Ligao Foods (SZ:300973) CMS·2025-10-30 14:33Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Insights - The company demonstrated robust operational resilience with Q3 revenue and net profit attributable to shareholders increasing by 14.8% and 13.6% respectively, aligning with expectations [7]. - Strong growth was observed in cream and sauce segments, with significant performance in supermarket and catering channels, while rising oil costs and channel structure impacted profitability [7]. - The company is actively expanding into new retail channels such as catering and tea drinks, anticipating continued revenue improvement [7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 3.145 billion and net profit of 248 million, reflecting year-on-year growth of 15.73% and 22.03% respectively [7]. - Q3 results showed revenue of 1.075 billion and net profit of 77 million, with year-on-year increases of 14.82% and 13.63% [7]. - The company expects EPS for 2025-2027 to be 2.04, 2.40, and 2.79 yuan, with a corresponding 17x PE valuation for 2026 [7][16]. Revenue and Profitability Forecast - Projected total revenue for 2025 is 4.418 billion, with a year-on-year growth rate of 15% [16]. - The company anticipates a net profit of 346 million for 2025, representing a 29% increase from the previous year [16]. - The gross margin for Q3 was reported at 28.94%, a decrease of 2.40 percentage points year-on-year, primarily due to rising raw material costs [7].