |-----------------------|-----------------------------------------|--------------| | 2024 | 年 10 月 27 日 | 公司研究 | | 研究所： 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | ——甘源食品（ | 评级：买入(维持) [Table_Title] 收入环比改善，盈利能力增强 002991）2024 年三季报点评 事件: 年 10 月 23 日，甘源食品发布 2024 年三季报。2024Q1-3 公司实 现营业收入 16.06 亿元，同比+22.23%；归母净利润 2.77 亿元，同比 ；扣非归母净利润 2.48 亿元，同比+32.10%。其中，2024Q3 公司实现营业收入 5.63 亿元，同比+15.58%；归母净利润 1.11 亿元，同 +17.10%；扣非归母净利润 1.03 亿元，同比+22.26%。 Q3 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | |-------------------------------------------------------------------------------------------------|----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...