Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [29] Core Views - The food and beverage sector demonstrates resilience amid increasing export uncertainties and expectations for domestic demand policies to be strengthened [5][15] - The SW food and beverage index rose by 0.20%, ranking 11th among 31 sub-industries, with snacks, soft drinks, and beer leading the gains [5][15] - The report highlights the importance of focusing on companies with stable fundamentals and strong performance amid the current market conditions [10][18] Sub-industry Summary Alcoholic Beverages - The white wine sector shows significant configuration value under domestic demand policy expectations, with a focus on companies with stable fundamentals and strong earnings certainty [6][18] - The SW white wine index decreased by 0.71%, with external risks heightened due to unexpected tariffs [6][20] - Recommended companies include Luzhou Laojiao, Shanxi Fenjiu, Jiansiyuan, and Yingjia Gongjiu, all rated as "Buy" [3][27] Consumer Goods - The consumer goods sector is expected to see strong performance in Q1, with a focus on high-growth categories and channels [22] - The SW snacks, soft drinks, and beer sub-sectors led the gains, with respective increases of 8.12%, 6.85%, and 3.64% [5][22] - Companies such as Youyou Foods, Zhujiang Beer, and Dongpeng Beverage are highlighted as key performers to watch in the upcoming earnings reports [22] Snacks - The snacks segment is under continuous observation for category explosions and new channel opportunities [8][23] - There is a growing consumer demand for health-conscious and innovative products, with companies like Weilong and Yuyou Foods positioned to benefit from new product introductions [8][24]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-019 | | --- | --- | --- | | 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 2025 年第一季度可转换公司债券转股情况的公告 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。 特别提示： | 1、证券代码：300973 | | | 证券简称：立高食品 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2、债券代码：123179 | | | 债券简称：立高转债 | | | | | | 3、转股价格：人民币 | | 95.82 | 元/股 | | | | | | 4、转股期限：2023 | 年 | 9 月 | 13 | 日至 | 月 | 6 | 日 | | | | | 2029 | | | | | | | | | 年 | | | | | | | | | 3 | | | | | 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a steady growth trend due to internal organizational adjustments and a clear strategic plan, focusing on the integration of product, marketing, and supply chain centers [6] - The company is diversifying its channel layout, exploring new systems such as snack wholesale, catering, and supermarkets, which are expected to contribute to revenue growth [6] - The product line is being categorized into star, cash cow, and problem products, with targeted resource allocation to enhance efficiency and growth in key categories like cream and cake [6] - Organizational management efficiency is being optimized post-restructuring, enhancing collaboration among the three main centers [6] - The company is positioned as a promising investment in the cyclical restaurant chain sector, with expected net profits of 270 million, 340 million, and 420 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 26.5, 21.5, and 17.4 [6] Financial Performance Summary - Revenue is projected to grow from 3,499 million yuan in 2023 to 4,512 million yuan in 2025, reflecting a growth rate of 16.44% [3][8] - Net profit is expected to increase significantly from 73 million yuan in 2023 to 336 million yuan in 2025, with a growth rate of 23.06% [3][8] - The company's EPS is forecasted to rise from 0.43 yuan in 2023 to 1.98 yuan in 2025 [3][8] - The company's ROE is projected to improve from 2.95% in 2023 to 11.90% in 2025 [3][8]

重要提示： 1、自 2025 年 2 月 20 日至 2025 年 3 月 12 日，立高食品股份有限公司（以下简称 "公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价格低于当期 转股价格的 85%的情形，触发"立高转债"转股价格向下修正条款。 2、2025 年 3 月 12 日，公司召开第三届董事会第十三次会议，审议通过了《关于不 向下修正"立高转债"转股价格的议案》，公司董事会决定本次不向下修正"立高转债" 转股价格，且自本次董事会审议通过之次一交易日起未来六个月内（2025 年 3 月 13 日至 2025 年 9 月 12 日），若再次触发"立高转债"转股价格向下修正条款，亦不提出向下修 正方案。下一触发转股价格修正条款的期间自 2025 年 9 月 12 日后首个交易日起重新起 算，若再次触发"立高转债"转股价格向下修正条款，届时公司董事会将再次召开会议决 定是否行使"立高转债"的转股价格向下修正权利。 一、可转换公司债券基本情况 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，公司于 20 ...

为满足经营和未来发展资金需求，公司及合并报表范围内子公司（含新增子公司） 拟于 2025 年度向相关银行申请总额不超过人民币 12 亿元（含）的综合授信额度（额度 为敞口额度），授信额度自本次董事会审议通过之日起 12 个月内循环使用。公司与各子 公司之间可共享额度，子公司占用公司授信额度时由公司提供担保。以上授信额度不等 于公司及子公司的融资金额，具体融资金额将以公司及子公司运营资金的实际需求确定。 向银行申请的授信业务范围包括但不限于流动资金贷款、项目贷款、保函、信用证、 银行承兑汇票、票据贴现、保理、押汇等。 为办理公司及子公司申请综合授信额度的相关事宜，董事会授权董事长或董事长指 定的授权人士根据与银行的协商情况适时调整在各银行的融资金额、融资类型、融资费 用及融资期限等具体事项，并签署相关业务合同及其它相关法律文件，由此产生的法律、 经济责任全部由本公司承担。公司董事会不再就上述授信额度和授信期限内的每笔信贷 业务等再行决议。 公司经营情况正常，具有良好的盈利能力及偿债能力，因业务发展的需要，取得银 行一定的授信额度，有利于促进公司现有业务的持续稳定发展。公司已制定了严格的审 批权限和程序，能有效防 ...

证券代码：300973 证券简称：立高食品 公告编号：2024-016 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 第三届监事会第九次会议决议。 一、监事会会议召开情况 （一）审议通过《关于 2025 年度对外担保额度预计的议案》 经审核，监事会认为：本次预计的担保事项有助于解决公司子公司业务发展的资金 等需求，促进各子公司经营发展，对公司业务扩展起到积极作用。本次被担保对象为公 司合并报表范围内的子公司，担保风险处于公司可控制范围之内，同时本次担保内容及 决策程序符合法律法规相关规定，不会对公司的正常运作和业务发展造成不良影响，不 存在损害公司及全体股东利益的情形。监事会同意本次提供担保额度预计的事项。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《关于 2025 年度 对外担保额度预计的公告》（公告编号：2025-014）。 第三届监事会第九次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权，表决通过。 本公司及监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。 三、备查文件 立高食品股份有限公司（以下简 ...

证券代码：300973 证券简称：立高食品 公告编号：2025-014 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 2025 年度对外担保额度预计的公告 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（以下简称"公司"或"立高食品"）于 2025 年 3 月 12 日 召开第三届董事会第十三次会议及第三届监事会第九次会议，审议通过了《关于 2025 年 度对外担保额度预计的议案》，同意公司及下属子公司在 2025 年度为合并报表范围内子 公司（含新增子公司）提供担保额度合计不超过人民币（或等值外币）8 亿元（含）。现 将有关情况公告如下： 一、担保情况概述 为满足公司及下属子公司日常经营及业务发展需要，公司及下属子公司在 2025 年度 为合并报表范围内子公司（含新增子公司）提供担保额度合计不超过人民币（或等值外 币）8 亿元（含），担保用途包括但不限于：①为被担保人向客户或供应商等开具公司保 函或各类机构的保函提供担保；②为被担保人向各商业银行、金融机构、融资租赁公司 及其他金融机构申请各类流动资金贷款、项目 ...

自 2025 年 2 月 20 日至 2025 年 3 月 12 日，公司股票已出现任意连续三十个交易日 中至少有十五个交易日的收盘价格低于当期转股价格的 85%的情形，已触发《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募集说明书》中约定可转债转股价格向 下修正的条件。 鉴于"立高转债"发行上市时间较短，距离 6 年的存续期届满尚远，综合考虑公司 的基本情况、市场环境、股价走势等诸多因素，以及对公司长期稳健发展与内在价值的 信心，公司董事会决定本次不向下修正"立高转债"转股价格，且自本次董事会审议通 过之次一交易日起未来六个月内（2025 年 3 月 13 日至 2025 年 9 月 12 日），若再次触发 "立高转债"转股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格修正 条款的期间自 2025 年 9 月 12 日后首个交易日起重新起算，若再次触发"立高转债"转 股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"立高转债"的转 股价格向下修正权利。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-017 | | --- | --- | --- | ...