立高食品：2024年第四季度扭亏转盈，奶油产品表现良好

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][14] 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 7.74% to 12.31%. The net profit attributable to shareholders is projected to be between 265 to 285 million yuan, with a significant year-on-year increase of 262.88% to 290.27% [1][6] - The fourth quarter of 2024 is anticipated to show a revenue of 1.053 to 1.213 billion yuan, with a year-on-year growth of 14.9% to 32.3%, and a net profit of 61.89 to 81.89 million yuan, indicating a turnaround from losses [1][6] - The company's profitability is expected to recover, with a net profit margin of approximately 7.0% to 7.1% for 2024, and 5.9% to 6.4% for the fourth quarter [7] Summary by Sections Revenue and Profit Forecast - The company is projected to achieve total revenues of 3.82 billion yuan in 2024, 4.26 billion yuan in 2025, and 4.65 billion yuan in 2026, with respective year-on-year growth rates of 9.1%, 11.6%, and 9.1% [3][12] - The net profit attributable to shareholders is forecasted to be 270 million yuan in 2024, 311 million yuan in 2025, and 398 million yuan in 2026, with year-on-year growth rates of 269.1%, 15.6%, and 27.7% [3][12] Product and Channel Performance - The company has seen steady growth in its cream products, supported by the commissioning of a new factory and ramping up production capacity. The UHT cream segment alone generated over 300 million yuan in revenue in the first three quarters [2][6] - The company has actively adjusted its SKU strategy, leading to strong performance of new products in the supermarket channel during the fourth quarter [2][6] Financial Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.59 yuan, 1.84 yuan, and 2.35 yuan, respectively [3][12] - The current price-to-earnings (PE) ratios for the upcoming years are 25.0 for 2024, 21.6 for 2025, and 16.9 for 2026 [3][12]