开源证券：给予立高食品增持评级

Core Insights - The report highlights the stable revenue growth of Lihigh Food, with a projected increase in net profit for 2025-2027, maintaining a "buy" rating due to promising prospects in frozen baking products [1][2] Financial Performance - In H1 2025, Lihigh Food's revenue reached 2.07 billion yuan, a year-on-year increase of 16.2%, with net profits of 171 million and 167 million yuan, reflecting growth rates of 26.24% and 33.28% respectively [1] - For Q2 2025, revenue was 1.024 billion yuan, up 18.4% year-on-year, with net profits of 82 million and 80 million yuan, showing increases of 40.84% and 40.36% respectively [1] Business Segments - The KA channel remains the primary growth driver, with revenue from frozen baking increasing by approximately 6% in H1 2025, while cream and sauce segments saw over 30% growth [2] - New retail channels, including dining and tea beverage sectors, experienced around 40% growth due to favorable market conditions and active customer acquisition efforts [2] Profitability and Cost Management - The gross profit margin decreased by 1.89 percentage points year-on-year but improved by 0.73 percentage points quarter-on-quarter, attributed to rising raw material prices and effective procurement strategies [3] - The company maintained a stable overall expense ratio, with sales, management, R&D, and financial expense ratios showing a trend of cost control [3] Strategic Focus - Lihigh Food is concentrating on high-quality single products and enhancing efficiency while reducing costs, with strong momentum in domestic UHT cream substitution [4] - The company is optimizing production line management and resource allocation to core customers, which is expected to sustain revenue and profit growth [4]