Ligao Foods (300973) 华鑫证券·2025-01-21 01:14Investment Rating - The report maintains a "Buy" investment rating for the company [4][6]. Core Views - The company is expected to achieve a revenue of 3.77 to 3.93 billion yuan in 2024, representing a year-on-year growth of 8% to 12%, driven by increased channel coverage and stable growth in cream products [4]. - The forecasted net profit attributable to shareholders for 2024 is between 265 to 285 million yuan, showing a significant increase of 263% to 290% year-on-year, primarily due to the impact of stock incentive expenses and the scale effect of automated production lines [4]. - The company is currently in a peak stocking period for the Spring Festival, with new products being introduced in various channels, which is expected to enhance sales performance [5]. Summary by Sections Revenue and Profit Growth - The company anticipates a revenue of 3.77 to 3.93 billion yuan for 2024, with a growth rate of 8% to 12% [4]. - The net profit attributable to shareholders is projected to be 265 to 285 million yuan, reflecting a year-on-year increase of 263% to 290% [4]. - The fourth quarter of 2024 is expected to see revenue between 1.053 to 1.213 billion yuan, with a year-on-year growth of 15% to 32% [4]. Product Development and Market Strategy - The company is focusing on optimizing its cream product line and has introduced new products to enhance profitability [5]. - The organizational structure has shifted from a marketing-centered approach to a product-centered approach, which is expected to leverage product development and manufacturing advantages [5]. Earnings Forecast - The earnings per share (EPS) for 2024 to 2026 are projected to be 1.62, 1.91, and 2.29 yuan respectively, with corresponding price-to-earnings (PE) ratios of 24, 20, and 17 times [6]. - The report indicates a continuous recovery in profit margins as production capacity increases and market demand recovers [6].