Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company expects a stable performance in 2024, with projected revenue between 3.77 billion to 3.93 billion yuan, representing a year-on-year growth of 7.74% to 12.31%, with a median of 3.85 billion yuan, which is a 10.03% increase [2][4]. - The forecasted net profit attributable to shareholders is between 265 million to 285 million yuan, showing a significant year-on-year growth of 262.88% to 290.27%, with a median of 275 million yuan, indicating a 276.61% increase [2][4]. - The company anticipates a non-recurring net profit of 250 million to 270 million yuan, reflecting a year-on-year growth of 105.17% to 121.58%, with a median of 260 million yuan, which is a 113.38% increase [2][4]. Revenue and Profit Analysis - The company’s revenue is supported by the strong performance of its cream products, with a reported revenue growth of over 70% year-on-year for cream products driven by multiple UHT cream offerings [12]. - The profit margin has significantly improved due to reduced stock incentive costs and enhanced operational efficiency through budget management and cost control measures [12]. - The company completed its share repurchase plan, buying back 2,702,077 shares, which is 1.60% of its total share capital, with a total transaction amount of approximately 93.84 million yuan [12]. Financial Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 275 million, 332 million, and 380 million yuan respectively, with corresponding EPS of 1.62, 1.96, and 2.25 yuan, leading to PE ratios of 24, 20, and 17 times [12].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's Q4 2024 revenue slightly exceeded expectations, with revenue ranging from 10.53 to 12.13 billion yuan, a year-on-year increase of 14.83% to 32.28% [4] - The company achieved a net profit attributable to the parent company of 0.62 to 0.82 billion yuan in Q4 2024, turning from a loss to a profit [4] - The company's performance in the Spring Festival season exceeded expectations, with sales increasing month by month from October to December [5] - The company's new production line for cream products has been put into trial production and sales, with strong growth in the cream segment [5] - The company plans to actively adjust its frozen baking business in 2025, with cream production capacity expected to increase and maintain rapid growth [6] Financial Projections - The company's revenue is projected to be 37.71, 43.03, and 47.49 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.78%, 14.09%, and 10.37% [7] - The net profit attributable to the parent company is expected to be 2.78, 3.32, and 3.82 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 281.04%, 19.33%, and 15.11% [7] - The EPS for the next three years is projected to be 1.64, 1.96, and 2.26 yuan, with corresponding P/E ratios of 23, 20, and 17 times [7] Business Segments - Sam's Club channel: The company expects a recovery in 2025 with the addition of new products [6] - Distribution bakeries: The frozen baking market is growing slowly, and the company plans to increase internal efficiency through reforms [6] - Catering and new retail: The company will further collaborate with major clients like Yum China, Pang Donglai, and Yonghui for product development [6] Financial Ratios - The company's gross margin is expected to be 31.4%, 32.2%, 32.5%, and 32.6% for 2023, 2024, 2025, and 2026, respectively [13] - The net profit margin is projected to be 2.0%, 7.3%, 7.6%, and 8.0% for the same periods [13] - The ROE is expected to be 3.0%, 10.9%, 12.4%, and 13.7% for 2023, 2024, 2025, and 2026, respectively [13]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to achieve a revenue of 3.77 to 3.93 billion yuan in 2024, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to the parent company is forecasted to be between 265 to 285 million yuan, showing a significant increase of 262.88% to 290.27% year-on-year [1]. - The fourth quarter of 2024 is projected to see a revenue of 1.053 to 1.213 billion yuan, with a year-on-year growth of 14.86% to 32.32%, and a net profit of 62 to 82 million yuan, indicating a turnaround from losses [1][2]. Summary by Sections Revenue Growth - The fourth quarter of 2024 shows a notable acceleration in revenue growth, particularly in the cream business, with strong sales of the whipped cream product. The frozen baking segment has also shown significant improvement, with new products launched in major supermarket channels receiving positive market feedback [2]. Profitability - The company's net profit margin is expected to improve significantly in 2024, primarily due to a reduction in share-based payment expenses and enhanced operational efficiency through strict budget management and marketing cost control. The automation in the whipped cream production line has also contributed to higher production efficiency and scale benefits [3]. Profit Forecast and Valuation - The company is expected to increase its channel coverage and leverage new product launches in the frozen baking segment to drive growth. The profit margin is anticipated to continue improving due to efforts in domestic raw material substitution and enhanced production efficiency. The net profit forecasts for 2024 to 2026 have been adjusted to 279, 332, and 386 million yuan respectively, with corresponding EPS of 1.64, 1.96, and 2.28 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 37.7 to 39.3 billion yuan in 2024, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to shareholders is projected to be between 2.65 to 2.85 billion yuan, indicating a significant year-on-year increase of 262.88% to 290.27% [7] - The fourth quarter of 2024 is anticipated to show rapid revenue growth, driven by new product launches at Sam's Club and increased sales of cream products [7] - The net profit margin for 2024 is expected to recover to around 7%, showing significant improvement compared to previous periods [7] - For 2025, the company is expected to focus on resource allocation to high-performing product categories and traditional retail channels, which may lead to additional revenue growth [7] - The report slightly adjusts the revenue forecast downwards but raises the profit forecast, projecting revenues of 38.4 billion, 42.7 billion, and 46.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.7 billion, 3.4 billion, and 4.2 billion yuan [7] Financial Summary - Total revenue for 2022 was 2,911 million yuan, with a projected increase to 3,499 million yuan in 2023 and further to 3,843 million yuan in 2024, reflecting a year-on-year growth of 20.22% [1] - The net profit attributable to shareholders was 143.77 million yuan in 2022, with a significant drop to 73.03 million yuan in 2023, but is expected to rebound to 274.97 million yuan in 2024, marking a growth of 276.53% [1] - The earnings per share (EPS) is projected to rise from 0.43 yuan in 2023 to 1.62 yuan in 2024, indicating a recovery in profitability [1]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 38.35 CNY and a reasonable value of 45.52 CNY, indicating a potential upside of approximately 18.5% [4]. Core Views - The company's performance continues to improve, with significant momentum expected in the future. The 2024 revenue forecast is between 3.77 billion to 3.93 billion CNY, representing a year-on-year growth of 7.7% to 12.3%, with a midpoint of 10% [10]. - The company is expected to achieve a net profit attributable to shareholders of 265 to 285 million CNY in 2024, reflecting a substantial year-on-year increase of 262.9% to 290.3%, with a midpoint growth of 276.6% [10]. - Cost control and efficiency improvements have led to a significant release of performance elasticity, with the company expected to report a single-quarter revenue of 1.13 billion CNY in Q4 2024, a year-on-year increase of 23.6% [10]. - The outlook for 2025 remains positive, with expectations for continued growth driven by increased focus on baked goods in supermarkets and improvements in the frozen baking business [10]. - The company is projected to achieve revenues of 3.85 billion, 4.22 billion, and 4.59 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.8 billion, 3.2 billion, and 3.6 billion CNY [10]. Financial Forecast - The company’s revenue for 2022 was 2.911 billion CNY, with a growth rate of 3.3%. In 2023, revenue increased to 3.499 billion CNY, reflecting a growth rate of 20.2%. The forecast for 2024 is 3.850 billion CNY, with a growth rate of 10.0% [9]. - The EBITDA for 2024 is projected to be 514 million CNY, with a significant increase from 257 million CNY in 2023 [9]. - The net profit attributable to shareholders is expected to rise from 73 million CNY in 2023 to 275 million CNY in 2024, marking a growth rate of 276.2% [9]. - The earnings per share (EPS) is forecasted to increase from 0.43 CNY in 2023 to 1.62 CNY in 2024 [9].

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 01 月 20 日 立高食品 (300973) ——24Q4 收入环比加速，利润符合预期 报告原因：有业绩公布需要点评 增持（维持） 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 曹欣之 A0230522080002 caoxz@swsresearch.com 联系人 曹欣之 (8621)23297818× caoxz@swsresearch.com | 市场数据： | 2025 年 01 月 20 日 | | --- | --- | | 收盘价（元） | 38.35 | | 一年内最高/最低（元） | 48.49/22.28 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 1.83 | | 流通 A 股市值（百万元） | 4,365 | | 上证指数/深证成指 | 3,244.38/10,256.40 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2024 年 09 月 30 日 | | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][6]. Core Views - The company is expected to achieve a revenue of 3.77 to 3.93 billion yuan in 2024, representing a year-on-year growth of 8% to 12%, driven by increased channel coverage and stable growth in cream products [4]. - The forecasted net profit attributable to shareholders for 2024 is between 265 to 285 million yuan, showing a significant increase of 263% to 290% year-on-year, primarily due to the impact of stock incentive expenses and the scale effect of automated production lines [4]. - The company is currently in a peak stocking period for the Spring Festival, with new products being introduced in various channels, which is expected to enhance sales performance [5]. Summary by Sections Revenue and Profit Growth - The company anticipates a revenue of 3.77 to 3.93 billion yuan for 2024, with a growth rate of 8% to 12% [4]. - The net profit attributable to shareholders is projected to be 265 to 285 million yuan, reflecting a year-on-year increase of 263% to 290% [4]. - The fourth quarter of 2024 is expected to see revenue between 1.053 to 1.213 billion yuan, with a year-on-year growth of 15% to 32% [4]. Product Development and Market Strategy - The company is focusing on optimizing its cream product line and has introduced new products to enhance profitability [5]. - The organizational structure has shifted from a marketing-centered approach to a product-centered approach, which is expected to leverage product development and manufacturing advantages [5]. Earnings Forecast - The earnings per share (EPS) for 2024 to 2026 are projected to be 1.62, 1.91, and 2.29 yuan respectively, with corresponding price-to-earnings (PE) ratios of 24, 20, and 17 times [6]. - The report indicates a continuous recovery in profit margins as production capacity increases and market demand recovers [6].

Core Viewpoint - Lihigh Food (300973) announced a significant increase in its 2024 performance forecast, expecting a net profit of 265 million to 285 million yuan, representing a year-on-year growth of 262.88% to 290.27% [1] Group 1: Company Performance - The company’s stock closed at 38.35 yuan, with an increase of 1.43% on the announcement day [1] - The trading volume was 84.15 million yuan, with a turnover rate of 1.93% [1] - Over the past five days, the stock has risen by 7.15% [1] Group 2: Market Reaction - A statistical analysis of stocks with a performance forecast increase of over 50% shows that 71.43% of these stocks experienced a price increase on the announcement day [1] - Among these, 16 companies hit the daily price limit on the announcement day [1] - Over the following five days, 84.69% of these stocks saw an increase in their share price [1]

证券代码：300973 证券简称：立高食品 公告编号：2025-006 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 2024 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 2、预计的业绩： 扭亏为盈 同向上升 同向下降 | 项 目 | | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净 | 盈利：26,500 | 万元至 | 28,500 | 万元 | 盈利：7,302.70 | 万元 | | 利润 | 比上年同期增长：262.88%至 | | | 290.27% | | | | 扣除非经常性损益后的净 利润 | 盈利：25,000 | 万元至 | 27,000 | 万元 | 盈利：12,185.30 | 万元 | | | 比上年同期增长：105.17%至 | | | 121.58% | | | | 营业收入 ...

关于股份回购实施结果暨股份变动的公告 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。 立高食品股份有限公司 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- 009）、《回购报告书》（公告编号：2024-011）。 因公司实施 2023 年年度权益分派，权益分派后公司回购股份价格 ...