研报掘金丨开源证券：西麦食品利润弹性释放可期，维持“增持”评级

Core Viewpoint - The report from Kaiyuan Securities indicates that Ximai Foods has a solid growth foundation, with expected profit elasticity release, maintaining a "buy" rating [1] Group 1: Revenue Growth - In January, the company entered the preparation phase for the Spring Festival, with relatively good market demand supporting revenue growth [1] - The continued release of cost benefits is expected to drive the company's profit elasticity to be fully realized [1] Group 2: Product Development - The launch of organic oats and other high-value-added products in 2025 is expected to perform well, accelerating growth [1] - The compound oats segment is experiencing rapid growth due to the upgrade of existing products and the release of new products, contributing significantly to overall growth [1] Group 3: Future Growth Prospects - The main oat business is expected to continue steady growth in 2026, ensuring a solid revenue base [1] - The company is actively promoting the development of a second growth curve in health products, with the launch of medicinal food powder in Q4 showing good sales performance in certain regions [1] - A nationwide rollout in 2026 is anticipated to contribute significant incremental growth, becoming an important growth driver [1] Group 4: Online Channel Performance - The online channel is expected to maintain strong growth momentum, with Douyin channel showing particularly impressive growth [1] - The profitability of the channels is improving quarter by quarter due to cost control and efficiency enhancement strategies [1]