Ligao Foods (SZ:300973) Shenwan Hongyuan Securities·2025-10-28 13:41Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a revenue of 3.14 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.7%. The net profit attributable to the parent company was 248 million yuan, up 22% year-on-year, with a non-recurring net profit of 242 million yuan, increasing by 26.6% [7] - The company continues to benefit from the rapid growth in the frozen baking industry, with a focus on large product strategies and multi-channel development. The growth in cream products has significantly contributed to revenue [7] - The financial forecast for the company indicates a steady increase in revenue and net profit over the next few years, with expected net profits of 333 million yuan, 392 million yuan, and 461 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 18%, and 18% [6][7] Financial Data Summary - Total revenue for 2025 is projected at 4.20 billion yuan, with a year-on-year growth rate of 9.4%. The gross profit margin is expected to be around 31.6% [6] - The company’s net profit margin for Q3 2025 was 7.2%, remaining stable year-on-year despite a slight decline in gross margin due to rising raw material costs [7] - The company’s earnings per share (EPS) for 2025 is estimated at 1.97 yuan, with a price-to-earnings (PE) ratio of 21x for 2025 [6][7]