SEAMILD FOODS(SZ:002956) KAIYUAN SECURITIES·2026-01-27 02:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to benefit from strong market demand during the Spring Festival, which will support revenue growth. Additionally, the continued release of cost benefits is anticipated to drive profit elasticity [4] - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 180 million (+10 million), 250 million (+20 million), and 300 million (+20 million) respectively, representing year-on-year growth of 31.5%, 40.6%, and 21.2% [4] - The current stock price corresponds to P/E ratios of 36.4, 25.9, and 21.4 for the years 2025, 2026, and 2027 respectively [4] Financial Performance Summary - Revenue is projected to grow from 1,578 million in 2023 to 3,197 million in 2027, with year-on-year growth rates of 18.9%, 20.2%, 18.9%, 20.0%, and 18.2% [9] - The net profit attributable to the parent company is expected to increase from 115 million in 2023 to 298 million in 2027, with year-on-year growth rates of 6.1%, 15.4%, 31.5%, 40.6%, and 21.2% [9] - The gross margin is forecasted to improve from 44.5% in 2023 to 44.8% in 2027, while the net margin is expected to rise from 7.3% to 9.3% over the same period [9][12] Business Development - The company's core oat business is expected to maintain steady growth, with the introduction of high-value products like organic oats contributing positively [5] - The health-focused business segment is anticipated to develop a second growth curve, with the launch of health food products expected to generate significant incremental revenue in 2026 [5] - Online sales channels, particularly through platforms like Douyin, are projected to continue strong growth, while offline channels are expanding through new emerging markets [6]