立高食品(300973)：收入稳步提升 控费如期兑现

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]