西麦食品：公司信息更新报告：业绩稳步增长，线上渠道主动调控

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]