[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 立高食品（300973）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|-------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 23.31 | | 52 周股价波动（元） | 22.28-72.10 | | 总股本 / 流通 A 股（百万股） | 169/117 | | 总市值 / 流通市值（百万元） | 3947/2716 | | 相关研究 | | | [Table_ReportInfo] 《 收 入 稳 健 增 长 ， 利 润 率 持 续 修 复 》 | | | 2024.05.26 | | | 《营收稳健增长，盈利持续修复》 | 2023.10.28 | | 《商超、创新渠道快速增长，利润率改善明显》 | | | 202 ...

司 में 风险提示：食品质量安全、大客户不及预期、主要原材料价格波动等 立高食品（300973.SZ） 冷冻烘焙阶段性调整，奶油放量需求向好 事件：公司披露 2024 年半年报，报告期内公司实现营收 17.81 亿元，同比 +8.88%；归母净利润 1.35 亿元，同比+25.03%；实现扣非归母净利润 1.25 亿元，同比+20.66%。24Q2 实现营收 8.65 亿元，同比+2.80%；归母净利润 0.59 亿元，同比+0.30%；扣非归母净利润 0.57 亿元，同比+3.50%。 稀奶油快速放量拉动奶油业务和流通渠道快增，冷冻烘焙阶段性承压 分产品看，24H1 公司冷冻烘焙食品/奶油/水果制品/酱料/其他烘焙原材料分别 实现营收 10.61/4.33/0.77/1.04/0.92 亿元，同比-0.15%/+82.74%/-14.06%/-2.88%/ -28.86%，其中稀奶油快速放量，销售收入超 2 亿元，拉动奶油整体收入高增， 冷冻烘焙整体表现稳定。分渠道看，24H1 公司经销/直销渠道分别实现营收 9.67/7.96 亿元，同比+10.45%/+7.19%。经销渠道中，流通渠道占整体收入占比 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Insights - The company has shown steady revenue growth, with a 9% year-on-year increase in H1 2024 revenue, reaching 1.781 billion yuan, and a 25% increase in net profit attributable to shareholders, amounting to 135 million yuan [1][3]. - The introduction of cream products has led to a reduction in gross margin, with a decrease of 1 percentage point to 32.61% in Q2 2024 [1]. - The company is focusing on streamlining product categories and enhancing operational efficiency, with a significant increase in cream sales by 69% year-on-year [1][3]. Revenue Performance - H1 2024 revenue breakdown includes frozen baked goods, cream, fruit products, sauces, and other baking materials, with respective revenues of 1.061 billion, 0.433 billion, 0.077 billion, 0.104 billion, and 0.092 billion yuan, showing varied growth rates [1][2]. - The company has adjusted its channel strategy, leading to a 5% decline in supermarket revenue, while other channels have shown growth [2]. Profitability Forecast - The company has revised its earnings per share (EPS) forecasts for 2024-2026 to 1.48, 1.90, and 2.45 yuan respectively, reflecting a significant increase from previous estimates [3][5]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 16, 12, and 10 times for the respective years [3]. Market Strategy - The company is prioritizing high-quality distributors and reducing the number of distributors to enhance profitability [2]. - The company plans to launch new products in September and October 2024 to optimize its supermarket revenue structure [2].

证券代码：300973 证券简称：立高食品 公告编号：2024-071 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于回购公司股份的进展公告 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"）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、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： 2024-00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.781 billion yuan in H1 2024, representing a year-on-year increase of 8.88%, and a net profit attributable to shareholders of 135 million yuan, up 25.03% year-on-year [2] - The performance of cream products continues to be strong, while frozen baking products face growth pressure. Revenue from various product segments in H1 2024 includes: frozen baked goods 1.061 billion yuan (-0.15%), cream 433 million yuan (+82.74%), fruit products 77 million yuan (-14.06%), sauces 104 million yuan (-2.88%), other baking raw materials 92 million yuan (-28.86%), and warehousing and transportation services 11 million yuan (+33.33%) [2] - The company's net profit margin decreased due to scale effects and a decline in government subsidies, with a net profit margin of 6.76% in Q2 2024, down 0.17 percentage points year-on-year and 1.62 percentage points quarter-on-quarter [2][3] - New production lines for oil refining and UHT cream are nearing completion, which will further strengthen the company's competitive advantage [3] - The company aims to become a global integrated service provider for baking, with a clear long-term strategy focusing on both channels and products [3] Financial Summary - Revenue forecasts for 2024-2026 are 3.864 billion yuan, 4.356 billion yuan, and 4.857 billion yuan, respectively, with year-on-year growth rates of 10%, 13%, and 11% [3] - Net profit attributable to shareholders is projected to be 264.53 million yuan, 323.85 million yuan, and 386.23 million yuan for 2024-2026, with growth rates of 262%, 22%, and 19% respectively [3] - The company's P/E ratios are expected to be 15.63, 12.76, and 10.70 for 2024-2026 [1][3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved total revenue of 1.781 billion yuan in the first half of 2024, representing an 8.88% year-on-year increase, with net profit attributable to shareholders rising by 25.03% to 135 million yuan [3][4] - The growth in revenue is primarily driven by the strong performance of cream products, with sales of whipped cream exceeding 200 million yuan in the first half of the year [3][4] - The company is expected to launch new cream products in September, which may further enhance revenue growth [3] Financial Performance - The company's gross margin for the first half of 2024 was 32.6%, a slight decrease of 0.29 percentage points year-on-year, while the net profit margin was 7.59%, an increase of 0.98 percentage points [4] - The company forecasts revenue for 2024-2026 to be 3.835 billion, 4.298 billion, and 4.753 billion yuan respectively, with year-on-year growth rates of 9.61%, 12.05%, and 10.6% [6] - The projected net profit for the same period is 278 million, 351 million, and 437 million yuan, reflecting significant growth of 280.64% in 2024 [6][7] Market Position and Strategy - The company is focusing on product innovation, channel expansion, and cost control to maintain its competitive edge in the market [4][5] - The strategy includes reducing SKU numbers to simplify supply chain management and improve operational efficiency [4] - The company is also prioritizing resources towards multi-line agents in its distribution network [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown revenue and profit growth, with a 2024H1 revenue of 1.78 billion yuan, up 8.88% year-on-year, and a net profit of 135 million yuan, up 25.0% year-on-year [4] - The frozen baking segment is stable in the short term, while the cream business continues to grow, with cream revenue exceeding 200 million yuan, driving an 82.7% year-on-year increase in cream product revenue [5] - The company maintains a focus on single products to enhance efficiency and reduce costs, despite a slowdown in the growth of the frozen baking segment due to weak industry demand [7] Financial Performance Summary - For 2024, the company forecasts net profits of 271 million yuan, 342 million yuan, and 406 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.60 yuan, 2.02 yuan, and 2.40 yuan [4] - The company's total revenue is projected to reach 4.048 billion yuan in 2024, with a year-on-year growth of 15.7% [8] - The gross margin is expected to be 33.1% in 2024, with a net margin of 6.7% [8] Business Segment Analysis - The frozen baking revenue decreased slightly by 0.15% year-on-year in 2024H1, while cream and sauce revenues increased by 25% [5] - The distribution channel revenue grew by 15% year-on-year, primarily driven by the growth in cream products [5] Cost and Efficiency - The gross margin has declined by 1.09 percentage points year-on-year, attributed to rising raw material prices [6] - The company continues to implement cost control measures, maintaining stable overall expense ratios [6]

二、董事会会议审议情况 证券代码：300973 证券简称：立高食品 公告编号：2024-068 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 第三届董事会第八次会议决议公告 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。 一、董事会会议召开情况 立高食品股份有限公司（以下简称"公司"）第三届董事会第八次会议于 2024 年 8 月 29 日在公司会议室以现场结合通讯形式召开，会议通知于 2024 年 8 月 19 日以书面、电 话及邮件等形式送达。董事长彭裕辉先生主持会议，会议应出席董事 6 人，实际出席董 事 6 人。本次会议的召集和召开符合《公司法》《公司章程》《董事会议事规则》的有关 规定，会议决议合法、有效。 表决结果：同意 6 票，反对 0 票，弃权 0 票，表决通过。 本议案已经公司第三届董事会审计委员会第五次会议审议通过，并同意提交公司董 事会审议。 （一）审议通过《关于〈2024 年半年度报告〉及其摘要的议案》 经审核，董事会认为：公司《2024 年半年度报告》及其摘要的编制和审核程序符合 法律、行政法规和中国证监会的规定， ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 1.2 billion, representing a 15% growth compared to the same period in 2023[7]. - The company's operating revenue for the reporting period was ¥1,781,419,614.08, representing an increase of 8.88% compared to the same period last year[13]. - Net profit attributable to shareholders was ¥135,273,533.17, reflecting a growth of 25.03% year-on-year[13]. - The company reported a basic earnings per share of ¥0.8022, an increase of 25.56% compared to the previous year[13]. - The company achieved a revenue of 1.781 billion yuan in the first half of 2024, representing a year-on-year growth of 8.88%[38]. - The net profit attributable to shareholders reached 135 million yuan, a year-on-year increase of 25.03%, with a net profit of 125 million yuan after excluding non-recurring gains and losses, up 20.66%[38]. - The total revenue for the first half of 2024 reached approximately CNY 1.199 billion, representing a year-on-year increase of 9.32% compared to CNY 1.097 billion in the same period of 2023[45]. - The company reported a significant increase in net assets acquired during the merger, with the fair value of identifiable net assets at the acquisition date being a key factor in determining goodwill[180]. Market Expansion and Product Development - User data indicates a 20% increase in active customers, with the total number of active customers reaching 1.5 million by the end of June 2024[7]. - The company has set a revenue guidance for the second half of 2024, projecting a growth rate of 10% to 12% compared to the first half of the year[7]. - New product launches in the baking segment contributed to a 25% increase in sales volume, with the introduction of three new product lines[7]. - The company is expanding its market presence, targeting a 30% increase in distribution channels by the end of 2024[7]. - The company has identified potential acquisition targets in the food sector to further enhance its market position and product offerings[7]. - The company is actively exploring new product categories such as UHT cream and emulsions, leveraging mature technology and production facilities[77]. - The company is committed to innovation in product development, particularly in cake decoration and beverage preparation, to meet evolving consumer preferences[27]. - The company’s new product, 360PRO domestic cream, has gained significant market influence within a year of its launch, indicating successful product development and market penetration[21]. Research and Development - Research and development investments have increased by 18%, focusing on innovative food processing technologies[7]. - The company’s R&D project on stabilizing protein emulsions won the Guangdong Provincial Science and Technology Progress Award in 2018, showcasing its innovation capabilities[21]. - The company has invested in R&D, resulting in several technology patents and a recognized provincial-level enterprise technology center[50]. - Research and development expenses for the first half of 2024 were CNY 68,651,432.93, slightly up from CNY 68,641,504.60 in the previous year[148]. Supply Chain and Logistics - The company plans to enhance its logistics capabilities through a strategic partnership with a leading cold chain logistics provider, aiming to reduce delivery times by 15%[7]. - The company utilizes a cold chain monitoring center to ensure that storage and logistics temperature standards are met, maintaining product quality and taste[35]. - The company has implemented strict cold chain logistics measures to ensure product quality, maintaining storage and transportation temperatures below -18 degrees Celsius[53]. - The company has established a supplier assessment and management system for raw materials procurement, ensuring compliance with production standards through quality testing and site inspections[33]. Financial Management and Investments - No cash dividends or stock bonuses will be distributed for the current fiscal year, as the company aims to reinvest profits into growth initiatives[2]. - The company has received government subsidies amounting to ¥10,262,322.36, primarily related to technology project rewards and employment subsidies[17]. - The company has established a comprehensive procurement strategy that includes price locking agreements with suppliers for major raw materials[34]. - The company has increased collaboration with external investment consulting firms to better navigate fluctuations in commodity prices[34]. Risk Management - Risk factors related to supply chain disruptions have been acknowledged, with strategies in place to mitigate these risks[2]. - The fluctuation in raw material prices, particularly for oils, sugars, and flour, poses a significant risk to the company's gross margin and operating profit[78]. - The company has implemented measures to mitigate raw material price volatility, including optimizing product formulas and locking in procurement prices with suppliers[78]. Corporate Governance and Compliance - The company has established a strict food safety and quality control system covering the entire process from procurement to sales, which is crucial given the increasing consumer demand for food safety[76]. - The company emphasizes employee rights protection and has established a performance evaluation system to promote employee development and engagement[91]. - The company has fulfilled all commitments made during the acquisition report and has no overdue commitments as of the reporting period[92]. - The company reported no environmental penalties during the reporting period and is not classified as a key pollutant discharge unit[89]. Shareholder and Equity Management - The company has established a long-term incentive mechanism through the Excess Performance Incentive Fund Plan, which started in 2021 and is set to run until 2025, with "net profit" as the assessment indicator[87]. - The company reported a profit distribution of CNY 83,953,272.50, indicating a significant allocation to shareholders[164]. - The company has repurchased a total of 1,433,677 shares, representing 0.85% of the total shares, with a total expenditure of approximately 50.49 million RMB[120]. - The company has committed to stabilizing its stock price for three years following its IPO, and all commitments have been fulfilled[96]. Financial Position and Ratios - The company's total assets at the end of the reporting period were ¥3,906,822,113.51, showing a decrease of 0.83% from the end of the previous year[13]. - The debt-to-asset ratio at the end of the reporting period was 36.17%, a decrease of 0.71% from the previous year[139]. - The cash interest coverage ratio improved significantly to 34.92, an increase of 81.40% compared to the previous year[139]. - The company maintained a stable credit rating of AA- with a stable outlook, indicating strong debt repayment ability and risk resistance[138].

注：上表合计存在尾差系四舍五入原因导致。 编制单位：立高食品股份有限公司 单位：万元 法定代表人：彭裕辉 主管会计工作负责人：赵松涛 会计机构负责人（会计主管人员）：王世佳 | | 广州昊道食品有限公司 | 全资子公司 | 其他应收款 | 1,452.83 | 2,097.17 | | 2,500.00 | 1,050.00 往来款 | | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 河南立高食品有限公司 | 全资子公司 | 其他应收款 | 11,783.49 | 9,725.47 | | 10,300.00 | 11,208.96 往来款 | | 非经营性往来 | | | 广州致能冷链物流有限公司 | 全资子公司 | 其他应收款 | 200.00 | 2,200.00 | | 2,400.00 | 0.00 往来款 | | 非经营性往来 | | | 广东立高食品营销有限公司 | 全资子公司 | 其他应收款 | 11,088.00 | 14,344.46 | | 19,143.62 | 6,2 ...