SEAMILD FOODS(SZ:002956) Soochow Securities·2025-04-27 10:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth, with a revenue increase of 20.2% year-on-year in 2024, reaching 1.896 billion yuan, and a net profit increase of 15.4%, amounting to 133.19 million yuan [7] - In Q1 2025, the company achieved a revenue of 655.6 million yuan, reflecting a year-on-year growth of 15.9%, and a net profit of 55 million yuan, which is a 21.2% increase year-on-year [7] - The product structure continues to upgrade, with significant growth in various product categories and channels, indicating a trend of industry structural upgrade [7] - The company is expected to benefit from cost advantages in 2025, with a projected net profit of 180.63 million yuan, representing a 35.62% year-on-year increase [7] Financial Performance Summary - Total revenue projections for the company are as follows: 1,896 million yuan in 2024, 2,214 million yuan in 2025, 2,546 million yuan in 2026, and 2,884 million yuan in 2027, with respective year-on-year growth rates of 20.16%, 16.78%, 15.00%, and 13.25% [1][8] - The projected net profit for the years 2025 to 2027 is 180.63 million yuan, 229.20 million yuan, and 276.09 million yuan, with year-on-year growth rates of 35.62%, 26.89%, and 20.46% respectively [1][8] - The earnings per share (EPS) are forecasted to be 0.81 yuan in 2025, 1.03 yuan in 2026, and 1.24 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22.98, 18.11, and 15.03 [1][8]