甘源食品：短期业绩承压，静待后续逐季改善-20250428

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is experiencing short-term performance pressure but is expected to improve gradually on a quarterly basis. The revenue for 2024 is projected at 2.257 billion yuan, with a year-on-year growth of 22.18% [4][9] - The company is focusing on stabilizing its existing products while expanding its new product offerings. The revenue from various product segments shows significant growth, particularly in comprehensive nuts and beans [5] - The company is actively enhancing its sales channels, with notable performance in overseas markets, especially in Southeast Asia [5][8] Company Overview - Latest closing price: 74.53 yuan - Total shares: 0.93 billion, circulating shares: 0.50 billion - Total market value: 6.9 billion yuan, circulating market value: 3.7 billion yuan - 52-week high/low: 93.52/47.85 yuan - Debt-to-asset ratio: 24.5% - Price-to-earnings ratio: 18.00 [3] Financial Performance - For 2024, the company reported operating income of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and a non-recurring net profit of 341 million yuan, with respective year-on-year growth rates of 22.18%, 14.32%, and 16.91% [4] - The company’s gross margin and net margin for 2024 were 35.46% and 16.67%, showing slight declines compared to the previous year [6] - The profit forecast for 2025 and 2026 has been adjusted to 2.677 billion yuan and 3.102 billion yuan in revenue, with net profits of 402 million yuan and 496 million yuan respectively [9][11] Strategic Focus - The company plans to expand into new markets in Southeast Asia, with a focus on localizing product designs and increasing brand presence [7] - The strategy includes strengthening partnerships with major retail channels and enhancing e-commerce collaborations to drive growth [8] - Cost control measures are being implemented, particularly in raw material procurement, to improve profitability [8]