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]

如果说消费市场复苏是业绩增长的"稳定器"，那么民营企业的崛起则是推动市场上行的"加速器"。比亚 迪（002594）、宁德时代（300750）、金山办公等知名企业，凭借深厚行业积淀与创新能力，实现2025 年"开门红"，其成功源于精准把握市场趋势、持续加大研发投入与高效运营管理。这些民营企业的优异 表现，不仅为自身赢得发展先机，更有力推动A股市场繁荣，充分彰显民营经济在市场竞争中的强大活 力与韧性。 每经评论员王砚丹 随着2024年年报和2025年一季报披露临近尾声，A股市场上市公司交出了一份彰显韧性与活力的成绩 单。截至4月25日的统计数据显示，超千家上市公司披露了一季报，其中约六成企业实现净利润同比增 长，百余家公司增幅超100%。这不仅勾勒出中国产业经济的复苏曲线，更折射出资本市场基本面的结 构性向好趋势。 在本轮业绩增长中，消费市场复苏成为拉动上市公司收入增长的关键引擎。在"双循环"新发展格局下， 居民消费能力与意愿不断提升，为上市公司开辟了广阔市场空间。以消费电子、食品饮料等行业为例， 消费者对品质、智能、健康的需求升级，推动企业优化产品结构、推出创新产品，实现销售额与利润双 增长。比如，主营麦片的西 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth, with a revenue increase of 20.2% year-on-year in 2024, reaching 1.896 billion yuan, and a net profit increase of 15.4%, amounting to 133.19 million yuan [7] - In Q1 2025, the company achieved a revenue of 655.6 million yuan, reflecting a year-on-year growth of 15.9%, and a net profit of 55 million yuan, which is a 21.2% increase year-on-year [7] - The product structure continues to upgrade, with significant growth in various product categories and channels, indicating a trend of industry structural upgrade [7] - The company is expected to benefit from cost advantages in 2025, with a projected net profit of 180.63 million yuan, representing a 35.62% year-on-year increase [7] Financial Performance Summary - Total revenue projections for the company are as follows: 1,896 million yuan in 2024, 2,214 million yuan in 2025, 2,546 million yuan in 2026, and 2,884 million yuan in 2027, with respective year-on-year growth rates of 20.16%, 16.78%, 15.00%, and 13.25% [1][8] - The projected net profit for the years 2025 to 2027 is 180.63 million yuan, 229.20 million yuan, and 276.09 million yuan, with year-on-year growth rates of 35.62%, 26.89%, and 20.46% respectively [1][8] - The earnings per share (EPS) are forecasted to be 0.81 yuan in 2025, 1.03 yuan in 2026, and 1.24 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22.98, 18.11, and 15.03 [1][8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumer retail sales growth rate rebounded month-on-month in March, indicating strengthened expectations for consumption policies. The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The snack food (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) sectors performed relatively well [3][12][14] - The first quarter of 2025 saw a decrease in the allocation of food and beverage stocks by funds, with the allocation ratio dropping from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds reduced their allocation to food and beverage stocks, while the allocation to liquor stocks increased slightly [3][12][14] - The Central Political Bureau meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth. This aligns with the optimistic outlook for the consumption sector. Despite pressures on the performance of liquor, condiments, and frozen food in Q1, the snack sector showed strong growth, with companies like Salted Fish and West Oat achieving significant revenue increases [4][13] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage stocks, but holdings became more concentrated, with the snack sector showing outstanding performance [12] - The food and beverage index underperformed the market, with a decline of 1.4% [14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 sectors, underperforming the CSI 300 by about 1.7 percentage points. Snack food, soft drinks, and other alcoholic beverages showed relative strength [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Liquor Industry News - Wuliangye plans to launch 17 new product series, indicating ongoing innovation in the liquor sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

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 ...

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 ...

桂林西麦食品股份有限公司 内部控制审计报告 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）"进行查处 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）"进行查处 信会师报字[2025]第 ZA11826 号 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，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） 2024 年 12 月 31 日的财务报告内部控制的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是西麦食品董事会的责任。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 我们认为，西麦食品于 2024 ...

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 ...