Ligao Foods (SZ:300973) Changjiang Securities·2024-10-16 05:06Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The resignation of the general manager, Chen Hejun, is noted, with a focus on his transition to concentrate on product development while the chairman, Peng Yuhui, takes over as general manager [2][3]. - The company has established a stable foundation in product research and sales channels, with over 800 product specifications to meet diverse customer needs [3]. - The company has a broad marketing network across all provinces and municipalities in China, with over 1,700 distributors and more than 500 direct customers [3]. - Profit forecasts for 2024-2026 indicate a net profit of 250 million, 303 million, and 358 million yuan, respectively, with corresponding EPS of 1.48, 1.79, and 2.11 yuan, reflecting a PE ratio of 22, 18, and 16 times [3]. Summary by Sections Company Overview - The company focuses on frozen baked goods and has optimized its supply chain and marketing efforts to ensure smooth operations [2][3]. Financial Performance - The company reported total revenue of 3.499 billion yuan in 2023, with projections of 3.841 billion, 4.272 billion, and 4.679 billion yuan for 2024, 2025, and 2026, respectively [10]. - The gross profit margin is expected to remain around 31-32% over the forecast period [10]. Management Changes - Chen Hejun's resignation is attributed to a desire to focus on core product development, while Peng Yuhui's return to the general manager role is expected to drive business development [2][3]. Market Position - The company has invested in multiple production bases across various regions, enhancing its production capacity and market reach [3].