GANYUAN FOODS CO.(002991) 东海证券·2025-04-22 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company has reached a profit bottom, with active expansion in overseas markets [2] - The company reported a revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22.18%, and a net profit of 376.19 million yuan, up 14.32% year-on-year [6] - The first quarter of 2025 saw a revenue decline of 13.99% year-on-year, with a net profit decrease of 42.21% [6] - The company is focusing on expanding its product matrix and emerging channels, particularly in Southeast Asia, with a significant increase in overseas revenue [6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.257 billion yuan, with a year-on-year growth of 22.18% and a net profit of 376.19 million yuan, reflecting a 14.32% increase [4][6] - The revenue forecast for 2025 is 2.655 billion yuan, with an expected growth rate of 17.63% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 4.55 yuan, with a price-to-earnings (P/E) ratio of 16.18 [4][6] Product and Market Expansion - The company’s product categories, including mixed nuts and beans, showed strong performance, with significant growth in overseas markets [6] - The overseas revenue reached 83.19 million yuan in 2024, a staggering increase of 1761.5% year-on-year [6] - The company has expanded its overseas distributor network to 31, marking a 106.7% increase [6] Cost and Profitability - The gross margin for 2024 was 35.46%, a slight decrease of 0.78 percentage points year-on-year [6] - The first quarter of 2025 saw a gross margin of 34.32%, down 1.07 percentage points year-on-year, primarily due to rising raw material costs [6] - Sales and management expense ratios increased, reflecting higher costs associated with overseas market expansion and promotional activities [6]