Ligao Foods (SZ:300973) KAIYUAN SECURITIES·2024-05-01 05:30Investment Rating - The investment rating for the company is "Outperform" [13][20]. Core Views - The company has shown a revenue growth of 20.22% year-on-year in 2023, with total revenue reaching 3.499 billion yuan. However, the net profit attributable to shareholders decreased by 49.21% year-on-year [4][7]. - In Q1 2024, the company reported a revenue of 916 million yuan, reflecting a year-on-year increase of 15.31%, and a significant improvement in net profit attributable to shareholders, which increased by 53.96% [4][6]. - The report anticipates a recovery in profitability due to cost control measures and the gradual release of the effects of organizational reforms, with expectations for stable growth in the KA supermarket channel [14][15]. Financial Summary - The company's revenue is projected to grow from 3.499 billion yuan in 2023 to 4.953 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 10.1% [7]. - The net profit attributable to shareholders is expected to increase from 73 million yuan in 2023 to 407 million yuan in 2026, indicating a significant recovery from the previous year's decline [7]. - The gross profit margin is projected to improve from 31.4% in 2023 to 33.1% in 2024 and remain stable thereafter [7]. - The earnings per share (EPS) is forecasted to rise from 0.43 yuan in 2023 to 2.40 yuan in 2026, reflecting a strong recovery in profitability [7]. Market Performance - The current stock price is 35.82 yuan, with a market capitalization of 6.066 billion yuan [8]. - The stock has experienced a high of 96.45 yuan and a low of 27.14 yuan over the past year, indicating significant volatility [8].