西麦食品(002956)：三季报业绩超预期 26年有望继续提速

Core Viewpoint - Ximai Foods, as a leading domestic oat brand, benefits from the trend of health-oriented consumption, with a continuous upward shift in growth since its listing [1] - Compared to overseas markets, there is significant room for improvement in the penetration rate of oats in China, with a solid base in pure oats and rapid growth in composite oat products through innovation [1] - The company is actively expanding into new channels such as O2O, community group buying, and emerging platforms like Douyin, demonstrating superior operational efficiency compared to peers [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.696 billion yuan, a year-on-year increase of 18.34%, and a net profit attributable to shareholders of 132 million yuan, up 21.90% [2] - In Q3 2025, revenue reached 547 million yuan, growing 18.92% year-on-year, with a net profit of 51 million yuan, an increase of 21.00% [2] Product Growth and Innovation - The revenue from pure oats in Q3 grew by 15%, driven by the contribution of organic oats, while composite oats maintained over 20% growth [3] - The company continues to innovate by introducing health-oriented ingredients into composite oat products, benefiting from the health consumption trend [3] - New products such as high-protein oat porridge and organic high-protein oat flakes were launched in October, expected to accelerate revenue growth in 2026 [3] Cost and Profitability - In Q3 2025, the company's gross margin improved by 0.93 percentage points to 43.75%, mainly due to lower raw material costs and an upgraded product mix [4] - The selling expense ratio decreased by 1.85 percentage points to 27.11%, reflecting effective cost control during the off-season [4] - The net profit margin increased by 0.14 percentage points to 9.31%, with a significant rise in the non-recurring net profit margin by 3.25 percentage points to 8.99% [4] Future Outlook - The company is expected to experience a rapid release of performance in 2026, with projected revenues of 2.33 billion, 2.78 billion, and 3.27 billion yuan for 2025-2027, representing year-on-year growth of 22.7%, 19.7%, and 17.4% respectively [4] - The net profit attributable to shareholders is forecasted to reach 178 million, 236 million, and 300 million yuan for the same period, with growth rates of 33.4%, 32.9%, and 27.0% [4]