Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady business progress with effective cost control and efficiency improvements. The revenue for Q1-Q3 2024 reached 1.433 billion yuan, representing a 26% year-on-year increase, while the net profit attributable to shareholders was 108 million yuan, up 17% year-on-year [1][3] - The company is focusing on both organic growth and external expansion, particularly through cost-effective strategies in the Douyin channel. The product line is being diversified, including new health-oriented offerings [1][3] Financial Performance Summary - Revenue for Q3 2024 was 460 million yuan, a 6% increase year-on-year, with a net profit of 42 million yuan, reflecting a 54% increase year-on-year. The non-recurring net profit was 26 million yuan, up 1% year-on-year [1] - The gross margin decreased by 3 percentage points to 42.82% in Q3 2024, primarily due to rising raw material costs. The sales and management expense ratios improved, decreasing by 4 percentage points and increasing by 1 percentage point to 28.96% and 5.95%, respectively [1][3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.52, 0.65, and 0.75 yuan, respectively, with corresponding PE ratios of 24, 20, and 17 times [1][3] Growth Projections - The company is projected to achieve main revenue of 1.93 billion yuan in 2024, with a growth rate of 22.3%. The net profit attributable to shareholders is expected to be 117 million yuan, with a growth rate of 1.2% [3] - The company aims to maintain its market leadership in the oatmeal sector while expanding its health product offerings and optimizing its supply chain to mitigate cost fluctuations [1][3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥459,816,094.21, representing a 6.47% increase compared to the previous quarter and a 26.49% increase year-to-date [2]. - The net profit attributable to shareholders for Q3 2024 was ¥41,812,464.56, showing a significant growth of 53.90% compared to the same period last year [2]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.19, reflecting a 58.33% increase year-over-year [2]. - The company reported a year-to-date net profit of ¥108,354,319.54, which is a 17.13% increase compared to the same period last year [2]. - Total operating revenue for Q3 2024 reached CNY 1,433,060,647.63, an increase of 26.5% compared to CNY 1,132,927,846.68 in the same period last year [10]. - Net profit for Q3 2024 was CNY 108,588,356.86, representing a 17.4% increase from CNY 92,505,690.46 in Q3 2023 [11]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.49, compared to CNY 0.41 in the previous year, indicating a growth of 19.5% [12]. - The total comprehensive income for Q3 2024 was CNY 108,589,773.16, compared to CNY 92,505,690.46 in the previous year, indicating an increase of 17.4% [12]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥1,958,354,274.06, which is a decrease of 2.58% from the end of the previous year [2]. - As of September 30, 2024, the company's total assets amounted to RMB 1,958,354,274.06, a decrease from RMB 2,010,154,161.58 at the beginning of the period [8]. - The company's cash and cash equivalents decreased to RMB 384,375,863.06 from RMB 526,227,810.28, representing a decline of approximately 27% [9]. - Accounts receivable increased significantly to RMB 119,029,021.00 from RMB 67,520,943.74, marking an increase of about 76% [9]. - Inventory decreased to RMB 153,287,106.23 from RMB 246,384,903.72, reflecting a reduction of approximately 38% [9]. - The company's total current liabilities decreased to RMB 1,196,619,195.24 from RMB 1,407,525,193.97, a decline of about 15% [9]. - The company's long-term investments increased to RMB 73,454,808.27 from RMB 51,259,931.54, an increase of approximately 43% [9]. - The company's total non-current assets amounted to RMB 761,735,078.82, up from RMB 602,628,967.61, indicating an increase of about 26% [9]. - The company's total liabilities decreased to CNY 451,101,047.57 from CNY 551,404,156.83, a reduction of 18.2% [10]. - Total equity increased to CNY 1,507,253,226.49 from CNY 1,458,750,004.75, reflecting a growth of 3.3% [10]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥130,173,463.85, an increase of 8.30% compared to the same period last year [2]. - The cash inflow from operating activities for the current period is CNY 1,500,224,363.72, an increase from CNY 1,153,442,844.35 in the previous period, representing a growth of approximately 30% [13]. - The net cash flow from operating activities is CNY 130,173,463.85, compared to CNY 120,197,427.67 in the previous period, indicating an increase of about 8% [13]. - The cash inflow from investment activities is CNY 1,208,756,737.06, down from CNY 2,412,996,935.44 in the previous period, reflecting a decrease of approximately 50% [14]. - The net cash flow from investment activities is -CNY 139,860,790.86, compared to CNY 175,145,097.58 in the previous period, showing a decline [14]. - The cash inflow from financing activities is CNY 65,000,000.00, up from CNY 40,000,000.00 in the previous period, representing a growth of 62.5% [14]. - The net cash flow from financing activities is -CNY 85,153,116.58, an improvement from -CNY 159,399,951.62 in the previous period [14]. - The cash and cash equivalents at the end of the period amount to CNY 360,042,004.08, down from CNY 501,850,449.21 in the previous period, indicating a decrease of approximately 28% [14]. - The total cash outflow from investment activities is CNY 1,348,617,527.92, compared to CNY 2,237,851,837.86 in the previous period, showing a reduction of about 40% [14]. Other Income and Expenses - Non-recurring gains and losses for Q3 2024 totaled ¥15,411,794.72, with significant contributions from government subsidies and asset disposals [3]. - The company experienced a growth in other income, which was a key driver for the increase in net profit and earnings per share [5]. - The company reported a significant increase in other income, which rose to CNY 24,133,768.62 from CNY 2,253,894.68, marking a substantial growth [11]. - Research and development expenses for Q3 2024 amounted to CNY 6,425,042.47, an increase of 33.6% from CNY 4,806,718.35 in Q3 2023 [11]. - The company’s financial expenses improved, with interest expenses decreasing to CNY 685,179.64 from CNY 1,083,747.55, a reduction of 36.8% [11].

证券代码：002956 证券简称：西麦食品 公告编号：2024-051 桂林西麦食品股份有限公司 关于回购股份方案实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2023 年 10 月 29 日召 开第三届董事会第四次会议审议通过《关于以集中竞价交易方式回购公司股份方 案的议案》，拟以自有资金回购公司部分社会公众股股份，用于股权激励计划或 员工持股计划。本次回购的资金总额不低于人民币 2,850 万元（含）且不超过人 民币 5,000 万元（含），回购价格不超过人民币 19 元/股。本次回购股份实施期 限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见 《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》（公告编号：2023-053）、《回购报告书》（公告编号：2023-055）。 截至本公告披露之日，公司本次回购股份方案已实施完成。根据《深圳证券 ...

Investment Rating - The report assigns a "Buy" rating for Ximai Food, indicating a positive outlook for the stock in the coming months [1][3][73]. Core Insights - Ximai Food has been focusing on the health food sector, particularly in oats, for over 30 years, and is now expanding into the broader health market through both organic growth and acquisitions [2][3]. - The oat industry in China is relatively small but has significant growth potential, driven by health trends and an aging population [2][3][26]. - Ximai Food is enhancing its market position through a comprehensive supply chain and multi-channel distribution strategy, which includes significant growth in online sales [2][3][34]. - The company is actively pursuing new product development in the health sector, including the launch of protein powder and the acquisition of Desai Kanggu, which will allow entry into the dairy-grain formula market [3][59][65]. Summary by Sections 1. Company Overview - Ximai Food is the leading oat brand in China, established in 1994, and has maintained a stable ownership structure with the founding family controlling over 50% of shares [12][16]. - The company has experienced steady revenue growth, with a CAGR of over 10% from 2019 to 2023, despite recent pressures on profitability due to rising raw material costs [20][26]. 2. Oat Industry Analysis - The Chinese oat market is projected to grow, with a total sales value of 9.56 billion yuan in 2023, reflecting a CAGR of 4.8% from 2018 to 2023 [2][26]. - The market is characterized by low concentration, with the top three companies holding only 51.3% of the market share, indicating room for growth for Ximai Food [2][32]. 3. Business Strategy - Ximai Food has established a full supply chain for oats, ensuring stable raw material supply and cost control through its own production bases in various regions [3][49]. - The company is expanding its distribution channels, achieving over 180% growth in offline snack channels in 2023, and has become a top brand on major e-commerce platforms [3][39]. 4. Financial Projections - Revenue forecasts for Ximai Food are optimistic, with expected revenues of 20 billion yuan in 2024, growing to 28.7 billion yuan by 2026, alongside a projected net profit of 1.2 billion yuan in 2024 [3][68][73]. - The company is expected to maintain a competitive P/E ratio compared to its peers, indicating potential for further valuation growth [3][73].

证券代码：002956 证券简称：西麦食品 公告编号：2024-050 桂林西麦食品股份有限公司 关于回购股份方案的实施进展公告 公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十八条、 的相关规定。具体如下： 1、公司未在下列期间回购公司股份： 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2023 年 10 月 29 日召 开第三届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟以自有资金回购公司部分社会公众股股份，用于股权激 励计划或员工持股计划。本次回购资金总额不低于人民币 2,850 万元（含）且不 超过人民币 5,000 万元（含），回购价格不超过人民币 19 元/股。回购股份实施 期限为自本次董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详 见《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn） ...

公司于 2023 年 12 月 12 日召开第三届董事会第五次会议，2023 年 12 月 29 日召开 2023 年第一次临时股东大会审议通过了《关于申请银行授信额度暨为下 属公司提供担保的议案》，详见公司 2023 年 12 月 14 日披露于巨潮资讯网 （www.cninfo.com.cn）的相关公告。公司于 2024 年 6 月 7 日召开第三届董事会 第九次会议审议通过了《关于公司新增对外担保的议案》，详见公司 2024 年 6 月 8 日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。公司 2024 年 8 月 27 日召开第三届董事会第十次会议审议通过了《关于公司新增对外担保的议案》， 详见公司2024年 8月29日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 证券代码：002956 证券简称：西麦食品 公告编号：2024-049 桂林西麦食品股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 桂林西麦食品股份有限公司（以下简称"公司"）2024 ...

证券代码：002956 证券简称：西麦食品 | --- | --- | --- | |---------------------|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | 投资者关系 | | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 ☑其他（线上交流会） | | | | 华鑫证券、同犇投资、国盛证券、财通证券、光大证券、诺安基金、太平洋证 ...

证券代码：002956 证券简称：西麦食品 公告编号：2024-048 桂林西麦食品股份有限公司 关于回购股份方案的实施进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2023 年 10 月 29 日召 开第三届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟以自有资金回购公司部分社会公众股股份，用于股权激 励计划或员工持股计划。本次回购资金总额不低于人民币 2,850 万元（含）且不 超过人民币 5,000 万元（含），回购价格不超过人民币 19 元/股。回购股份实施 期限为自本次董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详 见《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》（公告编号：2023-053）、《回购报告书》（公告编号：2023-055）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The core view indicates that the company's main business in oats continues to grow rapidly, with ongoing innovation in product categories and channels [1] - The revenue for H1 2024 reached 970 million yuan, a year-on-year increase of 38.8%, while the net profit attributable to shareholders was 70 million yuan, up 1.8% year-on-year [1] - The report highlights a slight adjustment in profit forecasts for 2024-2026 due to rising costs, with expected net profits of 130 million yuan, 160 million yuan, and 190 million yuan for the respective years, representing year-on-year growth of 14.0%, 21.6%, and 19.5% [1] Summary by Sections Business Performance - The company's pure oats, composite oats, and cold oat products generated revenues of 370 million yuan, 440 million yuan, and 70 million yuan respectively in H1 2024, with year-on-year growth rates of 21.7%, 58.4%, and 19.7% [1] - The company is focusing on optimizing its product structure and developing high-value-added products such as composite oats and yogurt grain toppings [1] Channel Development - Offline channels grew over 25% year-on-year, driven by competitive advantages in traditional KA and AB class supermarkets [1] - The snack channel saw over 130% growth, while O2O business on platforms like JD Daojia and Meituan doubled [1] - Online channels experienced a growth rate exceeding 55%, with traditional e-commerce platforms maintaining stable growth and interest e-commerce platforms like Douyin seeing a 109% increase in GMV [1] Financial Metrics - In Q2 2024, the gross margin decreased by 2.38 percentage points to 40.86%, primarily due to rising raw material costs for Australian oats [1] - The net profit margin decreased by 3.04 percentage points to 5.26% in Q2 2024, with sales and management expense ratios declining due to refined management practices [1] - The report anticipates that as product structure improves, gross margins may increase, leading to a gradual recovery in net profit margins [1] Financial Summary and Valuation Indicators - The projected revenues for 2024-2026 are 1.976 billion yuan, 2.366 billion yuan, and 2.780 billion yuan, with respective year-on-year growth rates of 25.3%, 19.7%, and 17.5% [2] - The projected EPS for 2024-2026 is 0.59 yuan, 0.72 yuan, and 0.86 yuan, with corresponding P/E ratios of 18.9, 15.6, and 13.0 [2][3]

单位：万元 | 非经营性资金占用 | | 占用方与上市公司的关 | 上市公司核算 | 2024 年期初占 | 2024 年 1-6 | 月占 | 2024 年 1-6 | 月 2024 年 | 1-6 | 2024 年 | 6 月 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | | | | 用累计发生金 | | 占用资金的利 | 月偿还累计 | | 30 | 日占用资 | | | | | | 联关系 | 的会计科目 | 用资金余额 | 额（不含利息） | | 息(如有) | 发生金额 | | 金余额 | | 因 | | | 控股股东、实际控制 | | | | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | | | - | - | | 前控股股东、实际控 | | | | | ...