SEAMILD FOODS(002956) 华鑫证券·2024-10-31 00:46Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady business progress with effective cost control and efficiency improvements. The revenue for Q1-Q3 2024 reached 1.433 billion yuan, representing a 26% year-on-year increase, while the net profit attributable to shareholders was 108 million yuan, up 17% year-on-year [1][3] - The company is focusing on both organic growth and external expansion, particularly through cost-effective strategies in the Douyin channel. The product line is being diversified, including new health-oriented offerings [1][3] Financial Performance Summary - Revenue for Q3 2024 was 460 million yuan, a 6% increase year-on-year, with a net profit of 42 million yuan, reflecting a 54% increase year-on-year. The non-recurring net profit was 26 million yuan, up 1% year-on-year [1] - The gross margin decreased by 3 percentage points to 42.82% in Q3 2024, primarily due to rising raw material costs. The sales and management expense ratios improved, decreasing by 4 percentage points and increasing by 1 percentage point to 28.96% and 5.95%, respectively [1][3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.52, 0.65, and 0.75 yuan, respectively, with corresponding PE ratios of 24, 20, and 17 times [1][3] Growth Projections - The company is projected to achieve main revenue of 1.93 billion yuan in 2024, with a growth rate of 22.3%. The net profit attributable to shareholders is expected to be 117 million yuan, with a growth rate of 1.2% [3] - The company aims to maintain its market leadership in the oatmeal sector while expanding its health product offerings and optimizing its supply chain to mitigate cost fluctuations [1][3]