立高食品（300973）：冷冻烘焙+奶油双轮驱动，关注利润弹性释放

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial success in cost control, leading to an improvement in profit margins [5][6] - The forecast for revenue in 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan respectively, with EPS estimates increased to 1.96 yuan and 2.40 yuan [8] Summary by Sections Financial Performance - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, marking a significant increase from the previous year [2] - For Q1 2025, the company achieved revenues of 1.046 billion yuan, a year-on-year increase of 14.13%, and a net profit of 88 million yuan, up 15.11% [2] Product and Regional Performance - Revenue from frozen baked goods, cream, fruit products, sauces, and other baking materials showed varied performance, with cream products experiencing a 61.75% increase [3] - The company’s revenue by region in FY24 showed growth in most areas, particularly in East China and overseas markets [3] Cost Control and Profitability - The gross margin for FY24 was 31.47%, with a slight decrease in Q1 2025 to 29.99% due to changes in channel and product structure [5] - The company has successfully reduced its selling and management expense ratios, indicating effective cost control measures [5][6] Future Outlook - The company plans to expand its product matrix for UHT cream and enhance its collaboration with top clients in retail channels, which is expected to drive further growth [7] - The revenue forecasts for 2025 and 2026 have been revised downwards, while EPS estimates have been increased, reflecting a more optimistic view on profitability [8]