西麦食品（002956）：公司信息更新报告：2024年收入稳步增长，2025年利润弹性有望释放

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 1.9 billion yuan, representing a year-on-year increase of 20.2%. The net profit attributable to the parent company is forecasted to be 130 million yuan, up 15.4% year-on-year [4][5] - The company is benefiting from product and channel expansion, with significant growth in its core oatmeal business and new product lines. The profit elasticity is expected to be released in 2025 due to cost advantages [4][5] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.9 billion yuan, with a year-on-year growth of 20.2%. The net profit attributable to the parent company is expected to reach 130 million yuan, reflecting a 15.4% increase year-on-year [4][8] - For Q1 2025, revenue is anticipated to be 660 million yuan, a year-on-year increase of 15.9%, with a net profit of 50 million yuan, up 21.2% year-on-year [4][8] - The company forecasts net profits for 2025, 2026, and 2027 to be 180 million yuan, 224 million yuan, and 264 million yuan, respectively, with year-on-year growth rates of 35.4%, 24.1%, and 18.2% [4][8] Business Development - The company has seen a steady increase in its core oatmeal revenue, with pure oatmeal revenue at 710 million yuan (up 9.6%) and compound oatmeal revenue at 850 million yuan (up 28.8%) in 2024 [5] - The company is actively expanding its new retail channels, with direct sales channel revenue reaching 830 million yuan (up 31.0%) and online sales through traditional e-commerce and social e-commerce platforms growing significantly [6] Profitability Metrics - The gross margin for 2024 is expected to be 41.33%, with a net margin of 7.02%. For Q1 2025, the gross margin is projected to be 43.65%, with a net margin of 8.28% [7][8] - The company is expected to maintain a stable expense ratio, with a decrease in sales expense ratio contributing to improved profitability [7]