SEAMILD FOODS(SZ:002956) Shanxi Securities·2026-01-12 08:17Investment Rating - The report maintains a "Buy-A" rating for Ximai Food [2][4][54] Core Viewpoints - Ximai Food is the leading player in the Chinese oatmeal market, achieving steady revenue growth with a projected revenue of 1.896 billion yuan in 2024, representing a year-on-year increase of 20.16% [2][19] - The company has established a complete industry chain covering breeding, planting, research and development, production, and sales, which positions it well to lead the market [2][11] - The oatmeal industry in China is experiencing a significant increase in market size, expected to exceed 10 billion yuan in 2024, driven by rising health consciousness among consumers [3][28] Summary by Relevant Sections Company Performance - Ximai Food's revenue for 2024 is projected at 1.896 billion yuan, with a net profit of 133 million yuan, reflecting a year-on-year growth of 20.16% and 15.36% respectively [2][19] - The company has a five-year compound annual growth rate (CAGR) of 16.65% from 2020 to 2024, indicating strong market demand for its products [2][19] Industry Analysis - The Chinese oatmeal market is still in its early stages, with a current market concentration (CR3) of approximately 51.9%, indicating room for growth compared to more concentrated markets in developed countries [3][31] - The market is expected to continue expanding due to increasing health awareness and the aging population, with a projected CAGR of around 11.52% from 2011 to 2019 [28][30] Product and Channel Strategy - Ximai Food's product lineup includes composite oatmeal, pure oatmeal, and cold oatmeal, with composite oatmeal becoming the largest category, contributing significantly to revenue growth [3][35] - The company employs a dual-channel strategy combining online and offline sales, with a growing number of distributors and a strong presence in e-commerce platforms like Douyin and Tmall [3][39] Financial Forecast and Valuation - Revenue forecasts for 2025-2027 are 2.286 billion, 2.878 billion, and 3.461 billion yuan, with respective growth rates of 20.6%, 25.9%, and 20.3% [4][54] - The projected net profit for the same period is expected to reach 184 million, 255 million, and 307 million yuan, with growth rates of 38.5%, 38.1%, and 20.4% [4][54]