Ligao Foods (SZ:300973) Tianfeng Securities·2025-02-14 00:18Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company is expected to achieve a turnaround in profitability in Q4 2024, with projected revenue of 3.77 to 3.93 billion yuan, representing a year-on-year growth of 7.74% to 12.31%. The net profit attributable to the parent company is forecasted to be between 265 to 285 million yuan, showing a significant increase of 262.88% to 290.27% [1]. - The growth in revenue and profit is attributed to the expansion of traditional supermarket channels, new channel development, and the strong performance of key products like cream [1][3]. - The revenue growth rates for 2024 to 2026 have been adjusted to 12%, 13%, and 16% respectively, with total revenues projected at 3.92 billion, 4.43 billion, and 5.14 billion yuan [1]. Financial Data Summary - Revenue (in million yuan): 2022: 2,910.59, 2023: 3,499.10, 2024E: 3,919.00, 2025E: 4,430.40, 2026E: 5,138.54 [3][8]. - Net profit attributable to the parent company (in million yuan): 2022: 143.77, 2023: 73.03, 2024E: 269.87, 2025E: 295.04, 2026E: 366.94 [3][8]. - Earnings per share (in yuan): 2022: 0.85, 2023: 0.43, 2024E: 1.59, 2025E: 1.74, 2026E: 2.17 [3][8]. - Price-to-earnings ratio (P/E): 2024E: 24.24, 2025E: 22.17, 2026E: 17.83 [3][8]. Key Financial Ratios - Gross margin is projected to improve from 31.77% in 2022 to 36.21% in 2026 [8]. - Net profit margin is expected to increase from 4.94% in 2022 to 7.14% in 2026 [8]. - Return on equity (ROE) is forecasted to rise from 6.78% in 2022 to 14.35% in 2026 [8].