Ligao Foods (300973) 天风证券·2025-01-19 06:22Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][18]. Core Insights - The company is expected to achieve stable revenue growth by 2025, driven by the release of traditional supermarket adjustment dividends and the expansion into new channels, alongside the continued market penetration of high-potential products like whipped cream [4][5]. - The revenue growth rates for 2024, 2025, and 2026 have been adjusted to 17%, 14%, and 16% respectively, with total revenue projected at 4.08 billion, 4.66 billion, and 5.41 billion yuan [4][5]. - The net profit growth rates for the same years are projected at 270%, 20%, and 24%, with corresponding PE ratios of 23X, 19X, and 16X [4][5]. Financial Data Summary - Revenue (in million yuan): 2022: 2,910.59, 2023: 3,499.10, 2024E: 4,084.03, 2025E: 4,660.37, 2026E: 5,405.85 [5]. - Net profit attributable to the parent company (in million yuan): 2022: 143.77, 2023: 73.03, 2024E: 270.32, 2025E: 324.24, 2026E: 402.46 [5]. - EPS (in yuan): 2022: 0.85, 2023: 0.43, 2024E: 1.60, 2025E: 1.91, 2026E: 2.38 [5]. - The company’s total market capitalization is approximately 6.30 billion yuan [7]. Production Capacity and Cost Management - The company is gradually diversifying its resource allocation towards various channels, enhancing its market presence [3]. - The production capacity is expected to ramp up, with the company’s UHT cream production line operating at full capacity and the new production line in Foshan showing potential for further output increases [10][11].