Ligao Foods (SZ:300973) Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's total revenue for 2024 is 3.835 billion yuan, representing a year-on-year increase of 9.61%. The net profit attributable to shareholders is 268 million yuan, up 266.94%, and the net profit excluding non-recurring items is 254 million yuan, an increase of 108.22% [2][5]. - In Q4 2024, the total revenue reached 1.118 billion yuan, a growth of 21.99%, with a net profit of 64.86 million yuan, up 175.96% [2][5]. - For Q1 2025, the total revenue is 1.046 billion yuan, reflecting a year-on-year increase of 14.13%, with a net profit of 88.37 million yuan, up 15.11% [2][5]. Financial Performance - The revenue breakdown shows that frozen baked goods generated 2.133 billion yuan (down 3.53%), while cream products saw a significant increase of 61.75% to 1.058 billion yuan. Other categories like fruit products and sauces experienced declines [10]. - The company has launched innovative products, such as the 4.0 Portuguese tart crust, and has invested in automation to enhance cost control and product quality [10]. - The gross profit margin for 2024 is slightly up to 31.47%, while the net profit margin increased by 4.9 percentage points to 6.99% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 330 million, 394 million, and 445 million yuan, respectively, with corresponding EPS of 1.95, 2.33, and 2.63 yuan [10]. - The current price-to-earnings ratio (PE) is projected to be 19, 16, and 14 times for the years 2025, 2026, and 2027, respectively [10].