Ligao Foods (SZ:300973) Xin Lang Cai Jing·2025-06-01 12:37Core Viewpoint - The company has shown significant growth in revenue and net profit for the fiscal year 2024, driven by strong performance in UHT cream products and a recovery in frozen baked goods in Q1 2025 [1][2][3]. Financial Performance - For FY 2024, the company achieved revenue of 3.835 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% [1]. - In Q4 2024, revenue reached 1.118 billion yuan, reflecting a year-on-year growth of 21.99%, with net profit of 65 million yuan, up 175.96% [1]. - In Q1 2025, revenue was 1.046 billion yuan, a year-on-year increase of 14.13%, with net profit of 88 million yuan, up 15.11% [1]. Product Performance - Revenue from various product lines in FY 2024 included frozen baked goods (2.133 billion yuan, -3.53%), cream (1.058 billion yuan, +61.75%), fruit products (166 million yuan, -11.34%), sauces (225 million yuan, -3.58%), and other baking materials (226 million yuan, +20.66%) [2]. - The UHT cream products achieved nearly 500 million yuan in sales for FY 2024, indicating strong market demand [2]. Regional Performance - Revenue by region for FY 2024 showed varied performance: South China (1.530 billion yuan, -4.00%), East China (1.000 billion yuan, +17.38%), Central China (378 million yuan, +19.05%), North China (310 million yuan, +27.24%), Southwest (303 million yuan, +15.31%), Northwest (107 million yuan, -3.73%), Northeast (133 million yuan, +20.36%), and overseas (64 million yuan, +12491.06%) [2]. Cost and Profitability - The gross margin for FY 2024 was 31.47%, with a slight increase compared to the previous year [4]. - The company has successfully reduced its expense ratios in sales, management, and R&D, contributing to improved profitability [4]. - The net profit margin for FY 2024 was 6.99%, reflecting a year-on-year increase of 4.90 percentage points [5]. Future Outlook - The company is expected to continue its growth trajectory in both product and channel expansion, particularly in UHT cream and frozen baked goods [6][7]. - Cost control measures are anticipated to further enhance profit margins in upcoming quarters [7]. Investment Recommendations - Revenue forecasts for 2025 and 2026 have been adjusted to 4.457 billion yuan and 5.170 billion yuan, respectively, with EPS estimates revised to 1.96 yuan and 2.40 yuan for the same years [8].