GANYUAN FOODS CO.(002991) 华鑫证券·2025-04-22 12:33Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing pressure on profit margins but is expected to benefit from scale effects in the future [1] - The company reported a total revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22%, and a net profit of 376 million yuan, up 14% year-on-year [4][9] - The report highlights the company's strategies to optimize costs through various measures, including locking in palm oil prices and increasing direct sourcing of key raw materials [5] Summary by Sections Financial Performance - In Q4 2024, total revenue was 652 million yuan, a 22% year-on-year increase, while net profit decreased by 14% to 99 million yuan [4] - For Q1 2025, total revenue was 504 million yuan, a 14% decrease, primarily due to the timing of the Spring Festival and a decline in traditional supermarket business [4] Cost and Margin Analysis - The gross margin for Q4 2024 and Q1 2025 decreased by 1 percentage point to 35.14% and 34.32%, respectively, mainly due to rising palm oil costs [5] - Selling expenses increased by 2 percentage points in Q4 2024 and 4 percentage points in Q1 2025, attributed to team expansion and increased marketing expenses [5] Product and Channel Growth - The company’s core products, including green peas, sunflower seeds, and broad beans, showed steady growth, with revenues of 524 million, 302 million, and 277 million yuan, respectively [6] - The comprehensive nut and bean product series generated 705 million yuan in revenue, a 40% increase, driven by product expansion and channel diversification [6] Market Expansion and Strategy - The company reported revenue growth in distribution channels, with sales from distributors and other channels increasing by 23% and 65%, respectively [7] - E-commerce revenue for 2024 was 239 million yuan, an 11% increase, with plans to enhance online collaboration for new product validation [8] Earnings Forecast - The report projects EPS for 2025-2027 to be 4.38, 5.13, and 5.89 yuan, respectively, with corresponding PE ratios of 17, 14, and 13 times [9][11]