On December 11th, Gelonghui reported that Debang Securities' Research Reports pointed out that Ganyuan Foods (002991.SZ) focuses on taste research and innovation, having deeply cultivated the bean snacks industry for eighteen years. The company has achieved steady growth in performance over the past five years, with revenue and profit rising from 0.911 billion yuan and 120 million yuan in 2018 to 1.848 billion yuan and 329 million yuan in 2023, with five-year CAGR of 15.20% and 22.35%, respectively. There are many participants in the nut snack industry, and there is ample room for industry concentration to improve. In the future, leading enterprises with research and development and channel advantages are expected to gain more market share. In 2024, the company made an attempt to enter the overseas market by targeting the economically active Southeast Asian market, and has already established relatively stable cooperative relationships. As the sales team is developed and products are expanded, the overseas business layout will be further improved. Considering the company's expansion of channels and new products, initial coverage has been given a "Buy" rating.