Ligao Foods (300973) 长江证券·2025-01-22 09:04Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company expects a stable performance in 2024, with projected revenue between 3.77 billion to 3.93 billion yuan, representing a year-on-year growth of 7.74% to 12.31%, with a median of 3.85 billion yuan, which is a 10.03% increase [2][4]. - The forecasted net profit attributable to shareholders is between 265 million to 285 million yuan, showing a significant year-on-year growth of 262.88% to 290.27%, with a median of 275 million yuan, indicating a 276.61% increase [2][4]. - The company anticipates a non-recurring net profit of 250 million to 270 million yuan, reflecting a year-on-year growth of 105.17% to 121.58%, with a median of 260 million yuan, which is a 113.38% increase [2][4]. Revenue and Profit Analysis - The company’s revenue is supported by the strong performance of its cream products, with a reported revenue growth of over 70% year-on-year for cream products driven by multiple UHT cream offerings [12]. - The profit margin has significantly improved due to reduced stock incentive costs and enhanced operational efficiency through budget management and cost control measures [12]. - The company completed its share repurchase plan, buying back 2,702,077 shares, which is 1.60% of its total share capital, with a total transaction amount of approximately 93.84 million yuan [12]. Financial Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 275 million, 332 million, and 380 million yuan respectively, with corresponding EPS of 1.62, 1.96, and 2.25 yuan, leading to PE ratios of 24, 20, and 17 times [12].