Ligao Foods (300973) 东吴证券·2025-01-21 12:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 37.7 to 39.3 billion yuan in 2024, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to shareholders is projected to be between 2.65 to 2.85 billion yuan, indicating a significant year-on-year increase of 262.88% to 290.27% [7] - The fourth quarter of 2024 is anticipated to show rapid revenue growth, driven by new product launches at Sam's Club and increased sales of cream products [7] - The net profit margin for 2024 is expected to recover to around 7%, showing significant improvement compared to previous periods [7] - For 2025, the company is expected to focus on resource allocation to high-performing product categories and traditional retail channels, which may lead to additional revenue growth [7] - The report slightly adjusts the revenue forecast downwards but raises the profit forecast, projecting revenues of 38.4 billion, 42.7 billion, and 46.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.7 billion, 3.4 billion, and 4.2 billion yuan [7] Financial Summary - Total revenue for 2022 was 2,911 million yuan, with a projected increase to 3,499 million yuan in 2023 and further to 3,843 million yuan in 2024, reflecting a year-on-year growth of 20.22% [1] - The net profit attributable to shareholders was 143.77 million yuan in 2022, with a significant drop to 73.03 million yuan in 2023, but is expected to rebound to 274.97 million yuan in 2024, marking a growth of 276.53% [1] - The earnings per share (EPS) is projected to rise from 0.43 yuan in 2023 to 1.62 yuan in 2024, indicating a recovery in profitability [1]