SEAMILD FOODS(SZ:002956) Huaxin Securities·2024-09-06 03:30Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Insights - The company has shown robust revenue growth, with total revenue for H1 2024 reaching 973 million yuan, a year-on-year increase of 39%. The net profit attributable to shareholders was 6.7 million yuan, up 2%, while the net profit excluding non-recurring items was 6.3 million yuan, reflecting a 9% increase [1]. - The company is expanding its market presence in the grain cover segment through strategic acquisitions and enhanced marketing efforts, which are expected to drive future growth [1]. - The company has adjusted its product structure and marketing strategies to mitigate rising costs, focusing on high-value products such as composite oats and protein powders [1][2]. Financial Summary - For H1 2024, the company's revenue from pure oats, composite oats, cold food oats, and other products was 372 million, 436 million, 68 million, and 70 million yuan respectively, with growth rates of 22%, 58%, 20%, and 37% [1]. - The company’s revenue for Q2 2024 was 408 million yuan, a 30% increase year-on-year, while the net profit for the same period was 2.2 million yuan, a decrease of 17% [1]. - The company’s gross margin for H1 2024 decreased by 0.3 percentage points to 42.51%, with net profit margin declining by 2 percentage points to 6.83% [1]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.54, 0.68, and 0.88 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 13 times [2].