SEAMILD FOODS(002956) 新浪财经· Xin Lang Cai Jing·2025-04-29 02:48Core 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]