Ligao Foods (SZ:300973) Soochow Securities·2025-08-29 08:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 16.20%. The net profit attributable to shareholders was 171 million yuan, up 26.24% year-on-year [10] - The company is focusing on enhancing its product matrix, particularly in the cream product segment, which has shown significant growth [10] - The report indicates that the company is expected to maintain stable revenue growth, with an upward adjustment in profit forecasts for 2025-2027 [10] Financial Performance Summary - Total revenue projections for the company are as follows: 3,499 million yuan in 2023, 3,835 million yuan in 2024, 4,457 million yuan in 2025, 5,017 million yuan in 2026, and 5,515 million yuan in 2027, with year-on-year growth rates of 20.22%, 9.61%, 16.20%, 12.58%, and 9.93% respectively [1] - The net profit attributable to shareholders is projected to be 73.03 million yuan in 2023, 267.97 million yuan in 2024, 363.64 million yuan in 2025, 440.34 million yuan in 2026, and 504.07 million yuan in 2027, with year-on-year growth rates of -49.21%, 266.94%, 35.70%, 21.09%, and 14.47% respectively [1] - The latest diluted EPS is expected to be 0.43 yuan in 2023, 1.58 yuan in 2024, 2.15 yuan in 2025, 2.60 yuan in 2026, and 2.98 yuan in 2027 [1] Product and Channel Performance - In H1 2025, the revenue from various product segments was as follows: frozen baked goods 1.13 billion yuan, cream 560 million yuan, fruit products 80 million yuan, sauces 140 million yuan, and other baking materials 150 million yuan, with year-on-year growth rates of 6.1%, 28.7%, 7.7%, 36.5%, and 63.8% respectively [10] - The distribution channels showed that the circulation channel accounted for nearly 50% of revenue, remaining stable year-on-year, while the supermarket channel's revenue share was about 30%, increasing nearly 30% year-on-year [10]