Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.56, compared to the last closing price of 35.40 [1]. Core Views - The company reported a revenue of 2.717 billion and a net profit of 203 million for the first three quarters of 2024, showing a year-on-year increase of 5.2% and 28.2% respectively [1]. - The third quarter of 2024 saw a revenue of 936 million, a slight decline of 1.1% year-on-year, but net profit increased by 35.1% to 68 million [1]. - The company’s cream products continue to show strong growth, with a year-on-year increase of 70% in cream product sales [1]. - The company is focusing on improving operational efficiency and scaling effects by streamlining the number of distributors and supporting top distributors [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.717 billion, with a net profit of 203 million, and a non-recurring profit of 192 million, reflecting increases of 28.2% and 31.3% year-on-year respectively [1]. - The third quarter results showed a revenue of 936 million, with net profit at 68 million, marking a 35.1% increase year-on-year [1]. - The gross profit margin for Q3 2024 was 31.3%, a decrease of 0.6 percentage points year-on-year, primarily due to rising prices of oils and imported dairy products [1]. Product and Market Insights - The company’s frozen baking products saw a decline of approximately 7% year-on-year, attributed to adjustments in product listings in supermarkets [1]. - The baking raw materials segment grew by about 30%, driven by the strong sales of new cream products [1]. - The company has signed strategic contracts with major clients in the catering sector, which is expected to contribute to revenue growth [3]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.8 billion, 4.2 billion, and 4.7 billion respectively, with net profits expected to reach 268 million, 335 million, and 391 million [4]. - The report anticipates a significant increase in net profit for 2024, with a year-on-year growth of 267.5% [4]. - The company is expected to continue its growth trajectory in the cream product segment, especially with the upcoming launch of new products in Q4 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - 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%. The net profit attributable to shareholders was 203 million yuan, up 28.21% year-on-year [3] - The company aims to improve operational efficiency through cost control, optimizing procurement, and enhancing logistics, while focusing on stable growth [2][4] Summary by Relevant Sections Financial Performance - For 2024E, the company is expected to achieve revenues of 3.812 billion yuan and a net profit of 263 million yuan, with a projected growth rate of 9% for net profit [1][5] - The company’s gross margin for Q3 2024 was 31.34%, a decrease of 0.55 percentage points year-on-year, while the net profit margin improved by 1.98 percentage points to 7.26% [4] Revenue Breakdown - In the first three quarters, frozen baked goods accounted for approximately 58% of revenue, a decrease of about 7% year-on-year, while baking ingredients (cream, sauces, and other baking materials) contributed 42% of revenue, increasing by about 30% [4] - The revenue from the distribution channel increased by approximately 11% year-on-year, driven by the growth of cream products and support for leading distributors [4] Future Projections - The company forecasts revenues of 4.273 billion yuan and 4.777 billion yuan for 2025E and 2026E, respectively, with net profits expected to reach 300 million yuan and 340 million yuan in the same years [1][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [17]. Core Insights - The company reported a revenue of 2.717 billion yuan for Q3 2024, a year-on-year increase of 5.22%, and a net profit of 203 million yuan, up 28.21% year-on-year [2]. - The company has effectively controlled expenses, leading to continuous improvement in profitability, with a net profit margin of 7.47% for the first three quarters of 2024, an increase of 1.34 percentage points year-on-year [4]. - The company is expected to see significant growth in net profit over the next three years, with projections of 270 million yuan, 339 million yuan, and 401 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 270%, 26%, and 18% [4][6]. Revenue and Profitability - For the first three quarters of 2024, the company achieved a gross margin of 32.17%, slightly down by 0.36 percentage points year-on-year, attributed to changes in product mix [4]. - The revenue from frozen baked goods accounted for approximately 58% of total revenue, showing a year-on-year decline of about 7%, while revenue from baking ingredients increased by approximately 30% [3]. - The company’s sales expense ratio decreased to 11.53% for the first three quarters of 2024, down 0.69 percentage points year-on-year, reflecting effective cost control measures [4]. Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are 3.843 billion yuan, 4.478 billion yuan, and 5.014 billion yuan respectively, with growth rates of 10%, 17%, and 12% [6][15]. - The earnings per share (EPS) are expected to rise from 1.59 yuan in 2024 to 2.37 yuan in 2026, indicating a positive trend in profitability [6][15]. Market Position and Strategy - The company is focusing on enhancing operational efficiency through the establishment of multiple internal control systems and the optimization of its supply chain management [4]. - The second UHT cream factory is set to commence production in Q4 2024, which is expected to support demand during the peak season and future growth in cream products [4].

证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 投资者关系活动记录表 编号：2024-009 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------|--------------------------------------------------|--------------------------------------------------------------| | | | | | | | | | | | | 特定对象调研 媒体采访 | 分析师会议 业绩说明会 | | | 投资者关系活动 | 新闻发布会 | 路演活动 | | | 类别 | 现场参观 | | | | | | 其他（请文字说明其他活动内容） | 现场交流会 | | 参与单位名称及 人员姓名 | | 具体详见附件《参与单位名称及人员明细清单》 | | | 时间 | 2024 年 10 月 30 日 | 15:00-16:00 ...

关于完成补选第三届董事会非独立董事的公告 立高食品股份有限公司 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。 立高食品股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日召开第三届董事会 第九次会议，审议通过了《关于补选第三届董事会非独立董事的议案》，并将该议案提交 公司股东大会审议。具体内容详见公司于 2024 年 10 月 15 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于公司董事、总经理变更的公告》（公告编号： 2024-076）。 公司于 2024 年 10 月 30 日召开 2024 年第一次临时股东大会，审议通过了《关于补 选第三届董事会非独立董事的议案》，同意选举王世佳先生为公司第三届董事会非独立 董事，并担任第三届董事会战略委员会委员职务，任期自本次股东大会审议通过之日起 至 第 三 届 董 事 会 任 期 届 满 之 日 止 。 具 体 内 容 详 见 公 司 同 日 在巨潮资讯网 （http://www.cninfo.com.cn）披露的《2024 年第一次临时股东大会决议公告》（公告编 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-086 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 2024 年第一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10月30日（星期三）14:00 （2）网络投票：2024年10月30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10月30日（星期三）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 10月30日（星期三）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 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于立高食品股份有限公司 2024 年第一次临时股东大会的 法律意见书 国枫律股字[2024]A0532 号 致：立高食品股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《立高食品股份有限 公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人 资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.717 billion yuan for the first three quarters, 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 [1] - The frozen baking segment remains under pressure, while cream products are experiencing rapid growth, with cream product revenue increasing over 70% year-on-year [1] - The company is expected to achieve revenues of 3.993 billion yuan, 4.442 billion yuan, and 4.900 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 269 million yuan, 326 million yuan, and 364 million yuan [1] Performance Analysis - The revenue from frozen baked goods decreased by approximately 7% year-on-year, primarily due to a decline in supermarket channel performance [1] - The cream product segment, driven by new UHT cream products, saw a revenue increase of about 30% year-on-year [1] - The company’s gross margin for the first three quarters was 32.17%, a slight decrease of 0.35 percentage points year-on-year, with a gross margin of 31.34% in Q3, down 0.55 percentage points year-on-year [1] Financial Forecasts - The company is projected to achieve a revenue growth of 14%, 11%, and 10% for the years 2024, 2025, and 2026 respectively [1] - The expected net profit growth rates for the same years are 268%, 21%, and 12% respectively, with corresponding P/E ratios of 21, 18, and 16 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2024, 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 [3] - The frozen baking segment remains under pressure, while new cream products continue to grow [3] - The company is focusing on multi-channel and multi-category development strategies, with a new UHT cream factory set to begin production in Q4 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 32.17% and a net profit margin of 7.25%, reflecting effective cost control measures [3] - Revenue projections for 2024-2026 are estimated at 3.77 billion, 4.19 billion, and 4.65 billion yuan, with corresponding net profits of 280 million, 330 million, and 380 million yuan [3][6] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22, 19, and 16 respectively [4][6] Product and Channel Performance - Frozen baked goods accounted for approximately 58% of revenue in the first three quarters of 2024, a decline of about 7% year-on-year, primarily due to impacts in the supermarket channel [3] - Revenue from baking ingredients, including cream and sauces, represented about 42% of total revenue, showing a growth of approximately 30% year-on-year, driven by strong sales of new cream products [3] - The distribution channel accounted for about 55% of revenue, with an 11% year-on-year increase, while the supermarket channel saw a 10% decline due to product shelf adjustments [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 49.5 CNY, compared to the current price of 35.40 CNY [1]. Core Views - The company has shown significant cost control effectiveness, leading to continuous improvement in profitability despite ongoing pressure on terminal demand and a decline in supermarket sales [1]. - The company’s revenue for the first three quarters of 2024 reached 2.717 billion CNY, a year-on-year increase of 5.22%, while the net profit attributable to shareholders was 203 million CNY, up 28.21% year-on-year [1]. - The report emphasizes the company's systematic and efficient operational capabilities, which have been established over recent years through various reforms, positioning it well for potential recovery in demand if external conditions improve [1]. Financial Summary - **Revenue and Profitability**: - Total revenue for Q3 2024 was 936 million CNY, a slight decrease of 1.11% year-on-year, while net profit for the same period was 68 million CNY, an increase of 35.07% year-on-year [1]. - The gross margin for Q3 2024 was 31.3%, a decrease of 0.5 percentage points year-on-year, attributed to promotional discounts and a higher proportion of lower-margin products [1]. - **Cost Control**: - The company has effectively reduced its sales, management, and R&D expense ratios to 10.5%, 6.9%, and 3.6% respectively, reflecting a significant reduction in costs compared to the previous year [1]. - **Earnings Per Share (EPS)**: - The forecasted EPS for 2024-2026 is 1.61 CNY, 1.98 CNY, and 2.39 CNY respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 15 [1][7]. Market Position and Future Outlook - The company is expected to benefit from the gradual recovery of the market and the elimination of weaker competitors, which may enhance its operational flexibility and profitability in the coming years [1]. - The report suggests that if external conditions improve, the company could exhibit significant performance elasticity, especially with its strategic focus on high-margin products and new customer segments [1].