立高食品(300973)：奶油大单品与新渠道表现仍亮眼

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by the performance of its cream products and expansion into new channels [1][4]. Financial Performance - In 25H1, the company achieved revenue of 2.07 billion yuan, a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 170 million yuan, up 26.2% year-on-year [1]. - For 25Q2, revenue reached 1.02 billion yuan, reflecting an 18.4% year-on-year growth, with a net profit of 80 million yuan, marking a 40.8% increase year-on-year [1]. Product and Channel Growth - The company experienced significant growth across various product categories in 25H1, with cream products growing by 28.7% and sauces by 36.5% [2]. - The revenue from new channels saw substantial increases, with direct sales up 25.5% and retail sales soaring by 104.5% [2]. - The company has over 1,400 distributors and more than 500 direct sales customers, indicating a robust distribution network [2]. Cost Management and Profitability - In 25Q2, the company's net profit margin (excluding non-recurring items) was 7.8%, an increase of 1.2 percentage points year-on-year [3]. - The gross margin was 30.7%, a decrease of 1.9 percentage points, attributed to changes in product mix and raw material costs [3]. - The sales expense ratio improved to 11.1%, down 0.9 percentage points, due to refined management practices [3]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 4.46 billion, 5.09 billion, and 5.76 billion yuan, representing year-on-year growth rates of 16.2%, 14.3%, and 13.1% respectively [4]. - Net profit forecasts for the same period are 360 million, 430 million, and 520 million yuan, with growth rates of 32.6%, 21.3%, and 19.9% [4]. - The company is expected to maintain strong growth due to its leading product capabilities in the baking sector and strategic partnerships with major new channels [4].