Ligao Foods (300973) 光大证券·2024-05-06 07:33Investment Rating - The report maintains a "Buy" rating for the company [17] Core Insights - The company reported a revenue of 3.499 billion yuan in 2023, a year-on-year increase of 20.2%, while the net profit was 73 million yuan, down 49.2% year-on-year. Adjusted for non-cash stock payment expenses, the net profit was 186 million yuan, reflecting a comparable year-on-year decline of 15.4% [21] - In Q1 2024, the company achieved a revenue of 916 million yuan, a year-on-year increase of 15.3%, with a net profit of 77 million yuan, up 54.0% year-on-year, exceeding market expectations [21] - The company is experiencing rapid growth in frozen baking products and has successfully launched a cost-effective cream product, which has contributed to the growth in the cream business [21] - The company has implemented management improvements aimed at enhancing efficiency and quality, including restructuring product centers and optimizing supply chain management [21] Financial Performance and Forecast - Revenue and profit forecasts for 2024-2026 have been adjusted, with net profit estimates of 295 million yuan for 2024, 366 million yuan for 2025, and 405 million yuan for 2026. The current stock price corresponds to a PE ratio of 21 for 2024, 17 for 2025, and 15 for 2026 [21] - The company’s gross margin in Q1 2024 was 32.59%, an increase of 0.56 percentage points year-on-year, attributed to improved capacity utilization and procurement optimization [21] - The report highlights a significant improvement in cost control, with a management expense ratio of 6.57% in Q1 2024, down 0.73 percentage points year-on-year [21] Market Data - The total share capital is 1.69 billion shares, with a total market value of 6.066 billion yuan. The stock has traded between 27.14 yuan and 92.89 yuan over the past year [22]