SEAMILD FOODS(SZ:002956) Haitong Securities·2024-11-08 12:54Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The company reported a stable revenue in Q3 2024 with a significant growth in net profit. For the first three quarters of 2024, the company achieved a revenue of 1.433 billion yuan, representing a year-over-year increase of 26.49%, and a net profit attributable to the parent company of 108 million yuan, up 17.13% year-over-year. In Q3 2024 alone, revenue was 460 million yuan, a 6.47% increase year-over-year, with a net profit of 41.81 million yuan, reflecting a substantial growth of 53.90% year-over-year [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's revenue increased by 26.49% year-over-year, while the gross profit margin decreased by 1.50 percentage points due to rising raw material prices, resulting in a gross profit increase of 22.20% compared to the same period last year. The net profit margin decreased by 0.60 percentage points, leading to a final net profit of 108 million yuan [6]. - In Q3 2024, the company experienced a revenue growth of 6.47% year-over-year, but the gross profit margin decreased by 3.43 percentage points, resulting in a gross profit decline of 1.42%. However, the net profit margin increased by 2.80 percentage points, leading to a net profit of 41.81 million yuan [7]. Product and Market Strategy - The company continues to enrich its product categories and expand its market presence through various channels. In the first half of 2024, the company focused on consumer demand, driving product upgrades and promoting oatmeal products as healthy food options. The company has maintained a focus on its major product strategy, with steady growth in star products such as pure oats, organic oats, and milk oatmeal [7][8]. - The company has established a nationwide offline sales network and strengthened its e-commerce channel layout, maintaining the top position in the oatmeal category on major e-commerce platforms. It has also entered community group buying platforms and engaged in deep cooperation with O2O platforms [8]. Financial Projections - The company is projected to achieve revenues of 1.984 billion yuan, 2.480 billion yuan, and 3.046 billion yuan for the years 2024, 2025, and 2026, respectively. The net profits are expected to be 121 million yuan, 176 million yuan, and 240 million yuan for the same years, with corresponding EPS of 0.54 yuan, 0.79 yuan, and 1.08 yuan per share [9][10].