公 司 研 究 / 公 司 点 评 食品饮料 上 市 公 司 2025 年 05 月 05 日 立高食品 (300973) ——奶油驱动营收增长 效率提升优化盈利 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 44.07 | | 一年内最高/最低（元） | 48.98/22.28 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 1.59 | | 流通 A 股市值（百万元） | 5,016 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 14.03 | | 资产负债率% | 39.23 | | 总股本/流通 A 股（百万） | 169/114 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 ...

Core Insights - The company reported a total revenue of 3.835 billion yuan for 2024, representing a year-on-year increase of 9.61%, with a net profit attributable to shareholders of 268 million yuan, up 266.94% [1] - The revenue from cream products saw significant growth, while frozen baked goods faced slight pressure [2] - The company has successfully launched innovative products and enhanced its production capabilities, contributing to revenue growth [2] Financial Performance - In Q4 2024, total revenue reached 1.118 billion yuan, an increase of 21.99%, with a net profit of 64.86 million yuan, up 175.96% [1] - For Q1 2025, total revenue was 1.046 billion yuan, reflecting a year-on-year growth of 14.13%, with a net profit of 88.37 million yuan, up 15.11% [1] - The company’s net profit margin improved to 6.99% in 2024, with a slight increase in gross margin to 31.47% [4] Product Performance - Revenue from frozen baked goods in 2024 was 2.133 billion yuan, down 3.53%, while cream revenue surged to 1.058 billion yuan, up 61.75% [2] - The company introduced innovative products, including the 4.0 Portuguese tart crust, which won innovation awards at the 2024 baking exhibition [2] Channel Performance - The distribution channel accounted for 57% of total revenue in 2024, benefiting from the upgrade of cream products and domestic substitution advantages [3] - The innovative channel, including catering and new retail, grew by 20%, supported by resource allocation and diversified channel strategies [3] Cost and Margin Analysis - The company managed to reduce its expense ratio significantly, with a total expense ratio of 22.09% in 2024, down 5.57 percentage points [4] - In Q1 2025, the gross margin decreased to 29.99%, reflecting cost pressures, while the net profit margin slightly improved to 8.45% [4] Profit Forecast - The company forecasts net profits of 330 million yuan, 394 million yuan, and 445 million yuan for 2025 to 2027, with corresponding EPS of 1.95, 2.33, and 2.63 yuan [4]

丨证券研究报告丨 [Table_Summary] 公司 2024 年营业总收入 38.35 亿元（同比+9.61%，下文皆为同比）；归母净利润 2.68 亿元 （+266.94%），扣非净利润 2.54 亿元（+108.22%）。其中 2024Q4 营业总收入 11.18 亿元 （+21.99%）；归母净利润 6486.09 万元（+175.96%），扣非净利润 6223.26 万元（+359.73%）。 2025Q1 营业总收入 10.46 亿元（+14.13%）；归母净利润 8837.15 万元（+15.11%），扣非净 利润 8626.43 万元（+27.3%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 立高食品 2024 年报&2025 年一季报点评：收入 稳步提升，控费如期兑现 报告要点 research.95579.com 1 立高食品（30097 ...

食品饮料/休闲食品 立高食品（300973.SZ） 冷冻烘焙恢复增长，奶油继续发力 2025 年 04 月 30 日 投资评级：增持（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 43.12 | | 一年最高最低(元) | 48.98/22.28 | | 总市值(亿元) | 73.02 | | 流通市值(亿元) | 49.08 | | 总股本(亿股) | 1.69 | | 流通股本(亿股) | 1.14 | | 近 3 个月换手率(%) | 216.68 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 立高食品 沪深300 相关研究报告 2025Q1 收入恢复双位数以上增长 2024 年公司营收 38.4 亿元，同比+9.6%；扣非前后归母净利润 2.68、2.54 亿元， 同比+266.9%、+108.2%。2025Q1 营收 10.5 亿元，同比+14.1%；扣非前后归母 净利润 0.88、0.86 亿元，同比+15.1%、+27.3%。短期棕榈油成本高居不下，调 整 20 ...

证券研究报告·公司点评报告·休闲食品 立高食品（300973） [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 30 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 李茵琦 执业证书：S0600524110002 liyinqi@dwzq.com.cn 股价走势 2024 年报及 2025 年一季报点评：Q1 业绩超 预期，内部改革效果释放 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 | 4,420 | 4,897 | 5,390 | | 同比（%） | 20.22 | 9.61 | 15.24 | 10.80 | 10.05 | | 归母净利润（百万元） | 73.03 | 267.97 | 340.87 | 415.91 | 472.25 | | 同比（%） | (49.21) ...

近期立高食品（300973）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 立高食品在2025年一季度实现了营业总收入10.46亿元，同比上升14.13%；归母净利润达到8837.15万 元，同比增长15.11%；扣非净利润为8626.43万元，同比大幅增长27.3%。这表明公司在主营业务方面保 持了良好的增长态势。 盈利能力 尽管收入和利润有所增长，但公司的盈利能力指标显示出一定的压力。毛利率为29.99%，同比下降 7.97%；净利率为8.2%，同比下降1.13%。这可能意味着公司在成本控制方面面临挑战。 费用控制 值得注意的是，公司的三费(销售费用、管理费用、财务费用)总计1.69亿元，占营收比例为16.13%，较 去年同期下降14.5%。这表明公司在费用控制方面取得了一定成效。 应收账款与现金流 本季度，立高食品的应收账款显著增加至3.69亿元，同比增幅达37.83%，远超营业收入的增长速度。同 时，每股经营性现金流为-0.2元，同比减少267.74%，显示出公司在现金流管理方面存在较大压力。 资产负债情况 公司的有息负债为11.2亿元，同比增加19.46%，有息资产负债率已达25.87 ...

事件：2025 年4 月28 日，立高食品发布2024 年年报及2025 一季报，2024 年实现营收38.35 亿元，同比 增长9.61%；实现归母净利润2.68 亿元，同比增长266.94%。25Q1 实现营收10.46 亿元，同比增长 14.13%；实现归母净利润0.88 亿元，同比增长15.11%。 公司不断丰富产品矩阵，奶油产品表现亮眼。2024 年冷冻烘焙/奶油/水果制品/酱料/其他烘焙原材料实 现收入21.33/10.58/1.66/2.25/2.26 亿元，同比-3.53%/+61.75%/-11.34%/-3.58%/20.66%。其中奶油产品表 现亮眼，2024 年度公司UHT 奶油产品线实现销售收入超5 亿元，带动奶油类产品营收同比增长超 60%，占比27.66%，同比增加8.93pct。25Q1 冷冻烘焙/烘焙食品同比增长12%/17%，占比60%/40%，其 中UHT 奶油产品及酱料类产品表现突出。 优化经销商体系初显成效，渠道多元化发展把握商超调改趋势。2024 年经销/直销/零售/其他渠道分别 实现收入22.22/15.86/0.09/0.18 亿元，同比+12.75%/+6.0 ...

山姆的麻薯和瑞士卷，胖东来的大月饼，盒马的草莓盒子蛋糕这些网红烘焙产品近年吸引了不少年轻人跑向大型连锁商超抢购。这波浪潮，也捧红了不少 上游冷冻烘焙供应商，为山姆供应麻薯的立高食品就是其中之一。 立高食品2024年实现营业收入38.35亿元，同比增长9.61%，扣非后净利润为2.56亿元，较上年同期剔除股份支付后的扣非后净利润增长44.89%。 近日，"沃尔玛恢复中国供应商出货，美国客户承担关税"这一消息，再次将沃尔玛推上热搜。在沃尔玛复杂的供应链体系中，山姆会员商店（以下简称山 姆）的中国烘焙供应商表现颇为亮眼。 以供应麻薯的立高食品（SZ300973）为例，4月28日晚间，立高食品披露了2024年年报。历年年报显示，立高食品取得了5年收入翻番的成绩，营收从 2020年的18亿元跃升至2024年的38亿元。 冷冻烘焙被称为"烘焙中的预制菜"，近几年行业景气度高，该品类也持续拉动立高食品的业绩。不过，《每日经济新闻》记者注意到，立高食品的两大产 品板块（冷冻烘焙食品、烘焙食品原料）中，冷冻烘焙食品板块在经历前四年的"狂奔"之后，2024年板块收入首次同比下滑，降幅为3.53%。但公司依靠 烘焙原料中的奶油驱动 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.84 billion yuan in 2024, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 270 million yuan, up 266.9% year-on-year [1]. - The company’s UHT cream product line generated over 500 million yuan in sales in 2024, contributing to a 61.8% year-on-year growth in cream product revenue [2]. - The company’s gross margin for 2024 was 31.5%, with a slight decrease to 30.0% in Q1 2025 due to rising raw material prices and changes in product and channel mix [3]. - The company is expected to achieve revenues of 4.45 billion yuan, 5.02 billion yuan, and 5.58 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 350 million yuan, 390 million yuan, and 460 million yuan [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3.84 billion yuan, with a net profit of 270 million yuan, and a non-recurring net profit of 250 million yuan [1]. - For Q4 2024, the revenue was 1.12 billion yuan, with a net profit of 70 million yuan, and for Q1 2025, the revenue was 1.05 billion yuan, with a net profit of 90 million yuan [1]. Product Performance - The revenue from frozen baking and baking ingredients in 2024 was 2.13 billion yuan and 1.67 billion yuan, showing a year-on-year change of -3.5% and +32.7%, respectively [2]. - The cream product line saw a significant increase in sales, with UHT cream contributing to a 61.8% growth in cream product revenue in 2024 [2]. Cost Management - The company successfully reduced its sales expense ratio to 12.1% in 2024, down 1.4 percentage points year-on-year, due to strict budget management [3]. - The management expense ratio also decreased to 6.7%, down 2.9 percentage points year-on-year, attributed to reduced share-based payment expenses [3]. Future Outlook - The company anticipates continued growth in cream and supermarket new products, with revenue projections of 4.45 billion yuan in 2025, reflecting a 16.1% year-on-year increase [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][18]. Core Insights - The company reported revenue of 3.835 billion yuan for 2024, reflecting a year-on-year growth of 10%, and a net profit of 268 million yuan, which is a significant increase of 267% compared to the previous year [2][6]. - The first quarter of 2025 showed a revenue of 1.046 billion yuan, up 14.13% year-on-year, with a net profit of 88 million yuan, marking a 15.11% increase [2][6]. - The company has successfully narrowed its expense ratios, leading to improved net profit margins of 6.99% for 2024 and 8.45% for Q1 2025, despite a slight decline in gross margins due to rising raw material costs [4][6]. Financial Performance Summary - For 2024, the company achieved revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and an EPS of 1.58 yuan per share [6][11]. - The projected net profits for 2025 and 2026 are 356 million yuan and 420 million yuan respectively, with corresponding EPS of 2.10 yuan and 2.48 yuan [5][6]. - The company’s gross margin for 2024 was 31.47%, with a slight decrease to 29.99% in Q1 2025, while the overall expense ratio decreased significantly, enhancing profitability [4][6]. Product and Channel Performance - The company’s frozen baking segment showed a recovery with a revenue of 6.3 billion yuan in Q1 2025, up 12% year-on-year, while the cream segment grew by 17% [3][4]. - The distribution channels for 2024 included revenue contributions of 2.221 billion yuan from distribution, 1.580 billion yuan from direct sales, and 0.07 billion yuan from retail, with the distribution channel benefiting from increased sales of cream products [3][4]. Future Outlook - The company is expected to continue leveraging growth opportunities in the frozen baking sector and UHT cream business, with ongoing improvements in production efficiency and cost management strategies [4][5].