SEAMILD FOODS(002956) 华鑫证券·2025-02-20 00:10Investment Rating - The report maintains a "Buy" investment rating for Ximai Food (002956.SZ) [1] Core Views - The company has launched an employee stock ownership plan (ESOP) with a maximum scale of 2.2026 million shares, accounting for 0.99% of total share capital, with a transfer price of 8.16 yuan per share. The plan aims to enhance employee motivation and retain management talent, with achievable performance targets set for revenue growth rates of no less than 15%/32.25%/52.09% for 2025/2026/2027, respectively [5] - Positive feedback from sales during the Spring Festival indicates that the company is effectively optimizing its snack distribution channels and increasing penetration in mid-tier snack brands. The company expects to achieve a revenue growth target of 15% for the year [6] - As a leading domestic oat brand, Ximai Food is shifting its strategy from conservative to aggressive, focusing on expanding its product lines and market share against competitors like Quaker. The report adjusts the EPS forecasts for 2024-2026 to 0.56/0.76/0.89 yuan, with corresponding PE ratios of 28/21/18 times [7] Summary by Sections Employee Stock Ownership Plan - The ESOP is designed to cover up to 62 employees, including one executive, with a focus on realistic performance targets based on 2024 revenue [5] Sales Performance - The company has maintained its key account (KA) sales while enhancing its snack distribution channels, with offline sales growth outpacing the market during the Spring Festival [6] Financial Forecasts - The report provides financial projections, estimating main revenue of 1,930 million yuan for 2024, growing to 2,645 million yuan by 2026, with corresponding net profits of 125 million yuan and 198 million yuan, respectively [11][13]