SEAMILD FOODS(002956) 开源证券·2024-12-26 06:34Investment Rating - The investment rating for the company is "Outperform" [5][12][13] Core Insights - The company is expected to benefit from strong market demand during the Spring Festival stocking phase and a decrease in raw material procurement costs for Australian oats in 2025, which is anticipated to improve profitability [5][14] - The revenue forecast for 2024-2026 has been raised, with expected net profits of 130 million (+10 million), 180 million (+20 million), and 230 million (+30 million) respectively, representing year-on-year growth rates of 14.8%, 38.5%, and 22.8% [5][7] - The company is focusing on expanding its online and offline channels, with significant growth in e-commerce and new channel development, including membership-based supermarkets [6][37] Financial Summary - Revenue is projected to grow from 1,327 million in 2022 to 2,658 million in 2026, with a compound annual growth rate (CAGR) of approximately 15.7% [7] - The gross profit margin is expected to improve from 43.1% in 2022 to 44.2% in 2026, while the net profit margin is projected to increase from 8.2% to 8.5% over the same period [7] - Earnings per share (EPS) are forecasted to rise from 0.49 in 2022 to 1.01 in 2026, reflecting a strong growth trajectory [7][12]