Core Viewpoint - The company reported a revenue of 3.84 billion yuan for 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, indicating strong financial performance driven by the rapid growth of its cream product line and effective channel transformation strategies [1] Financial Performance - For 2024, the company achieved a revenue of 3.84 billion yuan, with a net profit of 270 million yuan and a non-recurring net profit of 250 million yuan, reflecting increases of 9.6%, 266.9%, and 108.2% year-on-year respectively [1] - In Q1 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 14.1%, and a net profit of 90 million yuan, up 15.1% year-on-year, indicating continued growth momentum [1] - The company's non-recurring net profit margin for 2024 was 6.6%, an increase of 3.1 percentage points year-on-year, with a gross margin of 31.5% [2] Product and Channel Performance - The revenue growth by product category for 2024 showed a decline in frozen baking and sauces, while cream products surged by 61.8%, indicating a strong demand for UHT cream products [1] - The company has over 1,800 distributors and more than 600 direct sales customers, with revenue from distribution channels, supermarkets, and new retail channels showing varied growth rates [1] - The company is expected to continue benefiting from the ongoing trend of cream product sales and channel transformations, particularly in membership stores and supermarkets [1] Cost Management - The company improved its cost structure, with a sales expense ratio of 12.1% for 2024, down 1.4 percentage points year-on-year, attributed to refined management practices [2] - The management expense ratio for 2024 was 6.7%, a decrease of 2.9 percentage points year-on-year, reflecting strict control over executive expenses [2] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 4.38 billion, 5.05 billion, and 5.86 billion yuan, with corresponding year-on-year growth rates of 14.2%, 15.3%, and 16.1% [3] - The net profit attributable to shareholders is expected to reach 320 million, 370 million, and 430 million yuan for the same period, with growth rates of 18.3%, 15.8%, and 17.5% respectively [3] - The company is positioned to maintain a strong growth trajectory in the baking sector, supported by its product strength and supply chain capabilities [3]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300571 | 平治信 息 | 20.00 | 13.94 | 28.22 | 32.46 | 15.02 | | 300695 | 兆丰股 份 | 20.01 | 4.54 | 64.14 | 72.52 | 13.07 | | 300911 | 亿田智 能 | 15.56 | 7.17 | 41.41 | 45.76 | 10.49 | | 301372 | 科净源 | 13.33 | 13.98 | 16.76 | 18.36 | 9.55 | | 300973 | 立高食 品 | 15.73 | 12.59 | 39.74 | 43.03 | 8.28 | | 605599 | 菜百股 份 | 10.00 | 2.06 | 12.54 | 13.53 | 7.86 | | 301526 | 国际复 材 | 12.95 | 6.09 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Views - The company's operational trends are improving, leading to a release in profitability [1]. - The total revenue for 2024 reached 3.835 billion yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders was 268 million yuan, up 267% year-on-year [4][9]. - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5]. - New product launches in supermarkets are performing well, particularly in the cream category, which is expected to continue driving growth [6][8]. - The company is adjusting its distribution channels to capitalize on new opportunities in supermarkets [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.835 billion yuan, with a net profit of 268 million yuan, reflecting significant growth [4][11]. - For Q1 2025, total revenue was 1.046 billion yuan, a 14% increase year-on-year, with a net profit of 88 million yuan, up 15% [4]. Profitability Metrics - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, with slight fluctuations due to changes in product mix and raw material costs [5]. - The net profit margin for 2024 was 6.87%, while for Q1 2025, it was 8.20% [5]. Revenue Breakdown - Revenue from frozen baking products in 2024 was 2.133 billion yuan, a decrease of 4%, while cream revenue increased by 62% to 1.058 billion yuan [6]. - The company plans to expand its cream product matrix and optimize profitability through domestic raw material substitution [6]. Channel Strategy - Revenue from distribution channels in 2024 was 2.221 billion yuan, a 13% increase, driven by cream product sales [7]. - The company is actively exploring new channel clients and adjusting its supermarket strategies to enhance growth opportunities [8]. Earnings Forecast - The company expects EPS of 1.97, 2.31, and 2.75 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 16, and 14 times [9][11].

公司研究 证 券 研 究 报 告 立高食品（300973）2024 年报及 2025 年一季报点评 强推（维持） 效率进阶，再超预期 事项： 公司发布 2024 年报，24 年实现总营收 38.35 亿元，同比+9.6%；归母净利润 2.68 亿元，同比+266.9%；24Q4 实现营收 11.18 亿元，同比+22.0%；归母净利 润 0.65 亿元，实现扭亏为盈；25Q1 实现营收 10.46 亿元，同比+14.1%；归母 净利润 0.88 亿元，同比+15.1%。 评论： 休闲食品 2025 年 4 月 29 日 目标价：49.5 元 当前价：37.18 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 公司基本数据 | 总股本(万股) | 16,934.05 | | --- | --- | | 已上市流通股(万股) | 1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's operational trends are improving, leading to a release in profitability [1] - In 2024, total revenue reached 3.835 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 268 million yuan, up 267% [4][8] - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5][8] Financial Performance - In Q4 2024, total revenue was 1.118 billion yuan, a 22% year-on-year increase, and net profit was 65 million yuan, compared to a loss of 85 million yuan in Q4 2023 [4] - For Q1 2025, total revenue was 1.046 billion yuan, a 14% year-on-year increase, with net profit of 88 million yuan, up 15% [4] - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, reflecting changes in channel and product structure [5] Product and Channel Strategy - The company is expanding its product matrix in the cream category, with significant growth in UHT cream products [6][8] - Revenue from the cream segment in 2024 was 1.058 billion yuan, a 62% increase year-on-year [6] - The company is actively exploring new channel opportunities and has seen good sales performance from new products launched in supermarkets [7] Profit Forecast - The company is expected to see continued profit recovery, with EPS projected at 1.97 yuan for 2025, 2.31 yuan for 2026, and 2.75 yuan for 2027 [8][10] - The current stock price corresponds to a PE ratio of 19 for 2025, 16 for 2026, and 14 for 2027 [8]

证券研究报告 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 食品 | 24 年收入/归母净利 38.4/2.7 亿，同比+9.6%/+266.9%，24Q4 收入/归母净 利 11.2/0.6 亿，同比+22.0%/转正，24 年业绩表现符合此前业绩预告；25Q1 收入/归母净利 10.5/0.9 亿，同比+14.1%/+15.1%，利润超预期（我们前瞻 预计收入同比+12%，归母净利同比+2%），主要系公司费用控制卓有成效， 有效对冲了毛利率的压力。收入端，24 年公司冷冻烘焙业务有所承压，但 稀奶油产品快速放量，提供收入增长抓手；利润端，公司盈利能力同比提升， 主要系受益于股份支付费用同比减少、精益管理下费效比提升、稀奶油单品 规模效益释放等多方面因素。25Q1 收入增速较优，山姆新品表现亮眼、贡 献收入增量；同时公司销售策略、产品研发等以产线为基本单元，费用投放 更为合理、精准，有效对冲了毛利率的压力。期待经营持续修复，"买入"。 25Q1 冷冻烘焙业务收入同比增长约 12%，奶油业务延续成长速度 产 ...

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301372 | 科净源 | 17.53 | 9.94 | 16.90 | 19.04 | 12.69 | | 300571 | 平治信 息 | 12.35 | 8.96 | 27.81 | 30.39 | 9.29 | | 300973 | 立高食 品 | 16.78 | 10.27 | 39.82 | 43.42 | 9.05 | | 832225 | 利通科 技 | 11.86 | 6.31 | 16.82 | 18.20 | 8.20 | | 831195 | 三祥科 技 | 12.88 | 8.17 | 14.92 | 16.13 | 8.12 | | 605599 | 菜百股 份 | 10.00 | 1.97 | 12.54 | 13.53 | 7.86 | | 002131 | 利欧股 份 | 9.91 | 8.56 | 3.51 ...

4月29日突破半年线个股乖离率排名 （文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300548 | 博创科 | 20.01 | 10.69 | 38.87 | 44.50 | 14.48 | | | 技 | | | | | | | 000698 | 沈阳化 | 9.97 | 3.08 | 3.43 | 3.75 | 9.43 | | | 工 | | | | | | | 002376 | 新北洋 | 9.94 | 8.06 | 6.79 | 7.41 | 9.15 | | 002229 | 鸿博股 份 | 9.98 | 12.42 | 13.35 | 14.44 | 8.17 | | 300973 | 立高食 | 16.59 | 10.31 | 40.12 | 43.35 | 8.04 | | | 品 | | | | | | | 300573 | 兴齐眼 | 13.8 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company achieved a total revenue of 3.835 billion yuan in 2024, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 268 million yuan, up 266.9% year-on-year [1][5]. - In Q4 2024, the company reported revenue of 1.118 billion yuan, a 22.0% increase year-on-year, and net profit of 65 million yuan, marking a return to profitability [1][5]. - For Q1 2025, revenue reached 1.046 billion yuan, up 14.1% year-on-year, with a net profit of 88 million yuan, reflecting a 15.1% increase [1][5]. Financial Performance Summary - The company's revenue growth was driven by significant increases in the cream segment, which saw a 61.8% year-on-year increase, while other segments like frozen baking and sauces experienced declines [1][5]. - The revenue distribution across channels in 2024 was 57% from circulation, 25% from supermarkets, and 18% from catering, with circulation and catering channels showing growth of approximately 15% and 20% respectively [1][5]. - The gross profit margin for 2024 was 31.5%, a slight increase from the previous year, while the net profit margin improved to 6.9%, up 4.8 percentage points year-on-year [1][5]. Future Outlook - The company is expected to maintain double-digit growth in 2025, driven by clear growth drivers such as cream products, Sam's Club, and catering [1][5]. - The report projects earnings per share (EPS) for 2025 to be 1.97 yuan, with further increases to 2.26 yuan in 2026 and 2.59 yuan in 2027, reflecting a strong growth trajectory [1][5]. - The target price for the company's stock is set at 49.5 yuan, corresponding to a price-to-earnings (PE) ratio of 25 times for 2025 [1][5].

Group 1: 2024 Annual Report Overview - In 2024, the company achieved revenue of CNY 3.835 billion, a year-on-year increase of 9.61% [2] - Revenue from frozen baked goods accounted for approximately 56%, a decrease of about 3% due to adjustments in core supermarket products [2] - Revenue from baking ingredients increased by approximately 33%, driven by strong sales of UHT cream products, which generated over CNY 500 million in revenue, nearly a 200% year-on-year growth [2][3] Group 2: Profitability and Cost Management - The net profit attributable to shareholders was CNY 268 million, a year-on-year increase of 266.94% [4] - After excluding non-cash stock option expenses, the adjusted net profit was CNY 270 million, reflecting a growth of 45.26% [4] - The company successfully reduced operating sales, management, and R&D expense ratios, indicating effective cost control measures [4] Group 3: Q1 2025 Performance - In Q1 2025, the company reported sales revenue of CNY 1.046 billion, a year-on-year increase of 14.22% [5] - The net profit attributable to shareholders was CNY 88.32 million, up 15% year-on-year [5] - The gross profit margin for Q1 was 30.0%, a decrease of approximately 2.5% due to changes in channel and product structure, as well as rising raw material prices [6] Group 4: Channel Performance - Revenue from distribution channels accounted for about 57%, with a year-on-year growth of approximately 15% [3] - Supermarket channel revenue was close to 25%, experiencing a slight decline due to product adjustments [3] - Revenue from innovative channels like catering and new retail accounted for about 18%, with a year-on-year growth of approximately 20% [3] Group 5: Future Outlook and Strategic Initiatives - The company plans to expand its UHT cream product line and enhance its product matrix [5][6] - Management is optimistic about maintaining cost control and improving efficiency in 2025 [4][9] - The company aims to strengthen its supply chain and explore domestic sourcing for raw materials to mitigate cost pressures [15]