西麦食品（002956）：收入利润高增长，燕麦龙头加速发力

Investment Rating - The investment rating for the company is upgraded to "Buy-A" [6] Core Insights - The company has demonstrated "high-quality growth + cost control optimization" in Q3, with both revenue and profit increasing, alongside improvements in gross and net profit margins. The potential for continued revenue and profit growth is evident from new products and the health-focused second growth curve [2][4] - In Q3, the company achieved operating revenue of 547 million yuan, a year-on-year increase of 18.92%, and a net profit attributable to shareholders of 50.59 million yuan, up 21.00% year-on-year. The first three quarters saw cumulative revenue of 1.696 billion yuan, a year-on-year increase of 18.34%, and a net profit of 132.08 million yuan, up 21.90% year-on-year [4][6] - The company is benefiting from a reduction in raw material costs, leading to a gross margin increase of 1.03 percentage points to 43.64% in the first three quarters. Additionally, the sales and management expense ratios have decreased, indicating effective cost control measures [4][5] Financial Performance - The company is expected to achieve operating revenues of 2.448 billion, 3.111 billion, and 3.735 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 29.1%, 27.1%, and 20.1% [6][11] - The net profit attributable to shareholders is projected to be 185 million, 250 million, and 310 million yuan for the years 2025, 2026, and 2027, with growth rates of 38.8%, 35.0%, and 24.4% [6][11] - The company’s diluted earnings per share (EPS) are forecasted to be 0.83, 1.12, and 1.39 yuan for 2025, 2026, and 2027, respectively [11][12] Market Position and Strategy - The company is focusing on maintaining stable cash flow, with a net operating cash flow of approximately 205 million yuan in the first three quarters, a year-on-year increase of 57.40%. This indicates improved operational quality and a safety cushion [5] - The introduction of new products, particularly in the health food segment, and the expansion into online channels like Douyin, along with offline retail strategies, are expected to drive future growth [5][6]