q1 利润高增，重视改革效率优化促盈利能力持续改善 公司报告 | 季报点评 2024q1，公司实现收入 9.2 亿元，yoy+15%；归母净利 0.8 亿元，yoy+54%； 扣非归母 0.7 亿元，yoy+40%。剔除股份支付，24q1 归母净利润 0.8 亿元， yoy+22%；扣非归母净利 0.7 亿元，yoy+11%。 -69% -59% -49% -39% -29% -19% -9% 2023-05 2023-09 2024-01 立高食品 创业板指 相关报告 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2,910.59 | 3,499.10 | 4,058.47 | 4,705.68 | 5,518.22 | | 增长率 (%) | 3.32 | 20. ...

证券代码：300973 证券简称：立高食品 公告编号：2024-039 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 立高食品股份有限公司（以下简称"公司"）于 2024 年 1 月 29 日召开第三届董事会 第三次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中 竞价交易方式回购公司人民币普通股（A 股）股份（以下简称"本次回购"），用于实施股 权激励或员工持股计划。本次回购的资金总额不低于人民币 5,000 万元（含）且不超过人 民币 10,000 万元（含），回购价格不超过人民币 66.60 元/股（含），具体回购资金总额以 实际使用的资金总额为准。本次回购的实施期限为自公司董事会审议通过回购股份方案 之日起 12 个月内。具体内容详见公司分别于 2024 年 1 月 29 日、2024 年 1 月 31 日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编号： 2024-00 ...

Investment Rating - The report maintains a "Buy" rating for the company [17] Core Insights - The company reported a revenue of 3.499 billion yuan in 2023, a year-on-year increase of 20.2%, while the net profit was 73 million yuan, down 49.2% year-on-year. Adjusted for non-cash stock payment expenses, the net profit was 186 million yuan, reflecting a comparable year-on-year decline of 15.4% [21] - In Q1 2024, the company achieved a revenue of 916 million yuan, a year-on-year increase of 15.3%, with a net profit of 77 million yuan, up 54.0% year-on-year, exceeding market expectations [21] - The company is experiencing rapid growth in frozen baking products and has successfully launched a cost-effective cream product, which has contributed to the growth in the cream business [21] - The company has implemented management improvements aimed at enhancing efficiency and quality, including restructuring product centers and optimizing supply chain management [21] Financial Performance and Forecast - Revenue and profit forecasts for 2024-2026 have been adjusted, with net profit estimates of 295 million yuan for 2024, 366 million yuan for 2025, and 405 million yuan for 2026. The current stock price corresponds to a PE ratio of 21 for 2024, 17 for 2025, and 15 for 2026 [21] - The company’s gross margin in Q1 2024 was 32.59%, an increase of 0.56 percentage points year-on-year, attributed to improved capacity utilization and procurement optimization [21] - The report highlights a significant improvement in cost control, with a management expense ratio of 6.57% in Q1 2024, down 0.73 percentage points year-on-year [21] Market Data - The total share capital is 1.69 billion shares, with a total market value of 6.066 billion yuan. The stock has traded between 27.14 yuan and 92.89 yuan over the past year [22]

证券研究报告|公司点评报告 [Table_Date] 2024 年 05 月 04 日 | --- | --- | --- | --- | |------------------------------|------------|-------------------------|-------------| | [Table_DataInfo] 评级： 增持 | | 股票代码： | 300973 | | 上次评级： 增持 | | 52 周最高价 / 最低价： | 96.45/27.14 | | 目标价格： | 总市值(亿) | | 60.66 | | 最新收盘价： | 35.82 | 自由流通市值(亿 ) | 37.91 | | | | 自由流通股数 (百万) | 105.85 | 分析判断: 分品类来看，公司 2023 年冷冻烘焙/奶油/水果制品/酱料/其他烘焙原材料/仓储运输服务分别实现营收 22.1/6.5/1.9/2.3/1.9/0.2 亿元，分别同比+23.9%/+27.7%/-8.5%/+18.1%/-8.8%/+1145.3%，冷冻烘焙与奶油 业务表现亮眼。奶油板块 24Q1 延续高增势头，实 ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------|----------------------------------------------|---------------------|--------|--------------------------------------------------------------------|-----------|-------------------------------------|-------------------------|--------------------------| | [Table_MainInfo] 立高食品 \n | [Table_Title] (300973) | | | | [Table_industry ...

公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 2023年报&2024年一季报点评：收入聚焦发展， 效率改善可期 分析师及联系人 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 立高食品（300973.SZ） cjzqdt11111 2024-05-05 公司研究丨点评报告 [Table_BaseData] 当前股价(元) 32.89 流通A股/B股(万股) 10,585/0 近12月最高/最低价(元) 96.45/27.14 相关研究 2023-09-01 [Table_Summary2] 事件描述 事件评论 ⚫ 2023 年利润率承压，2024 年轻装上阵。公司 2023 年归母净利率-2.85pct 至 2.09%，毛 利率-0.38pct 至 31.39%，期间费用率+3.32pct 至 27.66%，销售费用率（+1.62pct）、管 理费用率（+1.05pct）、研发费用率（+0.02pct）、财务费用率（+0.62pct）。2023Q4 归母 净利率-14.35pct至-9.32%，毛利率-4.26pct至28.1 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2]. Core Insights - The company aims to become a global integrated service provider in the baking industry, with a clear long-term strategy focusing on both channels and products [2]. - In 2023, the company achieved a revenue of 3.499 billion yuan, representing a year-on-year increase of 20.22%, while the net profit attributable to shareholders was 73 million yuan, a decline of 49.21% [1][11]. - The revenue growth was driven by the increase in cream sales, with significant growth in the catering channel, which nearly doubled [1]. - The company expects revenue for 2024 to reach 4.091 billion yuan, with a year-on-year growth of 16.9%, and net profit attributable to shareholders to rise to 280 million yuan, reflecting a substantial increase of 285% [2][11]. Financial Summary - In 2023, the revenue breakdown by product was as follows: frozen baked goods (2.211 billion yuan, +23.93%), cream (654 million yuan, +27.65%), fruit products (187 million yuan, -8.45%), sauces (233 million yuan, +18.12%), and other baking materials (187 million yuan, -8.75%) [1]. - The company’s operating cash flow for 2023 was 305 million yuan, with expectations to increase to 563 million yuan in 2024 [21]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.66 yuan, 2.10 yuan, and 2.53 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22X, 17X, and 14X [2][11].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|---------|---------|---------|---------|---------|----------------------|--------|--------|--------|--------|--------| | 公司财务报表及指标预测 \n[Table_FinchinaDetail] 利润表 ( 百万元 ) | 2022A | 2023A | 2024E | 2025E | 2026E | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 2910.59 | 3499.10 | 4019.06 | 4655.33 | 5212.71 | 成长性 | | | | | | | 减 : 营业成本 | 1986.03 | 2400.77 | 27 ...

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