Ligao Foods (SZ:300973) Changjiang Securities·2024-11-04 07:22Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a total revenue of 2.717 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 5.22%. The net profit attributable to shareholders was 203 million yuan, up 28.21%, while the net profit excluding non-recurring items was 191 million yuan, an increase of 31.32% [4][5] - In Q3 2024, the company achieved a revenue of 936 million yuan, a decrease of 1.11%, but the net profit attributable to shareholders rose by 35.07% to 67.83 million yuan, and the net profit excluding non-recurring items increased by 57.43% to 66.55 million yuan [4][5] - The company has seen significant growth in cream products, with a more than 70% year-on-year increase, while frozen baked goods revenue declined by 7% due to pressures in the supermarket channel [4][5] - The company has implemented effective cost control measures, resulting in a decrease in expense ratios, with the net profit margin increasing by 1.34 percentage points to 7.47% for Q1-Q3 2024 [5][6] - The company plans to distribute a cash dividend of 2 yuan per 10 shares to enhance market confidence, with undistributed profits of 712 million yuan reported for the first three quarters of 2024 [6] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 2.717 billion yuan, with a net profit of 203 million yuan and a net profit excluding non-recurring items of 191 million yuan [4][5] - The company reported a net profit margin of 7.47% for Q1-Q3 2024, up from the previous year, despite a slight decrease in gross margin [5][6] Product and Channel Analysis - Revenue from frozen baked goods decreased by 7%, while revenue from baking ingredients grew by 30%, with cream products driving this growth [4][5] - The company is focusing on new product development and channel expansion to mitigate the decline in supermarket sales [4][5] Cost Management - The company has successfully reduced its expense ratios, with significant decreases in sales, management, and R&D expenses, contributing to improved profitability [5][6] Future Outlook - The company forecasts net profits of 260 million yuan, 326 million yuan, and 383 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.54, 1.92, and 2.26 yuan [6]