Ligao Foods (SZ:300973) Guoxin Securities·2025-08-29 09:35Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19]. Core Views - The company's revenue for the first half of 2025 reached 2.07 billion yuan, a year-on-year increase of 16.20%, with a net profit attributable to shareholders of 171 million yuan, up 26.24% year-on-year [1][7]. - The company has seen strong performance in cream and sauce products, contributing to improved profitability [3][12]. - The company is actively adapting to channel changes and enhancing product offerings to meet market demands, focusing on major retail clients and new product launches [12][3]. Financial Performance - In the first half of 2025, the gross profit margin was 30.4%, a decrease of 2.2 percentage points year-on-year, primarily due to changes in product mix and declining margins in cream and sauce categories [2][10]. - The sales and management expense ratios decreased to 10.6% and 5.6%, respectively, both down approximately 1.4 percentage points year-on-year, indicating improved cost management [2][10]. - The net profit margin increased by 0.7 percentage points year-on-year to 8.2% in the first half of 2025 [2][10]. Revenue and Profit Forecast - The company is expected to achieve revenues of 4.41 billion, 4.90 billion, and 5.35 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.1%, 11.0%, and 9.3% [3][14]. - The forecasted net profits for the same period are 340 million, 400 million, and 450 million yuan, with year-on-year growth rates of 25.4%, 19.5%, and 11.9% [3][14]. - The earnings per share (EPS) are projected to be 1.98, 2.37, and 2.65 yuan for 2025, 2026, and 2027, respectively [3][14]. Market Position and Strategy - The company is focusing on leveraging its strengths in cream and sauce products while expanding its presence in supermarkets and new retail channels [12][3]. - The company has established partnerships with several major retail chains to supply a variety of products, including tea drinks and ice cream [12][3].