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]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company achieved a revenue of 3.5 billion in 2023, representing a year-on-year growth of 20.2%, but the net profit attributable to shareholders decreased by 49.2% to 73 million [15] - In Q1 2024, the company reported a revenue of 9.2 billion, a year-on-year increase of 15.3%, and a net profit of 80 million, up 54.0% [15] - The company is expected to maintain good growth across various channels in 2024, with a focus on improving cost efficiency [5] Revenue Breakdown - In 2023, the company generated revenue from various segments: frozen baking (2.21 billion), cream (650 million), fruit products (190 million), sauces (230 million), other baking materials (190 million), and warehousing and transportation services (20 million) [3] - The revenue growth rates for these segments were +23.9%, +27.7%, -8.5%, +18.1%, -8.8%, and +1145.3% respectively, with frozen baking and cream showing strong performance [3] Channel Performance - The company's revenue distribution by channel in 2023 was approximately 55% from circulation, 30% from supermarkets, and 15% from catering, tea drinks, and new retail, with growth rates of roughly flat, 50%, and close to doubling respectively [3] - In Q1 2024, circulation and catering channels grew by about 25% and over 50% respectively, while the supermarket channel experienced a decline due to high base effects from the previous year [3] Cost and Profitability - The gross margin for 2023 was 31.4%, with a slight increase to 32.6% in Q1 2024 [4] - The net profit margin for 2023 was 2.1%, which improved to 8.4% in Q1 2024, indicating a recovery in profitability [4] Financial Forecast - The company is projected to achieve revenues of 4.1 billion in 2024, 4.7 billion in 2025, and 5.3 billion in 2026, with year-on-year growth rates of 17.2%, 14.7%, and 13.6% respectively [6] - The net profit is expected to rebound significantly in 2024, reaching 272 million, with a projected EPS of 1.61 [6]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][13]. Core Views - The company is expected to achieve revenues of 40.19 billion, 46.55 billion, and 52.13 billion for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 14.86%, 15.83%, and 11.97% [10]. - The net profit attributable to the parent company is projected to be 3.03 billion, 3.66 billion, and 4.66 billion for the same years, reflecting significant growth rates of 315.31%, 20.72%, and 27.27% [10]. - Corresponding price-to-earnings (PE) ratios are expected to be 20, 17, and 13 for the years 2024, 2025, and 2026 respectively [10]. Financial Performance Summary - In 2023, the company achieved a revenue of 34.99 billion, representing a year-on-year increase of 20.22%, while the net profit was 0.73 billion, down 49.21% year-on-year [22]. - For Q4 2023, the revenue was 9.17 billion, with a year-on-year growth of 6.67%, but the net profit was negative at -0.85 billion, a decline of 297.22% year-on-year [22]. - In Q1 2024, the revenue reached 9.16 billion, showing a year-on-year increase of 15.31%, and the net profit was 0.77 billion, up 53.96% year-on-year [22]. Financial Metrics - The gross margin for 2023 was 31.4%, with a slight decrease from 2022 [4]. - The net profit margin for 2023 was 2.0%, down from -9.4% in Q4 2023, but improved to 8.3% in Q1 2024 [4]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.79, with a PE ratio of 20 [16].

证 公 研 究 报 告 券 研 ▌ 风险提示 司 2024 年 05 月 02 日 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

▌ 盈利预测 请阅读最后一页重要免责声明 2 司 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

法律声明 本报告的版权归本公司所有。本公司对本报告保留一切权利。除非另有书面显示，否则本报告中的所有材料的版权 均属本公司。未经本公司事先书面授权，本报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制 品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及 标记均为本公司的商标、服务标记及标记。 食品饮料/休闲食品 立高食品（300973.SZ） 2024 年 05 月 01 日 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 fangyong@kysec.cn 证书编号：S0790520100003 2023 年公司营收 34.99 亿元，同比+20.22%；扣非前后归母净利润 0.73、1.22 亿 元，同比-49.21%、-14.95%。2024Q1 公司营收 9.16 亿元，同比+15.31%；扣非 前后归母净利润 0.77、0.68 亿元，同比+53.96%、+40.29%。因冷冻烘焙短期承 压，我们下调 2024-2025 年归母净利润预测至 2.71/3.42 亿元（前 ...