Investment Rating - The investment rating for the company is "Buy" with a target price of 64.68 RMB [6][4]. Core Views - The company has maintained stable profitability despite cost pressures, with revenue and net profit showing significant year-on-year growth in the first three quarters of 2025 [1]. - The company is benefiting from a diversified sales channel strategy, with strong performance in new retail and food service channels [2]. - Cost control measures have been effective in offsetting rising raw material costs, although gross margin has been under pressure [3]. Revenue and Profitability - For the first three quarters of 2025, the company achieved revenue of 3.14 billion RMB, a year-on-year increase of 15.7%, and a net profit of 250 million RMB, up 22.0% [1]. - In Q3 2025, revenue reached 1.07 billion RMB, with net profit at 80 million RMB, reflecting year-on-year growth of 14.8% and 13.6% respectively [1]. - The gross margin for Q3 2025 decreased by 2.4 percentage points year-on-year to 29.9% due to rising palm oil prices [3]. Channel Performance - The frozen baked goods segment accounted for approximately 55% of revenue in the first three quarters of 2025, growing nearly 10% year-on-year [2]. - The company has seen a 40% year-on-year increase in revenue from cream products, which remains a key growth driver [2]. - The new retail and food service channels have shown a growth rate of about 40% year-on-year, indicating strong demand [2]. Cost Control and Efficiency - The company has successfully reduced selling expenses by 1.3 percentage points to 10.2% in the first three quarters of 2025 [3]. - Management expenses have also decreased by 1.5 percentage points to 5.5%, reflecting ongoing cost control efforts [3]. - The company is expected to improve production capacity utilization in Q4 2025 due to organizational adjustments [1]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 1.94 RMB, 2.31 RMB, and 2.65 RMB respectively, reflecting a downward adjustment of 7%, 11%, and 17% from previous forecasts [4]. - The company is valued at a price-to-earnings (PE) ratio of 28x for 2026, with a target price of 64.68 RMB based on this valuation [4].

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [5][19]. Core Views - The company reported a total revenue of 3.145 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 248 million yuan, up 22.0% year-on-year [5]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares, totaling 33.33 million yuan [5]. - The report highlights that despite cost pressures, the company continues to optimize efficiency, with a projected double-digit growth for 2026 and significant profit improvement potential [5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 3.835 billion yuan in 2024 to 5.445 billion yuan in 2027, with year-on-year growth rates of 9.6%, 14.6%, 12.1%, and 10.5% respectively [5]. - Net profit is expected to increase from 268 million yuan in 2024 to 459 million yuan in 2027, with growth rates of 266.9%, 22.0%, 21.0%, and 15.9% respectively [5]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.58 yuan in 2024 to 2.71 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 26, 21, 17, and 15 [5]. - **Valuation Metrics**: - The report maintains a target price of 62.4 yuan, corresponding to a PE of 26.7 times for 2026 [5]. Market Performance - The company has shown resilience in its revenue growth, with Q3 2025 revenue increasing by 14.8% year-on-year, surpassing expectations [5]. - The report notes that the company’s product segments, particularly frozen baked goods and new retail channels, are driving growth, with significant contributions from supermarkets and restaurants [5].

立高食品（300973） 2025 年三季报点评：收入端稳健，成本拖累 利润端 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,499 | 3,835 | 4,380 | 4,970 | 5,466 | | 同比（%） | 20.22 | 9.61 | 14.20 | 13.47 | 9.97 | | 归母净利润（百万元） | 73.03 | 267.97 | 333.22 | 409.68 | 468.86 | | 同比（%） | (49.21) | 266.94 | 24.35 | 22.94 | 14.44 | | EPS-最新摊薄（元/股） | 0.43 | 1.58 | 1.97 | 2.42 | 2.77 | | P/E（现价&最新摊薄） | 94.29 | 25.69 | 20.66 | 16.81 | 14.69 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提 ...

投资评级与估值：基本维持盈利预测，预测25-27 年归母净利润分别为3.33、3.92、4.61亿（前次为 3.34、3.94、4.63 亿），同比增长24%、18%和18%，当前股价对应25-27年PE 分别为21x、18x、15x， 维持增持评级。我国冷冻烘焙行业仍然处于渗透率提升的较快增长期，立高具备规模、资金、管理和研 发方面的相对优势，近年来通过聚焦大单品战略拓展全渠道发展，奶油产品放量带动公司收入持续增 长，冷冻烘焙基本盘保持稳健，我们继续看好公司中长期的收入增长和利润改善空间。 奶油产品继续放量，冷冻烘焙稳健增长。前三季度，冷冻烘焙食品收入占比约55%，同比增长近10%， 主因去年底核心客户产品上新，以及餐饮客户保持增长；烘焙食品原料（奶油、酱料及其他烘焙原材 料）收入占比约45%，同比增长约24%，主因稀奶油产品持续放量，前三季度稀奶油类产品营收同比增 长约40%，酱料类产品营收同比增长略超35%。 按渠道划分，前三季度，流通渠道收入占比约48%，同比基本持平；商超渠道收入占比约30%，同比增 长约30%；餐饮、茶饮及新零售等创新渠道收入占比约22%，合计同比增速约40%。 投资要点： 事件： ...

（文章来源：证券日报） 证券日报网讯 10月28日晚间，立高食品发布公告称，公司于2025年10月28日召开第三届董事会第十八 次会议、第三届监事会第十三次会议审议通过《2025年前三季度利润分配预案》。 ...

上 市 公 司 公 司 研 究 / 公 司 食品饮料 2025 年 10 月 28 日 立高食品 (300973) ——25Q3 点评：收入维持较快增长 利润表现符合预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 40.66 | | 一年内最高/最低（元） | 57.20/33.60 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.72 | | 流通 A 股市值（百万元） | 4,738 | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.49 | | 资产负债率% | 39.79 | | 总股本/流通 A 股（百万） | 169/117 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-28 11-28 12-28 01-28 02-28 03-31 0 ...

Sales Performance - In Q3 2025, the company achieved a sales revenue of 10.75 billion yuan, representing a year-on-year growth of 15% [2] - The net profit attributable to shareholders was over 77 million yuan, with a year-on-year increase of 14% [2] - Frozen baked goods accounted for approximately 57% of revenue, growing by about 17% year-on-year, while baking raw materials made up about 43%, increasing by approximately 11% [2] Channel Structure - Traditional bakery channels contributed nearly 50% of revenue, remaining stable year-on-year, while supermarket channels exceeded 25%, with a growth of over 30% [2] - Revenue from the catering, tea, and new retail channels approached 25%, with a year-on-year growth of nearly 40% [2] - The company is optimizing its channel structure, with new channels further increasing their revenue share [2] Product Insights - The fluctuation in cream product gross margins is not primarily linked to rising oil costs but is more affected by the procurement prices of imported dairy products [3] - The company is cautiously optimistic about inventory preparations for the upcoming Spring Festival [4] - Changes in the tax rate in the Q3 report were influenced by variations in product structure and the production and tax situations of different subsidiaries [5] New Product Development - The company has successfully launched new products in core supermarket clients, contributing positively to Q3 performance, with plans for 2-3 new products in Q4 [6] - The sales of cream products in Q3 slowed compared to Q2 due to seasonal factors, but a recovery is expected in Q4 [7] - The company is focusing on diversifying its channel investments, with a current revenue structure of approximately 48% from distribution channels, 30% from supermarkets, and 22% from new retail and catering channels [8] Strategic Partnerships - The company is actively enhancing collaborations with various supermarkets, increasing the number of new product samples and improving the match with customer needs [9] - The advantages in the catering and new retail channels are significant, with a focus on food safety standards that align with the stringent requirements of chain restaurants [10] - The company is testing higher-end cream products with key clients, aiming to expand its premium product matrix [12]

（文章来源：证券日报） 证券日报网讯 10月28日晚间，立高食品发布2025年第三季度报告称，2025年第三季度公司实现营业收 入1，074，532，810.59元，同比增长14.82%；归属于上市公司股东的净利润为77，079，293.92元，同 比增长13.63%。 ...

每经AI快讯，立高食品（SZ 300973，收盘价：40.66元）10月28日晚间发布公告称，公司第三届第十八 次董事会会议于2025年10月28日在公司会议室以现场结合通讯形式召开。会议审议了《关于提请召开 2025年第二次临时股东大会的议案》等文件。 2025年1至6月份，立高食品的营业收入构成为：烘焙食品行业占比99.43%，其他业务占比0.57%。 截至发稿，立高食品市值为69亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王瀚黎） ...