西麦食品（002956）：成长延续，扣非亮眼

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 26.50 RMB per share based on a 25x PE for 2026E [4][9]. Core Insights - The company has shown sustained growth in the first three quarters, achieving a revenue of 1.70 billion RMB, representing a year-over-year increase of 18.34%. The gross profit margin improved by 1.03 percentage points, and the net profit attributable to shareholders increased by 31.90% to 132 million RMB [4][10]. - The third quarter saw impressive growth in recurring net profit attributable to shareholders, with a revenue of 547 million RMB (YoY +18.92%) and a net profit increase of 21.00%. Excluding other income, the recurring net profit attributable to shareholders grew by 86.30% [4][10]. - The company is positioned as a leader in the oats and health foods sector, focusing on quality and innovation while expanding into new product categories such as protein powder and health products [4][10]. Financial Summary - Total revenue projections for the company are as follows: 1,578 million RMB for 2023, 1,896 million RMB for 2024, 2,263 million RMB for 2025, 2,707 million RMB for 2026, and 3,221 million RMB for 2027, with respective growth rates of 18.9%, 20.2%, 19.3%, 19.6%, and 19.0% [3][6]. - Net profit attributable to shareholders is forecasted to be 115 million RMB in 2023, increasing to 305 million RMB by 2027, with growth rates of 6.1%, 15.4%, 33.6%, 33.0%, and 28.7% respectively [3][6]. - The earnings per share (EPS) is projected to rise from 0.52 RMB in 2023 to 1.36 RMB in 2027 [3][6].