SEAMILD FOODS(SZ:002956) KAIYUAN SECURITIES·2025-10-31 12:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company demonstrated strong revenue resilience in Q3, with revenue growth of 18.9% year-on-year, reaching 5.5 billion yuan, and net profit growth of 21.0%, amounting to 0.5 billion yuan. The performance exceeded expectations, leading to a maintained profit forecast for 2025-2027 [3][4] - The company is focusing on product structure upgrades and multi-channel expansion, with significant growth in online sales, particularly on platforms like Douyin, which is expected to exceed 50% growth [4][5] - Cost reductions and effective expense management have contributed to an increase in net profit margin, which rose to 9.31% in Q3, up 0.14 percentage points year-on-year [6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.7 billion yuan, a year-on-year increase of 18.3%, and a net profit of 0.5 billion yuan, up 21.9% year-on-year. The forecast for net profit for 2025-2027 is 1.7 billion yuan, 2.3 billion yuan, and 2.8 billion yuan, representing year-on-year growth rates of 30.3%, 31.7%, and 23.6% respectively [3][7] - The gross margin for Q3 was 43.75%, an increase of 0.92 percentage points year-on-year, driven by cost reductions [6][11] - The company’s earnings per share (EPS) for 2025 is projected to be 0.78 yuan, with corresponding price-to-earnings (P/E) ratios of 26.9, 20.4, and 16.5 for 2025, 2026, and 2027 respectively [3][7] Business Development - The company is actively advancing its health product line, with new products expected to launch soon, which could provide a new growth curve [5] - The company has successfully launched a series of health food products, receiving positive sales feedback, indicating strong market acceptance [5]