Ligao Foods (SZ:300973) Huachuang Securities·2025-10-29 04:14Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [5][19]. Core Views - The company reported a total revenue of 3.145 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 248 million yuan, up 22.0% year-on-year [5]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares, totaling 33.33 million yuan [5]. - The report highlights that despite cost pressures, the company continues to optimize efficiency, with a projected double-digit growth for 2026 and significant profit improvement potential [5]. Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from 3.835 billion yuan in 2024 to 5.445 billion yuan in 2027, with year-on-year growth rates of 9.6%, 14.6%, 12.1%, and 10.5% respectively [5]. - Net profit is expected to increase from 268 million yuan in 2024 to 459 million yuan in 2027, with growth rates of 266.9%, 22.0%, 21.0%, and 15.9% respectively [5]. - Earnings Per Share (EPS): - EPS is forecasted to rise from 1.58 yuan in 2024 to 2.71 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 26, 21, 17, and 15 [5]. - Valuation Metrics: - The report maintains a target price of 62.4 yuan, corresponding to a PE of 26.7 times for 2026 [5]. Market Performance - The company has shown resilience in its revenue growth, with Q3 2025 revenue increasing by 14.8% year-on-year, surpassing expectations [5]. - The report notes that the company’s product segments, particularly frozen baked goods and new retail channels, are driving growth, with significant contributions from supermarkets and restaurants [5].