Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown steady revenue growth, with a 26.5% year-on-year increase in revenue for the first three quarters, reaching 1.43 billion yuan. The net profit attributable to shareholders increased by 17.1% year-on-year to 110 million yuan [2] - The company is actively adjusting its online channels, leading to a significant decrease in sales expense ratio, which is expected to enhance profitability as costs decline in 2025 [2][4] - The main business of oats continues to grow steadily, with new products and channels being developed, although there was a slowdown in revenue growth due to weak consumer demand and adjustments in online channels [3] Financial Performance Summary - For Q3, the company reported a revenue of 460 million yuan, a year-on-year increase of 6.5%, and a net profit of 40 million yuan, which is a 53.9% increase year-on-year, primarily due to increased government subsidies [2] - The gross margin decreased by 3.43 percentage points to 42.82% in Q3, mainly due to a temporary rise in raw material prices. However, the net profit margin improved by 2.88 percentage points to 9.17% due to a decrease in sales expense ratio and increased government subsidies [4] - The company forecasts net profits of 124 million yuan, 153 million yuan, and 182 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 7.8%, 22.9%, and 18.9% [2][5] Product and Channel Development - The core products, including pure oats and composite oats, continue to grow steadily, while the cold oat segment has seen rapid growth due to the contribution from Desai Kanggu [3] - The company is actively expanding its protein powder series and has successfully launched new oat milk products in collaboration with external partners [3] Cost and Profitability Outlook - The sales expense ratio has decreased significantly due to proactive adjustments in online marketing strategies, which is expected to improve overall profitability as raw material prices decline in the future [4] - The company anticipates further improvements in profitability as it continues to optimize its cost structure and enhance operational efficiency [4][5]

Group 1 - The core viewpoint of the article is that Ximai Foods plans to enhance its offline channel engagement and invest more resources in mid-tier and lower-tier snack channel brands to boost sales growth [1] - The company indicated that the fourth quarter is a traditional peak sales season, and it will increase its e-commerce spending compared to the third quarter, emphasizing a long-term view on expenditure strategy [1] - The company believes that as it scales up and optimizes its online strategies, the brand's potential will be further released, leading to improved profit margins through spillover effects to other channels [1]

Group 1: Financial Performance - In Q3 2024, the company's revenue reached 460 million CNY, a year-on-year increase of 6.47%, while net profit grew by 53.49% [2] - Cumulative revenue for the first nine months of 2024 was 1.433 billion CNY, representing a year-on-year growth of 26.49%, with net profit increasing by 17.13% [2] - All product categories, including pure oats, compound oats, and cold food oats, experienced double-digit growth in the first three quarters [2] Group 2: Mergers and Acquisitions - The acquisition of Desai Kanggu has shown some sales deviations from expectations due to slower-than-anticipated capacity ramp-up and product development [3] - Desai Kanggu is currently focusing on improving product quality and production efficiency, with expectations for steady growth in the future [3] Group 3: E-commerce Strategy - The company views e-commerce as a strategic channel and plans to continue investing in it despite a temporary reduction in spending in Q3 [4] - The company anticipates increased e-commerce spending in Q4, aligning with the traditional sales peak season [4] Group 4: Offline Channel Growth - The stable growth in offline channels is attributed to deepening market penetration and resource allocation towards snack stores [4] - The company aims to enhance sales in mid-tier and lower-tier snack brands to boost overall sales [4] Group 5: Product Development - The compound oats category has surpassed pure oats due to product upgrades and increased consumer acceptance [4] - The company is exploring new product forms, including oat milk, and has initiated market trials to gauge consumer response [5] Group 6: Health Products - The company has launched health products, including protein powder and peptide drinks, with significant sales volume for protein powder [5] - Recent launches include small molecule peptide drinks, which have shown promising sales progress [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady business progress with effective cost control and efficiency improvements. The revenue for Q1-Q3 2024 reached 1.433 billion yuan, representing a 26% year-on-year increase, while the net profit attributable to shareholders was 108 million yuan, up 17% year-on-year [1][3] - The company is focusing on both organic growth and external expansion, particularly through cost-effective strategies in the Douyin channel. The product line is being diversified, including new health-oriented offerings [1][3] Financial Performance Summary - Revenue for Q3 2024 was 460 million yuan, a 6% increase year-on-year, with a net profit of 42 million yuan, reflecting a 54% increase year-on-year. The non-recurring net profit was 26 million yuan, up 1% year-on-year [1] - The gross margin decreased by 3 percentage points to 42.82% in Q3 2024, primarily due to rising raw material costs. The sales and management expense ratios improved, decreasing by 4 percentage points and increasing by 1 percentage point to 28.96% and 5.95%, respectively [1][3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.52, 0.65, and 0.75 yuan, respectively, with corresponding PE ratios of 24, 20, and 17 times [1][3] Growth Projections - The company is projected to achieve main revenue of 1.93 billion yuan in 2024, with a growth rate of 22.3%. The net profit attributable to shareholders is expected to be 117 million yuan, with a growth rate of 1.2% [3] - The company aims to maintain its market leadership in the oatmeal sector while expanding its health product offerings and optimizing its supply chain to mitigate cost fluctuations [1][3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥459,816,094.21, representing a 6.47% increase compared to the previous quarter and a 26.49% increase year-to-date [2]. - The net profit attributable to shareholders for Q3 2024 was ¥41,812,464.56, showing a significant growth of 53.90% compared to the same period last year [2]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.19, reflecting a 58.33% increase year-over-year [2]. - The company reported a year-to-date net profit of ¥108,354,319.54, which is a 17.13% increase compared to the same period last year [2]. - Total operating revenue for Q3 2024 reached CNY 1,433,060,647.63, an increase of 26.5% compared to CNY 1,132,927,846.68 in the same period last year [10]. - Net profit for Q3 2024 was CNY 108,588,356.86, representing a 17.4% increase from CNY 92,505,690.46 in Q3 2023 [11]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.49, compared to CNY 0.41 in the previous year, indicating a growth of 19.5% [12]. - The total comprehensive income for Q3 2024 was CNY 108,589,773.16, compared to CNY 92,505,690.46 in the previous year, indicating an increase of 17.4% [12]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥1,958,354,274.06, which is a decrease of 2.58% from the end of the previous year [2]. - As of September 30, 2024, the company's total assets amounted to RMB 1,958,354,274.06, a decrease from RMB 2,010,154,161.58 at the beginning of the period [8]. - The company's cash and cash equivalents decreased to RMB 384,375,863.06 from RMB 526,227,810.28, representing a decline of approximately 27% [9]. - Accounts receivable increased significantly to RMB 119,029,021.00 from RMB 67,520,943.74, marking an increase of about 76% [9]. - Inventory decreased to RMB 153,287,106.23 from RMB 246,384,903.72, reflecting a reduction of approximately 38% [9]. - The company's total current liabilities decreased to RMB 1,196,619,195.24 from RMB 1,407,525,193.97, a decline of about 15% [9]. - The company's long-term investments increased to RMB 73,454,808.27 from RMB 51,259,931.54, an increase of approximately 43% [9]. - The company's total non-current assets amounted to RMB 761,735,078.82, up from RMB 602,628,967.61, indicating an increase of about 26% [9]. - The company's total liabilities decreased to CNY 451,101,047.57 from CNY 551,404,156.83, a reduction of 18.2% [10]. - Total equity increased to CNY 1,507,253,226.49 from CNY 1,458,750,004.75, reflecting a growth of 3.3% [10]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥130,173,463.85, an increase of 8.30% compared to the same period last year [2]. - The cash inflow from operating activities for the current period is CNY 1,500,224,363.72, an increase from CNY 1,153,442,844.35 in the previous period, representing a growth of approximately 30% [13]. - The net cash flow from operating activities is CNY 130,173,463.85, compared to CNY 120,197,427.67 in the previous period, indicating an increase of about 8% [13]. - The cash inflow from investment activities is CNY 1,208,756,737.06, down from CNY 2,412,996,935.44 in the previous period, reflecting a decrease of approximately 50% [14]. - The net cash flow from investment activities is -CNY 139,860,790.86, compared to CNY 175,145,097.58 in the previous period, showing a decline [14]. - The cash inflow from financing activities is CNY 65,000,000.00, up from CNY 40,000,000.00 in the previous period, representing a growth of 62.5% [14]. - The net cash flow from financing activities is -CNY 85,153,116.58, an improvement from -CNY 159,399,951.62 in the previous period [14]. - The cash and cash equivalents at the end of the period amount to CNY 360,042,004.08, down from CNY 501,850,449.21 in the previous period, indicating a decrease of approximately 28% [14]. - The total cash outflow from investment activities is CNY 1,348,617,527.92, compared to CNY 2,237,851,837.86 in the previous period, showing a reduction of about 40% [14]. Other Income and Expenses - Non-recurring gains and losses for Q3 2024 totaled ¥15,411,794.72, with significant contributions from government subsidies and asset disposals [3]. - The company experienced a growth in other income, which was a key driver for the increase in net profit and earnings per share [5]. - The company reported a significant increase in other income, which rose to CNY 24,133,768.62 from CNY 2,253,894.68, marking a substantial growth [11]. - Research and development expenses for Q3 2024 amounted to CNY 6,425,042.47, an increase of 33.6% from CNY 4,806,718.35 in Q3 2023 [11]. - The company’s financial expenses improved, with interest expenses decreasing to CNY 685,179.64 from CNY 1,083,747.55, a reduction of 36.8% [11].

证券代码：002956 证券简称：西麦食品 公告编号：2024-051 桂林西麦食品股份有限公司 关于回购股份方案实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2023 年 10 月 29 日召 开第三届董事会第四次会议审议通过《关于以集中竞价交易方式回购公司股份方 案的议案》，拟以自有资金回购公司部分社会公众股股份，用于股权激励计划或 员工持股计划。本次回购的资金总额不低于人民币 2,850 万元（含）且不超过人 民币 5,000 万元（含），回购价格不超过人民币 19 元/股。本次回购股份实施期 限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见 《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》（公告编号：2023-053）、《回购报告书》（公告编号：2023-055）。 截至本公告披露之日，公司本次回购股份方案已实施完成。根据《深圳证券 ...

Investment Rating - The report assigns a "Buy" rating for Ximai Food, indicating a positive outlook for the stock in the coming months [1][3][73]. Core Insights - Ximai Food has been focusing on the health food sector, particularly in oats, for over 30 years, and is now expanding into the broader health market through both organic growth and acquisitions [2][3]. - The oat industry in China is relatively small but has significant growth potential, driven by health trends and an aging population [2][3][26]. - Ximai Food is enhancing its market position through a comprehensive supply chain and multi-channel distribution strategy, which includes significant growth in online sales [2][3][34]. - The company is actively pursuing new product development in the health sector, including the launch of protein powder and the acquisition of Desai Kanggu, which will allow entry into the dairy-grain formula market [3][59][65]. Summary by Sections 1. Company Overview - Ximai Food is the leading oat brand in China, established in 1994, and has maintained a stable ownership structure with the founding family controlling over 50% of shares [12][16]. - The company has experienced steady revenue growth, with a CAGR of over 10% from 2019 to 2023, despite recent pressures on profitability due to rising raw material costs [20][26]. 2. Oat Industry Analysis - The Chinese oat market is projected to grow, with a total sales value of 9.56 billion yuan in 2023, reflecting a CAGR of 4.8% from 2018 to 2023 [2][26]. - The market is characterized by low concentration, with the top three companies holding only 51.3% of the market share, indicating room for growth for Ximai Food [2][32]. 3. Business Strategy - Ximai Food has established a full supply chain for oats, ensuring stable raw material supply and cost control through its own production bases in various regions [3][49]. - The company is expanding its distribution channels, achieving over 180% growth in offline snack channels in 2023, and has become a top brand on major e-commerce platforms [3][39]. 4. Financial Projections - Revenue forecasts for Ximai Food are optimistic, with expected revenues of 20 billion yuan in 2024, growing to 28.7 billion yuan by 2026, alongside a projected net profit of 1.2 billion yuan in 2024 [3][68][73]. - The company is expected to maintain a competitive P/E ratio compared to its peers, indicating potential for further valuation growth [3][73].

证券代码：002956 证券简称：西麦食品 公告编号：2024-050 桂林西麦食品股份有限公司 关于回购股份方案的实施进展公告 公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十八条、 的相关规定。具体如下： 1、公司未在下列期间回购公司股份： 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2023 年 10 月 29 日召 开第三届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，公司拟以自有资金回购公司部分社会公众股股份，用于股权激 励计划或员工持股计划。本次回购资金总额不低于人民币 2,850 万元（含）且不 超过人民币 5,000 万元（含），回购价格不超过人民币 19 元/股。回购股份实施 期限为自本次董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详 见《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn） ...

公司于 2023 年 12 月 12 日召开第三届董事会第五次会议，2023 年 12 月 29 日召开 2023 年第一次临时股东大会审议通过了《关于申请银行授信额度暨为下 属公司提供担保的议案》，详见公司 2023 年 12 月 14 日披露于巨潮资讯网 （www.cninfo.com.cn）的相关公告。公司于 2024 年 6 月 7 日召开第三届董事会 第九次会议审议通过了《关于公司新增对外担保的议案》，详见公司 2024 年 6 月 8 日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。公司 2024 年 8 月 27 日召开第三届董事会第十次会议审议通过了《关于公司新增对外担保的议案》， 详见公司2024年 8月29日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 证券代码：002956 证券简称：西麦食品 公告编号：2024-049 桂林西麦食品股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 桂林西麦食品股份有限公司（以下简称"公司"）2024 ...

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