20250826-东吴证券-西麦食品-002956.SZ-2025年中报点评_收入端略超预期_成长势能向好_3页_411kb

Ximi Food (002956) received a positive review for its 2025 fiscal year first-half performance. The report highlights a slight revenue and profit exceedance, driven by strong downstream demand and cost improvements.

Key financial highlights for 2025H1 include total revenue of 11.49 billion yuan, up 18.07% year-over-year, and net profit of 0.81 billion yuan, up 22.46% year-over-year. In the second quarter, revenue grew 21.04% year-over-year to 4.93 billion yuan, sustaining momentum.

Gross margin improved to 43.5% in Q2 2025, boosted by reduced costs, particularly in oatmeal products. The company's business segments showed robust growth: pure oatmeal contributed positively, while high-margin areas like compound and cold food oatmeal grew significantly. Total net profit margin reached 8.00% for the year, underpinned by effective channel strategies.

Analysts maintain a "Buy" recommendation, projecting a 15% compound annual growth rate in revenue for 2025-2027, with net profit forecasts of CNY 1.8 billion, 2.3 billion, and 2.8 billion yuan for the respective years, yielding PE multiples of 30x, 24x, and 20x.

Business factors include full-channel development, strong online presence (e.g., top 1 in oatmeal categories online), and expansion into community platforms, enhancing growth potential. However, risks include food safety concerns, raw material price volatility, and intensified competition in the snack food sector.