Ligao Foods (SZ:300973)2025-01-21 01:47Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is expected to achieve revenue of 3.77 billion to 3.93 billion in 2024, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to the parent company is projected to be between 265 million and 285 million, with a significant year-on-year increase of 262.88% to 290.27% [7] - The company’s revenue for Q4 2024 is estimated to be between 1.05 billion and 1.21 billion, showing a year-on-year growth of 14.86% to 32.32%, with net profit expected to turn positive [7] - The company is focusing on product, channel, and service advantages to enhance channel coverage, benefiting from stable growth in cream products and support for key distributors [7] - The company is positioned well in the rapidly developing frozen baking industry, with increasing demand for semi-finished products from downstream sectors [7] Financial Data and Profit Forecast - Total revenue for 2023 is reported at 3.499 billion, with projections of 3.843 billion for 2024, 4.425 billion for 2025, and 4.975 billion for 2026, reflecting a growth rate of 20.2% in 2023 and 9.8% in 2024 [6] - The net profit attributable to the parent company is forecasted to be 73 million in 2023, increasing to 272 million in 2024, 335 million in 2025, and 375 million in 2026, with a year-on-year growth of 272% in 2024 [6] - The report indicates an improvement in profit margins, with the net profit margin for 2024 expected to be between 7.03% and 7.25%, an increase of approximately 5 percentage points year-on-year [7]