SEAMILD FOODS(SZ:002956) KAIYUAN SECURITIES·2025-04-28 06:23Investment 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] - For Q1 2025, the company reported a revenue of 660 million yuan, a year-on-year increase of 15.9%, and a net profit of 50 million yuan, reflecting a growth of 21.2% year-on-year. The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027 [4][5] - The company is benefiting from both product and channel expansion, with a strong outlook for revenue growth and significant profit elasticity as cost advantages become more pronounced [4][5] Financial Performance Summary - In 2024, the company's revenue is expected to reach 1.9 billion yuan, with a year-on-year growth of 20.2%. The net profit attributable to the parent company is projected at 130 million yuan, a 15.4% increase year-on-year [8] - The gross margin for 2024 is forecasted to be 41.3%, while the net margin is expected to be 7.0% [8][11] - The company anticipates net profits of 180 million yuan, 224 million yuan, and 264 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.4%, 24.1%, and 18.2% [4][8] Business Development - The company has seen a strong performance in its core oatmeal business, with pure oatmeal revenue of 710 million yuan in 2024, a year-on-year increase of 9.6%. The composite oatmeal revenue reached 850 million yuan, up 28.8% year-on-year [5] - The company is actively expanding its new retail channels, with direct sales channel revenue growing by 31.0% year-on-year to 830 million yuan in 2024. The online sales through traditional e-commerce and social e-commerce are also on the rise [6] - The company is focusing on product innovation and structural adjustments to maintain high growth in its oatmeal segment, while also exploring new health-related products through both internal development and acquisitions [5][6]