本报告仅供 Choice 东方财富 使用，请勿传阅。 24Q1 表现亮眼，盈利能力持续改善 立高食品发布 2023 年年报及 2024 年一季报，2023 年实现营收/归母 净利/扣非归母净利 34.99/0.73/1.22 亿元，同比+20.22%/-49.21%/- 14.95%，23Q4 实现营收/归母净利/扣非归母净利 9.17/-0.85/-0.24 亿元，同比+6.67%/-297.22%/-148.83%。2023 年计提股权激励股份 支付款 1.13 亿元，其中计入经常性损益 5456.57 万元，因加速提取 计入非经 5817.99 万元，剔除后归母净利润 1.86 亿元，同比-15.41%； 扣非归母净利润 1.76 亿元，同比-19.49%。24Q1 实现营收/归母净利 /扣非归母净利 9.16/0.77/0.68 亿元，同比+15.31%/53.96%/40.29%， 24Q1 计提股权激励股份支付款 391 万元，剔除后归母净利润 8068.17 万元，同比+22.28%，扣非归母净利润 7167.55 万元，同比+11.26%。 分产品看，2023 年冷冻烘焙/奶油/水果制品/酱料 ...

证 券 研 究 报 告 当前价：32.89 元 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 休闲食品 2024 年 4 月 29 日 主要财务指标 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|--------|-----------------------------------------------|--------|--------|--------|---------|--------|--------|--------| | | 2022Q3 | 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 22A | 23A | | 营业总收入 | | 728 859 794 842 946 917 916 2,911 3,499 | | | | | | | | | 营业总成本 | | 690 816 7 ...

Investment Rating - The investment rating for the company is "Buy" [15][26]. Core Views - The company has shown strong growth in its cream products, with a notable increase in revenue from various product categories. The UHT cream production line has generated over 1.5 billion RMB in revenue within six months, significantly boosting the cream segment's performance [2]. - The company is expected to achieve revenue growth of 17% in 2024, with projected revenues of 40.99 billion RMB, 47.73 billion RMB, and 55.03 billion RMB for 2024, 2025, and 2026 respectively. The net profit attributable to the parent company is forecasted to increase significantly, reaching 2.9 billion RMB in 2024, which represents a 291% year-on-year growth [2][10]. Summary by Sections Revenue Performance - In 2023, the company achieved a total revenue of 34.99 billion RMB, a year-on-year increase of 20.22%. The first quarter of 2024 saw a revenue of 9.16 billion RMB, up 15.31% year-on-year [10]. - Revenue from different product categories in 2023 included 22.11 billion RMB from frozen baked goods, 6.54 billion RMB from cream, and 2.33 billion RMB from sauces, with respective year-on-year growth rates of +23.93%, +27.65%, and +18.12% [2]. Profitability - The gross margin for 2023 was 31.39%, with a slight increase to 32.59% in Q1 2024, attributed to improved capacity utilization and procurement optimization [2]. - The net profit attributable to the parent company for 2023 was 0.73 billion RMB, down 49.21% year-on-year, but the first quarter of 2024 showed a recovery with a net profit of 0.77 billion RMB, up 53.96% year-on-year [10]. Cost Management - The company has maintained stable gross margins while optimizing its cost structure. The selling expense ratio decreased from 13.54% in 2023 to 12.10% in Q1 2024, indicating effective cost management [2]. - The management expense ratio also saw a decrease from 9.56% in 2023 to 6.57% in Q1 2024, reflecting improved operational efficiency [2]. Future Outlook - The company is expected to continue its reform efforts, focusing on product structure, capacity utilization, and operational efficiency. The forecast for net profit growth is optimistic, with expected EPS of 1.7, 2.0, and 2.3 RMB for 2024, 2025, and 2026 respectively [2][10].

Financial Performance - The company's revenue for Q1 2024 reached ¥916,148,663.51, representing a 15.31% increase compared to ¥794,489,810.22 in the same period last year[6] - Net profit attributable to shareholders was ¥76,771,771.42, a significant increase of 53.96% from ¥49,864,999.72 year-on-year[6] - The net profit after deducting non-recurring gains and losses was ¥67,765,556.79, up 40.29% from ¥48,305,619.45 in the previous year[6] - The gross profit margin for Q1 2024 was 32.6%, an increase of 0.6% year-on-year, attributed to improved capacity utilization and optimized procurement strategies[12] - The company reported a net profit margin of 8.8% after excluding stock incentive expenses, which is an increase of 0.5% compared to the previous year[11] - The operating profit for Q1 2024 reached CNY 94,500,903.63, compared to CNY 61,492,956.89 in the same period last year, indicating a year-over-year increase of about 53.7%[33] - The total comprehensive income attributable to the parent company for Q1 2024 was CNY 76,646,791.22, compared to CNY 49,864,999.72 in Q1 2023, reflecting an increase of about 53.8%[33] Cash Flow - The company's cash flow from operating activities turned positive at ¥20,303,425.04, compared to a negative cash flow of ¥19,229,040.09 in the same quarter last year, marking a 205.59% improvement[6] - Net cash flow from operating activities for Q1 2024 improved by 205.59% year-on-year to ¥20,303,425.04, attributed to increased revenue and cost savings in raw material procurement[17] - The net cash flow from financing activities for Q1 2024 decreased by 104.41% year-on-year to -¥41,111,927.09, mainly due to cash outflow for stock repurchase[17] - The net cash flow from investing activities for Q1 2024 decreased by 179.03% year-on-year to -¥214,342,309.63, primarily due to increased project investments and purchases of financial products[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,034[18] - The top shareholder, Peng Yuhui, holds 15.29% of the shares, amounting to 25,889,000 shares[18] - The company repurchased 1,433,677 shares, representing 2.02% of the total unrestricted circulating shares as of March 31, 2024[19] - The total number of restricted shares at the end of the period is 98,296,912 shares, with 2,250 shares released from restriction[24] - The total number of shares held by 彭裕辉 is 25,889,000, with a lock-up release date of April 17, 2024[22] - The total number of shares held by 赵松涛 is 17,259,300, also with a lock-up release date of April 17, 2024[22] - The company has a total of 5,817,100 shares held by 广州立兴企业管理咨询合伙企业, with a lock-up release date of April 17, 2024[23] Investment and Assets - Total assets at the end of Q1 2024 were ¥3,903,788,774.53, a slight decrease of 0.91% from ¥3,939,680,875.94 at the end of the previous year[6] - The total assets as of March 31, 2024, amounted to CNY 3,903,788,774.53, a decrease from CNY 3,939,680,875.94 at the beginning of the period[30] - The total liabilities decreased from CNY 1,452,945,112.11 to CNY 1,385,741,604.41 during the same period[30] Future Plans and Governance - The company plans to continue optimizing its cost structure and improving operational efficiency to enhance profitability[12] - The company plans to revise its governance structure and related systems to enhance operational standards and compliance with updated regulations[26] - The company plans to repurchase shares using its own funds, with a total amount not less than RMB 50 million and not exceeding RMB 100 million[25] Other Income and Expenses - Other income for Q1 2024 increased by 416.84% year-on-year to ¥11,944,715.35, primarily due to government subsidies received[16] - Investment income for Q1 2024 reached ¥2,961,456.12, a 100% increase year-on-year, mainly driven by increased financial investment returns[16] - Income tax expenses for Q1 2024 rose by 54.31% year-on-year to ¥17,874,115.07, driven by increased profits[16] - The company reported a credit impairment loss of -¥1,602,579.63 for Q1 2024, a decrease of 243.92% year-on-year, primarily due to an increase in accounts receivable[16] Stock and Bonds - The company paid the first-year interest on convertible bonds at face value on March 7, 2024, with a coupon rate of 0.30% for the period from March 7, 2023, to March 6, 2024[26] - The company’s executives have a 25% annual release of their locked shares based on their total holdings[23] - The company has a lock-up period of 36 months for shares issued during its initial public offering[24]

Financial Performance - The company achieved a net profit margin of 12% for the fiscal year, reflecting improved operational efficiency[20]. - The total revenue for the year reached 1 billion RMB, marking a 15% increase compared to the previous year[20]. - The company's operating revenue for 2023 was ¥3,499,096,969.49, representing a 20.22% increase compared to ¥2,910,588,966.94 in 2022[25]. - The net profit attributable to shareholders decreased by 49.21% to ¥73,027,000.54 in 2023 from ¥143,770,987.20 in 2022[25]. - The basic earnings per share dropped to ¥0.4312, down 49.21% from ¥0.8490 in the previous year[25]. - The total assets increased by 38.00% to ¥3,939,680,875.94 at the end of 2023, compared to ¥2,854,750,342.08 at the end of 2022[25]. - The net assets attributable to shareholders rose by 16.58% to ¥2,471,671,122.25 at the end of 2023 from ¥2,120,146,727.78 at the end of 2022[25]. - The company reported a cash flow from operating activities of ¥304,711,416.11, a decrease of 11.09% from ¥342,729,320.07 in 2022[25]. - The company experienced a net loss in the fourth quarter of 2023, with a net profit attributable to shareholders of -¥85,386,771.76[29]. - The company received government subsidies amounting to ¥18,362,561.13, which positively impacted its financial performance[33]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 20% for the upcoming fiscal year, driven by new product launches and market expansion strategies[20]. - Market expansion efforts include entering three new provinces, targeting a 25% increase in market share within these regions over the next two years[20]. - The company has identified potential acquisition targets to enhance its product portfolio, with an estimated investment of 50 million RMB planned for strategic acquisitions[20]. - The company is actively exploring new strategies for market expansion and product innovation to drive future growth[52]. - The company is focusing on expanding its market presence through innovative product development and strategic partnerships in the baking industry[52]. - The company plans to expand its market presence by entering two new provinces, aiming for a 10% market share in these regions within the next year[188]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's production capacity by 30%[188]. Product Development and Innovation - The company is investing in R&D for new technologies, with a budget allocation of 10 million RMB aimed at enhancing product quality and innovation[20]. - The company launched its UHT cream product in May 2023, achieving over 100 million yuan in sales revenue, marking its entry into the high-end dairy cream market[49]. - The company has developed a diverse range of cream products, including liquid cream, plant-based cream, and beverage cream, catering to various market segments[49]. - The company is focusing on technological innovation in frozen baking, aligning with consumer trends towards healthier and more convenient food options[40]. - The company is committed to optimizing its product offerings by improving ingredient formulations and introducing new flavors, while also exploring innovative product categories[158]. - The company launched a new product, UHT cream 360PRO, which successfully entered the market, expanding the cream product line[95]. - The company has established a comprehensive product range that meets different customer needs across high, medium, and low price segments[49]. Operational Efficiency and Cost Management - The management highlighted a 30% increase in production capacity due to recent upgrades in manufacturing facilities[20]. - The company has established a comprehensive supplier assessment and management system for raw materials procurement, ensuring quality through multiple evaluations and on-site inspections[64]. - The production model is primarily self-operated, with monthly production plans based on sales forecasts and inventory levels, allowing for adjustments based on actual sales[65]. - The company aims to lock in prices for key raw materials through advance agreements with suppliers, mitigating the impact of market fluctuations[65]. - The company has a strategy for continuous improvement in supplier quality, with regular re-evaluations and support for underperforming suppliers[64]. - Strict budget management and cost control measures will be implemented to improve operational efficiency, including optimizing procurement and logistics management[79]. - The company is focused on achieving cost leadership by automating production lines and optimizing labor efficiency to reduce overall costs[162]. Governance and Corporate Structure - The company maintains a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, ensuring checks and balances among decision-making, supervision, and operations[171]. - The board of directors consists of 6 members, including 2 independent directors, complying with legal requirements and actively participating in training to enhance governance practices[172]. - The supervisory board has 3 members, including 1 employee supervisor, and is responsible for overseeing major matters, related transactions, and the compliance of directors and senior management[172]. - The company has established a complete business system and independent operational capabilities, ensuring no asset occupation by the controlling shareholder or actual controller[174]. - The company has a robust information disclosure management system, fulfilling its obligations and maintaining effective communication with investors through various channels[173]. - The company has actively engaged with 309 institutions during its investor relations activities, demonstrating a commitment to transparency and investor engagement[170]. Risk Management - The company is facing potential risks related to supply chain disruptions, which have been detailed in the risk management section of the report[3]. - The company faces risks related to food safety, which could impact its brand image and sales if not managed properly[80]. - The company has established a comprehensive food safety management system to mitigate food safety risks, ensuring compliance with relevant regulations[81]. Investor Relations and Communication - The company is committed to transparency and regularly updates stakeholders on its strategic initiatives and performance metrics[165]. - The company reported a total of 446 participants in the online conference held on April 28, 2023, indicating strong interest from investors[166]. - The company is actively engaging with various securities firms, including CITIC Securities and Guotai Junan, to strengthen investor relations[164]. - The company has been proactive in communicating with investors through various channels, including online platforms and direct meetings[164].

证券代码：300973 证券简称：立高食品 公告编号：2024-036 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 1、变更原因及日期 2022 年 12 月 13 日，财政部发布了解释 16 号文，其中"关于单项交易产生的资产和 负债相关的递延所得税不适用初始确认豁免的会计处理"，本公司自 2023 年 1 月 1 日起 施行。 公司根据财政部上述相关准则及通知规定，对会计政策进行相应变更，并按以上文 件规定的生效日期开始执行上述会计准则。 2、变更前采取的会计政策 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 关于会计政策变更的公告 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。 特别提示： 立高食品股份有限公司（以下简称"公司"）根据中华人民共和国财政部（以下简称 "财政部"）发布的《企业会计准则解释第 16 号》（财会〔2022〕31 号，以下简称"解释 16 文"的要求变更会计政策，无需提交公司董事会和股东大会审议，不会对公 ...

立高食品股份有限公司 2023 年度董事会工作报告 2023 年，立高食品股份有限公司（以下简称"公司"、"立高食品"）董 事会全体成员根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）等法律法规及《公司章程》《董事会议事 规则》的相关规定，本着恪尽职守、勤勉尽责的工作态度，切实履行股东大会赋 予的董事会职责，认真贯彻执行股东大会各项决议，勤勉尽责地开展各项工作， 进一步提升公司规范运作能力，切实维护公司及股东权益。现将 2023 年度董事 会工作情况报告如下： 一、2023 年度公司经营情况回顾 2023 年，公司在市场环境变化、消费需求呈现多元化等新形势下，积极调 整发展策略，优化业务布局，公司冷冻烘焙、奶油、酱料三大主要产线营销组织 架构完成整合，三产线、双产线经销商收入占比有所提升，对市场覆盖力度增加， 同时得益于公司新品有效导入的带动影响，以及商超、餐饮等渠道业务增速较好， 2023 年，公司实现了营业收入 349,909.70 万元，同比增长 20.22%。2023 年，公 司归属于上市公司股东的净利润 7,302.70 万元，同比下降 49.21 ...

证券代码：300973 证券简称：立高食品 公告编号：2024-025 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 第三届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 立高食品股份有限公司（以下简称"公司"）第三届董事会第五次会议于 2024 年 4 月 26 日在公司会议室以现场结合通讯形式召开，会议通知于 2024 年 4 月 16 日以书面、电 话及邮件等形式送达。董事长彭裕辉先生主持会议，会议应出席董事 6 人，实际出席董 事 6 人。本次会议的召集和召开符合《公司法》《公司章程》《董事会议事规则》的有关 规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于<2023 年年度报告>及其摘要的议案》 公司董事会同意并批准报出公司根据要求编制的 2023 年年度报告全文及其摘要。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《2023 年年 度报告》和《2023 年年度报告摘要》。 表决结果：同意 6 票，反对 0 票 ...

立高食品股份有限公司 审 计 报 告 众环审字(2024) 0600043号 目 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | ব | | 合并股东权益变动表 | 5 | | 资产负债表 | | | 利润表 | ರ | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 告 报 it 众环审字(2024))0600043 号 立高食品股份有限公司全体股东: 一、审计意见 我们审计了立高食品股份有限公司(以下简称"立高食品公司")财务报表,包括 2023 年 12 月 31 日的合并及公司资产负债表,2023年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及相关财务报表附注。 起始页码 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 立高食品公司 2023年 12月 31 日合并及公司的财务状况以及 2023 年度合并及公司的经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工 ...

中信建投证券股份有限公司 关于立高食品股份有限公司 部分可转换公司债券募投项目延期并调整投资进度的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"）作为立 高食品股份有限公司（以下简称"立高食品"、"上市公司"或"公司"）首次公开发 行股票及向不特定对象发行可转换公司债券并在创业板上市的保荐机构，根据《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》以及等有关规定，对立高食品部分可转换公司债券募投项目延期并调整投 资进度进行了核查，具体情况如下： 一、可转换公司债券募集资金基本情况 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，公司向不特定对象发 行可转换公司债券 9,500,000 张，每张面值为人民币 100 元，募集资金总额为人民币 950,000,000.00 元，扣除与本次发行有关的费用（包括以自筹资金预先支付发行费用置换 部分）合计人民币 12, ...