甘源食品：公司简评报告：经营环比改善，向上势能有望持续

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]