立高食品股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议。 一、会议召开情况 （一）会议召开时间 （1）现场会议：2024年11月14日（星期四）14:30 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-090 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | （2）网络投票：2024年11月14日。其中，通过深圳证券交易所交易系统进 行网络投票的时间为2024年11月14日（星期四）上午9:15-9:25、9:30-11:30和下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为2024年 11月14日（星期四）上午9:15至下午15:00期间的任意时间。 （二）现场会议召开地点：广州市白云区云城东路559-571号宏鼎云璟汇2栋 5楼立高食品会议室。 （三）会议召集人 公司董事会。 （四）投票方式 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.45 yuan [6] - The expected PE ratios for 2024-2026 are 23X, 17X, and 14X respectively [4] Core Views - The company's Q3 revenue slightly declined by 1.11% YoY to 936 million yuan, but net profit increased by 35.07% YoY to 67.83 million yuan [1] - The company's revenue structure shows that frozen baked goods accounted for 58% of total revenue, a 7% YoY decline, while baking raw materials (cream, sauces, etc.) grew by 30% YoY, contributing 42% of total revenue [2] - The company's gross margin remained stable at around 32% for the first three quarters, with improved cost control and efficiency measures [3] - The company is expected to benefit from the recovery of the catering industry and improved capacity utilization, with projected net profits of 300 million, 390 million, and 490 million yuan for 2024-2026 [4] Financial Performance - The company's revenue for the first three quarters of 2024 reached 2.717 billion yuan, a 5.22% YoY increase, with net profit attributable to shareholders rising by 28.21% YoY to 203 million yuan [1] - The company's EBITDA is expected to grow from 568.27 million yuan in 2024 to 847.42 million yuan in 2026 [5] - The company's EPS is projected to increase from 1.75 yuan in 2024 to 2.90 yuan in 2026 [5] Revenue Breakdown - By product category: frozen baked goods accounted for 58% of revenue, while baking raw materials (cream, sauces, etc.) contributed 42% [2] - By sales channel: distribution channels accounted for 55% of revenue, growing 11% YoY, while supermarket channels declined by 10% YoY, contributing 27% of revenue [2] - Innovative channels (catering, tea drinks, and new retail) accounted for 18% of revenue, with a combined growth rate of 20% YoY [2] Operational Highlights - The company completed the sterile verification and trial production of its second UHT cream factory in Q3, with formal production expected to begin in Q4 [3] - The company has implemented strict cost control measures, optimizing supply chain management and improving delivery capabilities [3] - The company is actively promoting new product launches and optimizing its product portfolio to drive future growth [2] Industry Outlook - The company is positioned to benefit from the recovery of the catering industry and the implementation of consumption-stimulating policies [4] - The company's focus on product innovation and channel expansion is expected to drive sustained growth in the baking and food ingredients sector [2][4]

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-089 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于变更持续督导保荐代表人的公告 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"本公司"）于近日收到中信建投证券 股份有限公司（以下简称"中信建投证券"）《关于变更立高食品股份有限公司持续督导 保荐代表人的说明》。中信建投证券担任公司首次公开发行股票并在创业板上市及向不特 定对象发行可转换公司债券的保荐机构，原指定翁嘉辉先生、温家明先生担任公司首次 公开发行股票并在创业板上市及向不特定对象发行可转换公司债券持续督导的保荐代表 人。 中信建投证券原保荐代表人温家明先生因工作变动，不再担任公司首次公开发行股 票并在创业板上市及向不特定对象发行可转换公司债券持续督导的保荐代表人。为保证 持续督导工作的有序进行，中信建投证券委派保荐代表人周祎飞先生（简历见附件）履 行持续督导职责。 本次保荐代表人变更后，公司首次公开发 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's revenue has slightly come under pressure, with a year-on-year increase of 5% in revenue for the first three quarters of 2024, totaling 2.717 billion yuan, while net profit attributable to shareholders increased by 28% to 203 million yuan [2][3]. - The UHT factory has officially commenced production, and the company is continuously adjusting its distribution channels to enhance performance [3][4]. - The company is expected to see further profit elasticity as the production capacity of cream products ramps up and market demand recovers [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 936 million yuan, a decrease of 1% year-on-year, while net profit attributable to shareholders increased by 35% to 68 million yuan [2][3]. - The gross margin for Q3 2024 decreased by 1 percentage point to 31.34%, primarily due to changes in product structure and rising prices of imported dairy products [2][3]. Production and Product Development - The second cream factory has completed sterile validation and is set to enter full production in Q4, which will support the company's high-end cream production for the year-end peak season [3][4]. - The introduction of new cream products has shown stable growth, although the overall revenue from frozen baked goods has been impacted by adjustments in product listings at key retail channels [3]. Profit Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.58, 1.86, and 2.25 yuan respectively, with corresponding price-to-earnings (PE) ratios of 23, 20, and 16 times [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.22%, and a net profit attributable to shareholders of 203 million yuan, up 28.21% year-on-year. In Q3 2024, revenue was 936 million yuan, down 1.11% year-on-year, while net profit was 68 million yuan, an increase of 35.07% year-on-year. Despite pressure on the main business, the high-margin cream segment is experiencing rapid growth, and effective cost control has improved profit margins, leading to the maintained "Buy" rating [2][6][7]. Financial Performance - For Q3 2024, the company achieved a gross margin of 31.34% and a net margin of 7.14%, with the net margin increasing by 1.90 percentage points year-on-year. The sales, management, and R&D expense ratios were 10.52%, 6.89%, and 3.60%, respectively, showing a significant reduction compared to the previous year [7][8]. Revenue Breakdown - In Q3, revenue from frozen baked semi-finished products and baking raw materials was 507 million yuan and 429 million yuan, respectively, with year-on-year changes of approximately -14% and +15%. The cream products, particularly UHT cream, saw revenue growth exceeding 70% year-on-year [6][7]. Future Projections - Revenue projections for 2024-2026 are 3.882 billion yuan, 4.386 billion yuan, and 4.937 billion yuan, with year-on-year growth rates of 10.95%, 12.97%, and 12.56%, respectively. Net profit attributable to shareholders is expected to be 250 million yuan, 316 million yuan, and 383 million yuan, with growth rates of 242.82%, 26.41%, and 21.06%, respectively, indicating a three-year CAGR of 73.76% [7][8].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's cream business is experiencing accelerated growth, while the frozen baking segment is under short-term pressure [1][3] - For the first three quarters of 2024, the company reported revenue of 2.72 billion yuan, a year-on-year increase of 5.2%, and a net profit attributable to the parent company of 203 million yuan, reflecting a year-on-year growth of 28.2% [2][3] - The report maintains profit forecasts for 2024-2026 at 271 million, 342 million, and 406 million yuan, respectively, with corresponding EPS of 1.60, 2.02, and 2.40 yuan [2][3] Revenue and Profit Analysis - In Q3 2024, revenue was 936 million yuan, a year-on-year decrease of 1.11%, while net profit attributable to the parent company was 68 million yuan, showing a year-on-year increase of 35.1% [2][3] - The frozen baking revenue decreased by 7% year-on-year for Q1-Q3 2024, while the cream and sauce business saw a 30% increase [3] Margin and Cost Structure - The gross margin decreased by 0.55 percentage points year-on-year, primarily due to rising raw material prices [4] - The net profit margin increased by 1.94 percentage points year-on-year, with a decline in sales, management, R&D, and financial expense ratios [4] Strategic Focus - The company is focusing on single products and improving efficiency through sales structure adjustments and channel integration [5] - The frozen baking segment is still in its early stages, with slow penetration expected to improve in the medium to long term [5] Financial Forecasts - The company forecasts revenue growth from 3.5 billion yuan in 2023 to 4.94 billion yuan in 2026, with a compound annual growth rate of approximately 10.1% [6] - The net profit is expected to recover from 73 million yuan in 2023 to 406 million yuan in 2026, with significant year-on-year growth rates [6][9]

证券代码：300973 证券简称：立高食品 公告编号：2024-088 债券代码：123179 债券简称：立高转债 一、回购股份进展情况 （一）公司回购股份的时间、数量、方式、价格等符合公司《回购报告书》的相关内 容。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—— 回购股份》等相关规定，公司在回购期间应当在每个月的前三个交易日内披露截至上月 末的回购进展情况。现将具体情况公告如下： 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》，同意公司使用自有资金以集中 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、20 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][4]. Core Views - The company is a leader in China's frozen baking industry, with a strong performance in its cream business. In 2023, the company achieved revenue of 3.499 billion yuan, a year-on-year increase of 20.2%, while net profit attributable to shareholders was 73 million yuan, a decrease of 49.2% [1][4]. - The frozen baking food segment showed weak growth, while cream products performed steadily. The revenue from frozen baking food and raw materials accounted for approximately 58% and 42% respectively, with year-on-year changes of -7% and +30% [1][4]. - The company aims to become a "global integrated baking service provider," with over 800 product specifications as of June 2024, including frozen cakes and various sauces [1][4][12]. Financial Performance - In 2023, the company reported a revenue of 3.499 billion yuan, with a net profit of 73 million yuan, reflecting a significant decline in profitability [2][4]. - For the third quarter of 2024, the company achieved total revenue of 936 million yuan, a year-on-year decrease of 1.11%, but net profit attributable to shareholders increased by 35.07% to 68 million yuan [1][4]. - The projected revenues for 2024, 2025, and 2026 are 3.732 billion yuan, 4.133 billion yuan, and 4.503 billion yuan, respectively, with expected year-on-year growth rates of 6.7%, 10.7%, and 9.0% [2][4]. Market Position and Strategy - The company is focused on deepening its presence in the frozen baking industry and expanding its cream business, which has significant growth potential [1][4][20]. - The cream market in China is expected to grow steadily, with a market size of 10.73 billion yuan in 2022, reflecting a year-on-year increase of 7.3% [17][20]. - The company has established a nationwide production base and a comprehensive cold chain logistics system to enhance its market reach and operational efficiency [12][13]. Product and Channel Analysis - The main revenue sources for the company include frozen baking products, sauces, cream, and fruit products, with frozen baking products generating 2.21 billion yuan in revenue in 2023 [6][12]. - The company has seen rapid growth in its direct sales channel, with revenue from direct sales increasing by 49.2% year-on-year [6][12]. - The company’s marketing network is continuously expanding to penetrate smaller cities, ensuring rapid product promotion and quality service [13][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][8]. Core Insights - The company achieved total revenue of 2.717 billion yuan and net profit attributable to shareholders of 203 million yuan in the first three quarters of 2024, representing a year-on-year growth of 5.22% and 28.21% respectively [6]. - The performance in the supermarket channel was weak, leading to a significant decline in the frozen baking category, while cream products continued to show strong growth [6]. - The company’s gross margin for the first three quarters was 32.17%, with a slight decrease due to rising raw material prices, but overall margins remained stable due to the scale advantages of key products [7]. - The forecast for revenue from 2024 to 2026 is adjusted to 3.771 billion, 4.303 billion, and 4.749 billion yuan, with corresponding net profit estimates of 278 million, 332 million, and 382 million yuan, indicating substantial growth [8]. Financial Summary - For 2024, the expected revenue growth rate is 7.78%, with a projected net profit growth rate of 281.04% [10]. - The earnings per share (EPS) for the next three years are forecasted to be 1.64, 1.96, and 2.26 yuan, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 times [8][10]. - The company’s total assets are projected to be 3.939 billion yuan in 2024, with a debt-to-asset ratio of 34.7% [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue for Q3 was 940 million yuan, a decrease of 1.1% year-on-year, while the net profit attributable to the parent company was 70 million yuan, an increase of 35.1% year-on-year. The net profit excluding non-recurring items was also 70 million yuan, reflecting a significant increase of 57.4% year-on-year [1] - The report emphasizes that the growth in the company's revenue is driven by the cream segment, which has led to a high increase in raw material business. The revenue from frozen baked goods and baking raw materials accounted for 58% and 42% of total revenue respectively, with year-on-year changes of -7% and +30% [1] - The report suggests that with the ramp-up of production capacity at the Luhua factory, the cream products are expected to continue driving growth, and the adjustments in the supermarket channel are anticipated to end, leading to a recovery in growth [1] Revenue Analysis - For Q1-Q3, the revenue from circulation, supermarkets, and new retail in the catering sector accounted for 55%, 27%, and 18% of total revenue respectively, with year-on-year changes of +11%, -10%, and +20% [1] - The report indicates that the decline in baked goods sales is due to the impact of adjustments in the supermarket channel, while the baking raw materials segment has seen a year-on-year growth of over 70% driven by cream [1] Profit Analysis - The gross profit margin for Q3 decreased by 0.5 percentage points to 31.3%, primarily due to the increased proportion of lower-margin baking raw materials. However, the net profit margin attributable to the parent company increased by 1.9 percentage points to 7.2% due to effective cost control [1] - The report forecasts that the company will achieve operating revenues of 3.73 billion yuan, 4.14 billion yuan, and 4.58 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 6.5%, 11.1%, and 10.5% [3][4]