Ligao Foods (SZ:300973) CAITONG SECURITIES·2025-03-13 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a steady growth trend due to internal organizational adjustments and a clear strategic plan, focusing on the integration of product, marketing, and supply chain centers [6] - The company is diversifying its channel layout, exploring new systems such as snack wholesale, catering, and supermarkets, which are expected to contribute to revenue growth [6] - The product line is being categorized into star, cash cow, and problem products, with targeted resource allocation to enhance efficiency and growth in key categories like cream and cake [6] - Organizational management efficiency is being optimized post-restructuring, enhancing collaboration among the three main centers [6] - The company is positioned as a promising investment in the cyclical restaurant chain sector, with expected net profits of 270 million, 340 million, and 420 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 26.5, 21.5, and 17.4 [6] Financial Performance Summary - Revenue is projected to grow from 3,499 million yuan in 2023 to 4,512 million yuan in 2025, reflecting a growth rate of 16.44% [3][8] - Net profit is expected to increase significantly from 73 million yuan in 2023 to 336 million yuan in 2025, with a growth rate of 23.06% [3][8] - The company's EPS is forecasted to rise from 0.43 yuan in 2023 to 1.98 yuan in 2025 [3][8] - The company's ROE is projected to improve from 2.95% in 2023 to 11.90% in 2025 [3][8]