Group 1: Company Performance Overview - The company focuses on a big product strategy, driving product upgrades through R&D, leading to record-high operating performance in 2024 [1] - In 2024, the net profit reached 133 million CNY, with a year-on-year growth of over 15% [2] - In Q1 2025, the net profit increased by 27.66% year-on-year, outpacing revenue growth [1] Group 2: Revenue Growth Drivers - Revenue growth in 2024 was primarily driven by traditional oat products and the launch of new products [2] - E-commerce sales showed significant growth in Q1, particularly from traditional e-commerce platforms, which have higher profitability compared to interest-based platforms [2] - The oat+ product line has maintained high growth rates, indicating strong market acceptance [4] Group 3: Cost Management and Expense Planning - The company aims to maintain a stable expense ratio while allowing total expenses to grow with sales scale [3] - There is a focus on optimizing expense efficiency through strategic adjustments [3] Group 4: Product Development and Market Strategy - Potential high-growth products include oat+ composite products, health-oriented products, and leisure-oriented oat products [4] - For 2025, the company plans to enhance its offline channel strategy by promoting new products in strong provinces and building distribution networks in weaker provinces [4] - The company expects increased revenue contribution from the acquisition of Desai Kanggu in 2025, despite initial challenges in production capacity [4]

Core Insights - The company reported a revenue of 1.896 billion yuan for 2024, representing a year-on-year increase of 20.16%, with a net profit attributable to shareholders of 133 million yuan, up 15.4% year-on-year [1] - The company experienced a decline in gross margin due to high raw material costs and new factory production, with a gross margin of 37.37% in Q4 2024, down 8.29 percentage points year-on-year [2] - The company is focusing on optimizing product structure and diversifying channels, with significant growth in composite oats and other processed products [4] Financial Performance - For Q4 2024, the company achieved a revenue of 463 million yuan, a year-on-year increase of 4.04%, and a net profit of 25 million yuan, up 8.22% year-on-year [1] - In Q1 2025, the company reported a revenue of 656 million yuan, a year-on-year increase of 15.93%, and a net profit of 55 million yuan, up 21.17% year-on-year [1] - The gross margin for Q1 2025 was 43.65%, a slight decrease of 0.05 percentage points year-on-year [2] Cost and Expense Management - The company adjusted its expense rhythm, resulting in a decrease in expense ratio to 31.89% in Q4 2024, down 11.21 percentage points year-on-year [3] - The selling expense ratio for Q4 2024 was 24.02%, down 12.33 percentage points year-on-year [3] - The net profit margin for Q1 2025 was 8.32%, an increase of 0.36 percentage points year-on-year [3] Product and Channel Strategy - The company is increasing its focus on composite oats and other deep-processed products, with revenue growth of nearly 30% for composite oats and over 170% for protein powder [4] - The company is expanding into new channels, with snack wholesale growth close to 50% and new retail channel GMV sales exceeding 100 million yuan, up 35% year-on-year [4] - The company anticipates improved profit elasticity due to a decrease in raw material prices and an increase in the use of new materials in Q2 [4] Future Outlook - The company projects revenues of 2.290 billion yuan, 2.741 billion yuan, and 3.309 billion yuan for 2025-2027, with year-on-year growth rates of 20.78%, 19.69%, and 20.73% respectively [4] - Expected net profits for 2025-2027 are 177 million yuan, 220 million yuan, and 270 million yuan, with corresponding year-on-year growth rates of 33.17%, 24.23%, and 22.33% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.13 yuan over the next six months [5]. Core Insights - The company reported a revenue of 1.896 billion yuan for 2024, representing a year-on-year growth of 20.16%. The net profit attributable to the parent company was 133 million yuan, up 15.36% year-on-year [1]. - The growth in revenue is driven by the rapid increase in sales of composite and cold oat products, with online sales channels growing over 17% and offline sales increasing by 14% [1][3]. - The company is expected to benefit from cost advantages as the price of Australian oats declines, enhancing profit margins [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 41.33%, a decrease of 3.22 percentage points year-on-year, primarily due to rising oat prices and lower margins in online and new retail channels [2]. - The net profit margin for 2024 was 7.02%, down 0.30 percentage points year-on-year. However, in Q1 2025, the net profit margin improved to 8.28%, reflecting a positive trend [2]. - The company forecasts earnings per share (EPS) of 0.88, 1.21, and 1.52 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 21x, 15x, and 12x [3]. Revenue and Profit Growth Projections - The company anticipates a revenue growth rate of 18.14% for 2025, with net profit expected to increase by 47.82% [4]. - The projected revenue for 2025 is 2.24 billion yuan, with net profit reaching 197 million yuan [4]. Market Position and Competitive Advantage - The company has established itself as a leader in the oat industry, with strong performance in both traditional and new retail channels [1][3]. - The successful launch of new products, such as oatmeal porridge in Sam's Club, indicates a robust sales strategy and market penetration [3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 1.9 billion yuan, representing a year-on-year increase of 20.2%. The net profit attributable to the parent company is forecasted to be 130 million yuan, up 15.4% year-on-year [4][5] - For Q1 2025, the company reported a revenue of 660 million yuan, a year-on-year increase of 15.9%, and a net profit of 50 million yuan, reflecting a growth of 21.2% year-on-year. The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027 [4][5] - The company is benefiting from both product and channel expansion, with a strong outlook for revenue growth and significant profit elasticity as cost advantages become more pronounced [4][5] Financial Performance Summary - In 2024, the company's revenue is expected to reach 1.9 billion yuan, with a year-on-year growth of 20.2%. The net profit attributable to the parent company is projected at 130 million yuan, a 15.4% increase year-on-year [8] - The gross margin for 2024 is forecasted to be 41.3%, while the net margin is expected to be 7.0% [8][11] - The company anticipates net profits of 180 million yuan, 224 million yuan, and 264 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.4%, 24.1%, and 18.2% [4][8] Business Development - The company has seen a strong performance in its core oatmeal business, with pure oatmeal revenue of 710 million yuan in 2024, a year-on-year increase of 9.6%. The composite oatmeal revenue reached 850 million yuan, up 28.8% year-on-year [5] - The company is actively expanding its new retail channels, with direct sales channel revenue growing by 31.0% year-on-year to 830 million yuan in 2024. The online sales through traditional e-commerce and social e-commerce are also on the rise [6] - The company is focusing on product innovation and structural adjustments to maintain high growth in its oatmeal segment, while also exploring new health-related products through both internal development and acquisitions [5][6]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 1.9 billion yuan, representing a year-on-year increase of 20.2%. The net profit attributable to the parent company is forecasted to be 130 million yuan, up 15.4% year-on-year [4][5] - The company is benefiting from product and channel expansion, with significant growth in its core oatmeal business and new product lines. The profit elasticity is expected to be released in 2025 due to cost advantages [4][5] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.9 billion yuan, with a year-on-year growth of 20.2%. The net profit attributable to the parent company is expected to reach 130 million yuan, reflecting a 15.4% increase year-on-year [4][8] - For Q1 2025, revenue is anticipated to be 660 million yuan, a year-on-year increase of 15.9%, with a net profit of 50 million yuan, up 21.2% year-on-year [4][8] - The company forecasts net profits for 2025, 2026, and 2027 to be 180 million yuan, 224 million yuan, and 264 million yuan, respectively, with year-on-year growth rates of 35.4%, 24.1%, and 18.2% [4][8] Business Development - The company has seen a steady increase in its core oatmeal revenue, with pure oatmeal revenue at 710 million yuan (up 9.6%) and compound oatmeal revenue at 850 million yuan (up 28.8%) in 2024 [5] - The company is actively expanding its new retail channels, with direct sales channel revenue reaching 830 million yuan (up 31.0%) and online sales through traditional e-commerce and social e-commerce platforms growing significantly [6] Profitability Metrics - The gross margin for 2024 is expected to be 41.33%, with a net margin of 7.02%. For Q1 2025, the gross margin is projected to be 43.65%, with a net margin of 8.28% [7][8] - The company is expected to maintain a stable expense ratio, with a decrease in sales expense ratio contributing to improved profitability [7]

证券研究报告·公司点评报告·休闲食品 西麦食品（002956） 2024 年报及 2025 年一季报点评：持续稳健 增长，2025Q1 成本红利释放 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,578 | 1,896 | 2,214 | 2,546 | 2,884 | | 同比（%） | 18.89 | 20.16 | 16.78 | 15.00 | 13.25 | | 归母净利润（百万元） | 115.45 | 133.19 | 180.63 | 229.20 | 276.09 | | 同比（%） | 6.08 | 15.36 | 35.62 | 26.89 | 20.46 | | EPS-最新摊薄（元/股） | 0.52 | 0.60 | 0.81 | 1.03 | 1.24 | | P/E（现价&最新摊薄） | 35.95 | 31.16 | 22.98 | 18.11 | 15.03 | [Tab ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002956 证券简称：西麦食品 公告编号：2025-017 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性 损益项目界定为经常性损益的项目的情形。 （三） 主要会计数据和财务指标发生变动的情况及 ...

2024 2024 信会师报字[2025]第ZA11827号 我们接受委托，对后附的桂林西麦食品股份有限公司（以下简称 "西麦食品"） 2024年度募集资金存放与使用情况专项报告（以下简 称"募集资金专项报告"）执行了合理保证的鉴证业务。 西麦食品董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》以及《深 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制，如实反映西麦食品2024年度募集资金存放与使用情况获取合 理保证。在执行鉴证工作过程中，我们实施了包括询问、检查会计记 录等我们认为必要的程序。我们相信，我们的鉴证工作为发表鉴证结 论提供了合理的基础。 我们的责任是在执行鉴证工作 ...

桂林西麦食品股份有限公司 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进入"注册竞于证明该审计报告是否由具有执业许可的会计师事务所出具 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn） 进行查测 ： 我们审计了桂林西麦食品股份有限公司（以下简称西麦食品）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了西麦食品 2024 年 12 月 31 日的合并及母公司 财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5 ...

截至 2024 年 12 月 31 日止，募集资金使用及结余情况如下： 招商证券股份有限公司关于桂林西麦食品股份有限公司 2024 年度募集资 金存放与使用情况的专项核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为桂林西麦食 品股份有限公司（以下简称"西麦食品"或"公司"）首次公开发行股票的保荐机构， 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、《深圳 证券交易所上市公司自律监管指引第 13 号—保荐业务》等有关规定，对西麦食品 2024 年度募集资金存放与使用情况进行了审慎核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可[2019]940 号文《关于核准桂林西麦食品股份 有限公司首次公开发行股票的批复》核准，同意公司向社会公开发行 20,000,000 股人民 币普通股（A 股），每股发行价为人民币 36.66 元，共募集资金人民币 733,200,000.00 元。截至 2019 年 7 月 2 日止，公司实际已发行人民币普通股（A 股）20,000,000 股， 募集资金总额为人民币733 ...