丨证券研究报告丨 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg1] 公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 立高食品 2025 年三季报点评：收入增速稳健， 成本压力可控 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 31.45 亿元（+15.73%）；归母净利润 2.48 亿元（+22.03%），扣 非净利润 2.42 亿元（+26.63%）。其中 2025Q3 营业总收入 10.75 亿元（+14.82%）；归母净利 润 7707.93 万元（+13.63%），扣非净利润 7598.14 万元（+14.17%）。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 [Table_scodeMsg2] 立高食品（300973.SZ） cjzqdt11111 [Table_Title 立高食品 2025 2] 年三季报点评：收入增速稳健， 成本压力可 ...

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

立高食品成立于2000年5月11日，于2021年4月15日在深圳证券交易所上市，注册地址和办公地址均位于广 东省广州市。它是国内冷冻烘焙行业龙头企业，在烘焙食品原料及冷冻烘焙食品领域具备较强技术实力和 全产业链优势。 立高食品从事烘焙食品原料及冷冻烘焙食品的研发、生产和销售，所属申万行业为食品饮料 - 休闲食品 - 烘焙食品，所属概念板块有休闲食品、小盘、融资融券核聚变、超导概念、核电。 经营业绩：营收行业第三，净利润第三 招商证券指出，立高食品2025年三季报显示Q3收入/归母净利润分别增长+14.8%/+13.6%，业绩符合预期， 经营韧性十足。业务亮点如下：1. 奶油、酱料强劲增长，商超与餐饮渠道表现较好；2. 积极发力餐饮茶 饮、量贩等新零售渠道。预计公司25 - 27年EPS分别为2.04、2.40、2.79元，对应26年17xPE估值，维持"强 烈推荐"评级。 华福证券指出，公司25年三季报前三季度营收和归母净利润均实现同比增长。业务亮点如下：1. 冷冻烘焙 增速亮眼，渠道结构进一步优化，Q3冷冻烘焙收入同比增长约17%，烘焙原料Q3同比增长约11%；2. 持续 严管费用、优化费投产出。基于三季报 ...

Summary of Key Points Core Viewpoint - On October 31, 2025, Lihigh Food conducted a block trade of 1.163 million shares, amounting to 44.1359 million yuan, which represented 21.09% of the total trading volume for the day. The transaction price was 37.95 yuan, reflecting an 8.88% discount compared to the market closing price of 41.65 yuan [1]. Trading Details - The block trade involved multiple transactions with a consistent price of 37.95 yuan per share [2]. - The total trading volume for Lihigh Food on that day was 1.163 million shares, with a total transaction value of 44.1359 million yuan [1][2]. - The major buyers included various securities firms, with significant volumes traded through firms such as China Galaxy Securities and Guotai Junan Securities [2].

Core Insights - The company reported Q3 2025 results with revenue and net profit growth of +14.8% and +13.6% respectively, indicating strong operational resilience [1][3] - The growth in revenue was driven by strong performance in cream and sauce categories, with supermarkets and food service channels performing well [2][3] - The company is focusing on expanding new retail channels such as food service and tea drinks, anticipating continued revenue improvement [1][3] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.145 billion and net profit of 248 million, representing year-on-year growth of +15.73% and +22.03% respectively [1] - In Q3 2025, revenue reached 1.075 billion and net profit was 77 million, with year-on-year growth of +14.82% and +13.63% respectively [1] - The gross margin for Q3 2025 was 28.94%, a decrease of 2.40 percentage points year-on-year, primarily due to rising raw material costs [2] Channel and Product Performance - In Q1-Q3 2025, the supermarket channel grew approximately 30%, while the food service, tea drinks, and new retail channels saw growth rates of about 40% [2] - Frozen baked goods grew nearly 10% year-on-year, driven by growth in Sam's Club and food service clients [2] - The cream product line showed strong performance with a year-on-year growth of approximately 40%, while sauces grew over 35% [2] Cost and Profitability - The company experienced a slight decline in net profit margin to +7.2% in Q3 2025, down by 0.1 percentage points year-on-year [2] - Selling, administrative, and R&D expenses in Q3 were 9.52%, 5.35%, and 3.54% respectively, with a focus on cost control and efficiency improvements [2] Investment Outlook - The company is expected to achieve net profits of 350 million, 410 million, and 470 million for 2025-2027, with EPS projected at 2.04, 2.40, and 2.79 respectively [3] - The valuation for 2026 is estimated at 17 times PE, maintaining a "strong buy" rating [3]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Insights - The company demonstrated robust operational resilience with Q3 revenue and net profit attributable to shareholders increasing by 14.8% and 13.6% respectively, aligning with expectations [7]. - Strong growth was observed in cream and sauce segments, with significant performance in supermarket and catering channels, while rising oil costs and channel structure impacted profitability [7]. - The company is actively expanding into new retail channels such as catering and tea drinks, anticipating continued revenue improvement [7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 3.145 billion and net profit of 248 million, reflecting year-on-year growth of 15.73% and 22.03% respectively [7]. - Q3 results showed revenue of 1.075 billion and net profit of 77 million, with year-on-year increases of 14.82% and 13.63% [7]. - The company expects EPS for 2025-2027 to be 2.04, 2.40, and 2.79 yuan, with a corresponding 17x PE valuation for 2026 [7][16]. Revenue and Profitability Forecast - Projected total revenue for 2025 is 4.418 billion, with a year-on-year growth rate of 15% [16]. - The company anticipates a net profit of 346 million for 2025, representing a 29% increase from the previous year [16]. - The gross margin for Q3 was reported at 28.94%, a decrease of 2.40 percentage points year-on-year, primarily due to rising raw material costs [7].

Core Insights - The company reported a total revenue of 3.145 billion yuan for Q1-Q3 2025, representing a 16% year-on-year increase, with a net profit of 248 million yuan, up 22% year-on-year [1] - In Q3 2025, total revenue reached 1.075 billion yuan, marking a 15% increase year-on-year, while net profit was 77 million yuan, a 14% increase year-on-year [1] Financial Performance - The gross profit margin decreased by 2 percentage points to 28.94% due to high procurement prices of bulk raw materials, particularly oil and dairy products, and changes in product and channel structure [2] - The company improved its cost control capabilities, leading to a reduction in sales and management expense ratios by 1 percentage point and 2 percentage points to 9.52% and 5.35%, respectively [2] - The net profit margin slightly decreased by 0.1 percentage points to 7.03% [2] Product and Market Development - Revenue from frozen baked goods increased by 17% in Q3 2025, driven by stable sales from new products introduced in the Sam's channel [3] - The company is actively testing high-end cream products in key customer sales channels, with plans to expand the product matrix based on positive market feedback [3] - The company is also focusing on developing new channel customers and enhancing cooperation with existing clients to capture new consumption trends in baking [3] Profit Forecast - The company is expected to solidify its core supermarket customer base, with smooth performance in new product launches and accelerated development in new retail channels [4] - The procurement department's ability to manage raw material costs is anticipated to improve, potentially stabilizing costs and enhancing profit margins by year-end [4] - EPS forecasts for 2025-2027 are projected at 1.92, 2.32, and 2.70 yuan, with corresponding PE ratios of 22, 18, and 16 times [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company has demonstrated steady revenue growth, with total operating income for Q1-Q3 2025 reaching 3.145 billion yuan, a year-on-year increase of 16%. The net profit attributable to shareholders was 248 million yuan, up 22% year-on-year [4][8] - The company is focusing on cost control and efficiency improvements, with a reduction in sales and management expense ratios, leading to a net profit margin of 7.03% [5][8] - The core supermarket business remains stable, with significant growth in frozen baked goods and a positive market response to high-end cream products [6][8] Summary by Sections Financial Performance - For Q3 2025, total operating income was 1.075 billion yuan, a 15% increase year-on-year, with a net profit of 77 million yuan, up 14% year-on-year [4][6] - The company expects to see continued improvement in profitability due to enhanced cost control and the release of scale effects [7][8] Revenue and Profit Forecast - The company forecasts EPS for 2025-2027 to be 1.92, 2.32, and 2.70 yuan respectively, with corresponding PE ratios of 22, 18, and 16 times [8][10] - Projected revenue growth rates for 2025-2027 are 15.0%, 12.3%, and 10.0% respectively, with net profit growth rates of 21.2%, 20.8%, and 16.6% [10][11] Market Position and Strategy - The company is actively expanding its product offerings and enhancing its market presence through new product launches and improved customer engagement strategies [6][7] - The focus on high-end cream products is expected to strengthen the company's competitive position in the market [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.91 yuan [6]. Core Insights - The company reported a revenue of 3.15 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.7%. The net profit attributable to the parent company was 250 million yuan, up 22.0% year-on-year [1]. - The growth in revenue is driven by the continued performance of key products in the Sam's channel and the expansion of new channels, with frozen baking revenue growing nearly 10% year-on-year [2]. - The gross profit margin for the first three quarters of 2025 was 29.9%, a decrease of 2.3 percentage points year-on-year, primarily due to rising raw material prices [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.08 billion yuan, a year-on-year increase of 14.8%, and a net profit of 80 million yuan, up 13.6% year-on-year [1]. - The company’s operating income for 2025 is projected to be 4.39 billion yuan, with a growth rate of 14.4% [5]. Product and Channel Analysis - The revenue from baking food raw materials increased by approximately 24% year-on-year, driven by strong market feedback for cream products and the expansion of customer base [2]. - The company’s revenue from the supermarket channel grew by about 30% year-on-year, attributed to the contribution from key supermarket clients [2]. Cost Management and Profitability - The company has shown effective cost control, with total expenses decreasing by 3.1 percentage points year-on-year for the first three quarters of 2025 [3]. - The net profit margin for Q3 2025 was 7.2%, reflecting a slight decrease of 0.1 percentage points year-on-year [3]. Future Projections - The company forecasts revenues of 4.39 billion yuan, 4.98 billion yuan, and 5.56 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 330 million yuan, 380 million yuan, and 450 million yuan [4][5].