被称为"中国燕麦第一股"的西麦食品在近期披露的投资者关系活动信息记录中提到对公司未来3—5年的规划，其中包括将持续发展以燕麦为主的健康食品， 提升市场份额；依然看好冷食燕麦市场前景，持续拓展大健康领域等。 关于净利率连年下滑原因以及公司布局等问题，北京商报记者向西麦食品董事会秘书邮箱发送了采访函，截至发稿暂未收到回复。 在业界看来，西麦食品营收增长、净利率下滑的一个原因是原材料成本上涨导致。西麦食品在2024年4月的投资者关系记录表中也提到，原粮成本上涨是一 个不可忽视的因素，公司大部分原粮来自澳大利亚，年内进口原粮的价格有所上涨，会对公司利润造成影响。 根据2024年财报信息，当前西麦食品正在面临营业成本加大的问题，2024年，西麦食品营业成本增速达27.13%，显著高于20.16%的营收增幅，毛利率也下 降3.22个百分点至41.33%。 其实在更早之前的招股书中，西麦食品就曾对公司原料采购作出过警示——2016—2018年，澳大利亚进口燕麦粒占西麦燕麦粒采购总量的比例约90%。若因 天气等原因导致澳大利亚的燕麦粒产量大幅减产，从而造成燕麦粒供应不足或采购单价大幅上升等原因，会对公司生产经营造成重大不利影 ...

更严峻的是净利率持续走低。2019年—2024年，西麦净利率从16.18%跌至7.02%，五年间连续下滑近乎 腰斩。尽管其计划通过优化供应链、提高采购效率缓解压力，但原材料的全球供应波动仍是一大隐患。 值得注意的是，2024年其燕麦产品设计产能达13.1万吨，实际产能利用率不足70%，产能过剩进一步推 高单位成本。 5月20日，"中国燕麦第一股"西麦食品公布投资者关系活动记录表，有投资者提问"公司 25 年推出员工 持股计划，25 年营收同比增长 15%，就目前情况看，公司预计能否实现？对此西麦食品表示："燕麦行 业市场具有广阔的市场前景和成长空间，近年来公司业绩也取得了持续稳定的增长，公司对于未来保持 良好发展态势充满信心，公司将努力争取实现经营目标。" 2024年，西麦食品以18.96亿元营收创下历史新高，同比增长20.16%；净利润1.33亿元，同比增长 15.36%。但这份成绩单背后，成本压力、食品安全隐患以及新业务增长乏力等问题持续困扰着这家"中 国燕麦第一股"。 成本管控失守 净利率连续五年下滑 2024年，西麦食品的毛利率降至41.33%，同比下降3.22个百分点。其营业成本增速达27.13%， ...

Core Viewpoint - The company reported strong revenue growth and profitability in 2024 and Q1 2025, driven by its core oat business and expansion into new retail channels [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 130 million yuan, up 15.4% [1]. - For Q1 2025, revenue reached 660 million yuan, reflecting a year-on-year growth of 15.9%, with a net profit of 60 million yuan, increasing by 21.2% [1]. Product Performance - The company's main oat products, including pure oat flakes, compound oat flakes, and cold oat products, generated revenues of 710 million, 850 million, 150 million, 140 million, and 50 million yuan respectively, with growth rates of 9.6%, 28.8%, 24.1%, 23.9%, and 25.3% [2]. - The "Oat+" series and the classic milk oat series each surpassed 200 million yuan in sales, with the "Oat+" series growing over 20% and the milk oat series over 30% year-on-year [2]. Channel Development - The company emphasized the development of direct sales channels, achieving revenue of 830 million yuan from direct sales, a year-on-year increase of 31.0% [2]. - Online sales, particularly through traditional e-commerce and social e-commerce platforms like Douyin, saw significant growth, with Douyin's GMV reaching 470 million yuan, up 20.3% year-on-year [2]. Cost and Profitability - The gross margin for 2024 was 41.3%, a decrease of 3.2 percentage points year-on-year, primarily due to rising raw material costs and low capacity utilization of new production facilities [3]. - The net profit margin for 2024 was 7.0%, down 0.3 percentage points year-on-year, but improved to 8.3% in Q1 2025, reflecting a 0.3 percentage point increase [3]. Strategic Expansion - The company is expanding its product range beyond oats, developing new products such as instant porridge, lotus root powder, sesame paste, and probiotic protein powder, while also pursuing strategic partnerships and acquisitions [3][4]. - The company is actively embracing new retail channels, including snack wholesale, Douyin e-commerce, and membership stores, leading to rapid growth [4]. Market Outlook - The company forecasts net profits of 180 million, 230 million, and 280 million yuan for 2025-2027, with corresponding EPS of 0.81, 1.01, and 1.24 yuan [4]. - As a leading player in the oat industry, the company is expected to benefit from market expansion and increased concentration, with potential for profit improvement in the future [4].

证券研究报告·公司点评报告·休闲食品 西麦食品（002956） 2024 年报及 2025 年一季报点评：持续稳健 增长，2025Q1 成本红利释放 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,578 | 1,896 | 2,214 | 2,546 | 2,884 | | 同比（%） | 18.89 | 20.16 | 16.78 | 15.00 | 13.25 | | 归母净利润（百万元） | 115.45 | 133.19 | 180.63 | 229.20 | 276.09 | | 同比（%） | 6.08 | 15.36 | 35.62 | 26.89 | 20.46 | | EPS-最新摊薄（元/股） | 0.52 | 0.60 | 0.81 | 1.03 | 1.24 | | P/E（现价&最新摊薄） | 35.95 | 31.16 | 22.98 | 18.11 | 15.03 | [Tab ...