SEAMILD FOODS(SZ:002956) China Post Securities·2026-03-17 06:21Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is the largest oat producer in China, holding a solid industry leadership position. The core customer base primarily consists of middle-aged and elderly individuals, benefiting from demographic changes that are expanding the oat consumption group. The ready-to-eat oat industry is expected to grow at a rate of 9.2% from 2024 to 2030 [4]. - The company is actively diversifying its distribution channels, achieving growth in offline sales despite industry declines. It is focusing on new retail channels such as snacks, community group buying, and fresh supermarkets, with significant growth rates reported: 14% in offline business, nearly 50% in snack channels, and over 17% in online channels [5]. - The company is transitioning from an oat manufacturer to a health food provider, with plans to expand its product matrix to include high-value items like protein powders and nutritional drinks. The introduction of innovative products such as sugar-free oat milk is expected to open new growth avenues [6]. Financial Performance and Forecast - The company is projected to achieve revenues of 22.90 billion, 27.56 billion, and 32.44 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.79%, 20.34%, and 17.69% [6][8]. - The net profit attributable to the parent company is expected to reach 1.78 billion, 2.37 billion, and 3.01 billion yuan for the same years, reflecting growth rates of 33.39%, 33.62%, and 26.76% [6][8]. - The earnings per share (EPS) are forecasted to be 0.80, 1.06, and 1.35 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 19 [6][8].