SEAMILD FOODS(002956) 华龙证券·2024-11-05 00:31Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue growth rate has slowed down quarter-on-quarter in Q3 2024, achieving a revenue of 460 million yuan, a year-on-year increase of 6.47%. The net profit attributable to the parent company was 42 million yuan, up 53.90% year-on-year [1] - The company has shown strong growth in its product categories, particularly in cold food and leisure oats, which have seen growth rates exceeding 30% due to contributions from the acquired company Desai Kanggu [1] - The company is focusing on product upgrades in composite oats and developing new products that cater to health-conscious consumers, including protein powder and peptide drinks [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.433 billion yuan, a year-on-year increase of 26.49%. The net profit attributable to the parent company was 108 million yuan, up 17.13% year-on-year [1] - The gross margin and net margin for Q3 2024 were 42.82% and 9.17%, respectively, with year-on-year changes of -3.43 percentage points and +2.88 percentage points [1] - The company received government subsidies amounting to 19.8488 million yuan in Q3 2024, which contributed to the increase in net profit [1] Earnings Forecast - The company is expected to achieve revenues of 2.007 billion yuan, 2.411 billion yuan, and 2.853 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.20%, 20.13%, and 18.30% [3][4] - The net profit attributable to the parent company is projected to be 123 million yuan, 160 million yuan, and 197 million yuan for the same years, with growth rates of 6.59%, 30.22%, and 23.02% [3][4] Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 23.4X, 17.9X, and 14.6X, respectively [3][4] - The company’s return on equity (ROE) is projected to increase from 8.14% in 2024 to 11.35% in 2026 [8]