Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Views - The company achieved a total revenue of 3.835 billion yuan in 2024, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 268 million yuan, up 266.9% year-on-year. The fourth quarter of 2024 saw a revenue of 1.118 billion yuan, a 22.0% increase year-on-year, and a net profit of 65 million yuan, marking a return to profitability. In the first quarter of 2025, revenue reached 1.046 billion yuan, up 14.1% year-on-year, with a net profit of 88 million yuan, a 15.1% increase year-on-year [1][5]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a significant increase in cream products, which saw a 61.8% year-on-year increase, while other segments like frozen baking and sauces experienced declines. The revenue distribution across channels in 2024 was 57% from circulation, 25% from supermarkets, and 18% from catering, with circulation and catering channels showing growth of approximately 15% and 20% respectively [1][4]. - The gross profit margin for 2024 was 31.5%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin reached 6.9%, up 4.8 percentage points year-on-year. In Q1 2025, the gross profit margin decreased to 30.0% due to rising raw material costs, but the net profit margin slightly improved to 8.5% [1][5]. Growth Drivers - The company is expected to maintain solid growth momentum in 2025, with clear growth drivers identified in cream products, Sam's Club, and the catering sector. The management has implemented efficiency optimization measures, including a product manager responsibility system and a focus on large clients, which are anticipated to enhance profitability [1][4]. - The report projects a double-digit growth rate for 2025, with earnings per share (EPS) estimates adjusted to 1.97 yuan for 2025, 2.26 yuan for 2026, and 2.59 yuan for 2027, corresponding to price-to-earnings (PE) ratios of 19, 16, and 14 respectively [1][5]. Market Position - The company is positioned as a leader in the industry, benefiting from channel advantages and ongoing management improvements. The report highlights the potential for continued benefits from changes in the baking channel and the development of Western-style dining opportunities [1][4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's operational trends are improving, leading to a release in profitability [1] - In 2024, total revenue reached 3.835 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 268 million yuan, up 267% [4][8] - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5][8] Financial Performance - In Q4 2024, total revenue was 1.118 billion yuan, a 22% year-on-year increase, and net profit was 65 million yuan, compared to a loss of 85 million yuan in Q4 2023 [4] - For Q1 2025, total revenue was 1.046 billion yuan, a 14% year-on-year increase, with net profit of 88 million yuan, up 15% [4] - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, reflecting changes in channel and product structure [5] Product and Channel Strategy - The company is expanding its product matrix in the cream category, with significant growth in UHT cream products [6][8] - Revenue from the cream segment in 2024 was 1.058 billion yuan, a 62% increase year-on-year [6] - The company is actively exploring new channel opportunities and has seen good sales performance from new products launched in supermarkets [7] Profit Forecast - The company is expected to see continued profit recovery, with EPS projected at 1.97 yuan for 2025, 2.31 yuan for 2026, and 2.75 yuan for 2027 [8][10] - The current stock price corresponds to a PE ratio of 19 for 2025, 16 for 2026, and 14 for 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.79 RMB [7][8]. Core Insights - The company's revenue and net profit for 2024 are projected to be 384 million and 27 million RMB, respectively, reflecting year-on-year growth of 9.6% and 266.9% [1]. - In Q1 2025, the company reported revenue and net profit of 105 million and 9 million RMB, respectively, showing year-on-year growth of 14.1% and 15.1%, exceeding previous expectations [1]. - The company's effective cost control measures have successfully mitigated pressure on gross margins, contributing to improved profitability [1][3]. Revenue and Profitability - The company's revenue from frozen baked goods in Q1 2025 grew approximately 12% year-on-year, while cream products continued to show strong growth [2]. - The gross margin for 2024 increased by 0.1 percentage points to 31.5%, with a notable reduction in share-based payment expenses and improved operational efficiency [3]. - The net profit margin for 2024 increased by 4.9 percentage points to 7.0%, indicating a significant enhancement in profitability [3]. Financial Projections - The report forecasts revenues of 4.461 billion RMB and net profits of 330 million RMB for 2025, with EPS projected at 1.95 RMB [4][6]. - The company is expected to maintain a steady growth trajectory, with revenue growth rates projected at 16.3% for 2025 and 12.9% for 2026 [6]. - The report introduces an EPS forecast for 2027 at 2.60 RMB, reflecting continued growth potential [4]. Market Position and Strategy - The company has successfully launched new products that have contributed positively to revenue growth, particularly in the Sam's Club channel [1][2]. - The sales strategy and product development are aligned with production lines, ensuring more precise and effective allocation of expenses [1]. - The company is expected to continue its operational recovery, supported by strong market demand and effective management practices [4].

Market Overview - The Shanghai Composite Index is at 3286.48 points, slightly below the half-year line, with a change of -0.06% [1] - The total trading volume of A-shares today is 498.63 billion yuan [1] Stocks Breaking Half-Year Line - A total of 191 A-shares have surpassed the half-year line today, with notable stocks including: - Bochuang Technology with a deviation rate of 14.48% - Shenyang Chemical with a deviation rate of 9.43% - New Beiyang with a deviation rate of 9.15% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the half-year line: - Bochuang Technology (20.01% increase, latest price 44.50 yuan, half-year line 38.87 yuan) [1] - Shenyang Chemical (9.97% increase, latest price 3.75 yuan, half-year line 3.43 yuan) [1] - New Beiyang (9.94% increase, latest price 7.41 yuan, half-year line 6.79 yuan) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Hongbo Shares (9.98% increase, latest price 14.44 yuan, half-year line 13.35 yuan) [1] - Lihua Pharmaceutical (16.59% increase, latest price 43.35 yuan, half-year line 40.12 yuan) [1] - Xingqi Eye Medicine (13.85% increase, latest price 81.98 yuan, half-year line 76.61 yuan) [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company achieved a total revenue of 3.835 billion yuan in 2024, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 268 million yuan, up 266.9% year-on-year [1][5]. - In Q4 2024, the company reported revenue of 1.118 billion yuan, a 22.0% increase year-on-year, and net profit of 65 million yuan, marking a return to profitability [1][5]. - For Q1 2025, revenue reached 1.046 billion yuan, up 14.1% year-on-year, with a net profit of 88 million yuan, reflecting a 15.1% increase [1][5]. Financial Performance Summary - The company's revenue growth was driven by significant increases in the cream segment, which saw a 61.8% year-on-year increase, while other segments like frozen baking and sauces experienced declines [1][5]. - The revenue distribution across channels in 2024 was 57% from circulation, 25% from supermarkets, and 18% from catering, with circulation and catering channels showing growth of approximately 15% and 20% respectively [1][5]. - The gross profit margin for 2024 was 31.5%, a slight increase from the previous year, while the net profit margin improved to 6.9%, up 4.8 percentage points year-on-year [1][5]. Future Outlook - The company is expected to maintain double-digit growth in 2025, driven by clear growth drivers such as cream products, Sam's Club, and catering [1][5]. - The report projects earnings per share (EPS) for 2025 to be 1.97 yuan, with further increases to 2.26 yuan in 2026 and 2.59 yuan in 2027, reflecting a strong growth trajectory [1][5]. - The target price for the company's stock is set at 49.5 yuan, corresponding to a price-to-earnings (PE) ratio of 25 times for 2025 [1][5].

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

Group 1: 2024 Annual Report Overview - In 2024, the company achieved revenue of CNY 3.835 billion, a year-on-year increase of 9.61% [2] - Revenue from frozen baked goods accounted for approximately 56%, a decrease of about 3% due to adjustments in core supermarket products [2] - Revenue from baking ingredients increased by approximately 33%, driven by strong sales of UHT cream products, which generated over CNY 500 million in revenue, nearly a 200% year-on-year growth [2][3] Group 2: Profitability and Cost Management - The net profit attributable to shareholders was CNY 268 million, a year-on-year increase of 266.94% [4] - After excluding non-cash stock option expenses, the adjusted net profit was CNY 270 million, reflecting a growth of 45.26% [4] - The company successfully reduced operating sales, management, and R&D expense ratios, indicating effective cost control measures [4] Group 3: Q1 2025 Performance - In Q1 2025, the company reported sales revenue of CNY 1.046 billion, a year-on-year increase of 14.22% [5] - The net profit attributable to shareholders was CNY 88.32 million, up 15% year-on-year [5] - The gross profit margin for Q1 was 30.0%, a decrease of approximately 2.5% due to changes in channel and product structure, as well as rising raw material prices [6] Group 4: Channel Performance - Revenue from distribution channels accounted for about 57%, with a year-on-year growth of approximately 15% [3] - Supermarket channel revenue was close to 25%, experiencing a slight decline due to product adjustments [3] - Revenue from innovative channels like catering and new retail accounted for about 18%, with a year-on-year growth of approximately 20% [3] Group 5: Future Outlook and Strategic Initiatives - The company plans to expand its UHT cream product line and enhance its product matrix [5][6] - Management is optimistic about maintaining cost control and improving efficiency in 2025 [4][9] - The company aims to strengthen its supply chain and explore domestic sourcing for raw materials to mitigate cost pressures [15]

一、2024 年度公司经营情况回顾 立高食品股份有限公司 2024 年度董事会工作报告 2024 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 2024 年度 董事会工作情况报告如下： 公司坚持以市场需求为导向，将创新作为公司发展的核心驱动力，通过丰富 的产品矩阵及产品竞争力优势，对烘焙门店、线下商超便利店、餐饮渠道、茶饮 咖啡店、酒店自助餐和线上 O2O 等多元化渠道的覆盖力度提高。报告期内，公 司实现了营业收入 38.35 亿元，同比增长 9.61%。 2024 年度，公司归属于上市公司股东的净利润 2.68 亿元，同比增长 266.94%， 扣除非经常性损益后的净利润为 2.54 亿元，同比增长 108.22%，剔除不涉及现金 流出的股权激励对 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于续聘 2025 年度审计机构的公告 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： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、上 市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 立高食品股份有限公司（以下简称"公司"或"立高食品"）于 2025 年 4 月 28 日召 开第三届董事会第十四次会议、第三届监事会第十次会议，审议通过了《关于续聘 2025 年度审计机构的议案》，同意续聘中审众环会计师事务所（特殊普通合伙）（以下简称"中 审众环"）为公司 2025 年度财务报表和内部控制审计机构，聘期一年，本议案已经第三 届董事会审计委员会第九次会议审议通过，尚需提交公司2024年年度股东大会审议通过， 现将相关事项公告如下： 一、拟续聘会计师事务所的情况说明 中审众环符合《中华人民共和国证券法》 ...

立高食品股份有限公司（以下简称"公司"）2024 年年度报告全文及其摘要于 2025 年 4 月 29 日刊登于巨潮资讯网（www.cninfo.com.cn）。为了更好地与广大投资者进行交 流，让投资者进一步了解公司的生产经营情况，公司定于 2025 年 5 月 15 日（星期四） 下午 15:00 至 17:00 在全景网举行 2024 年度业绩说明会。本次网上业绩说明会将采用网 络远程的方式举行，投资者可登录全景网"投资者关系互动平台"（https://ir.p5w.net）参 与互动交流。 出席本次说明会的人员有：公司董事长、总经理彭裕辉先生，副董事长赵松涛先生， 董事、副总经理、董事会秘书、财务总监王世佳先生，独立董事陈莹女士，独立董事梁 晨先生，保荐代表人翁嘉辉先生。 为提升业绩说明会的交流效果，公司特向投资者公开征集问题，广泛听取投资者的 意见和建议，欢迎投资者在 2025 年 5 月 13 日（星期二）17:00 前将有关问题发送至公司 董事会办公室邮箱 dongmiban@ligaofoods.com，或者扫描下方二维码进入全景网问题征 集专题页面。公司将在 2024 年度业绩说明会上，对投 ...