GANYUAN FOODS CO.(002991) 华鑫证券·2024-10-23 03:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown a recovery in revenue growth, with a 22% year-on-year increase in revenue for the first three quarters of 2024, amounting to 1.606 billion yuan. Net profit attributable to shareholders increased by 29% to 277 million yuan, while the net profit excluding non-recurring items rose by 32% to 248 million yuan [1] - The third quarter of 2024 saw revenue of 563 million yuan, a 16% increase year-on-year, with net profit attributable to shareholders reaching 111 million yuan, up 17% [1] - The gross profit margin decreased by 1 percentage point to 36.80%, primarily due to changes in product mix, but is expected to recover as new product capacity ramps up and operational efficiencies improve [1] - The company is expanding its market coverage through multiple channels, optimizing its channel structure, and focusing on product innovation in the snack segment, particularly around beans and nuts [1] Financial Projections - The company is projected to achieve revenues of 2.329 billion yuan in 2024, with a growth rate of 26.1%. By 2026, revenues are expected to reach 3.403 billion yuan, with a growth rate of 19.4% [3] - Net profit attributable to shareholders is forecasted to be 399 million yuan in 2024, growing to 599 million yuan by 2026, with respective growth rates of 21.3% and 21.7% [3] - The diluted earnings per share (EPS) is expected to be 4.28 yuan in 2024, increasing to 6.43 yuan by 2026 [3]