Ligao Foods (SZ:300973) 光大证券研究·2026-01-27 23:07Core Viewpoint - The company, Lihigh Food, forecasts a total revenue of 4.26-4.42 billion yuan for 2025, representing a year-on-year growth of 11.07%-15.24%, and a net profit attributable to shareholders of 311-331 million yuan, indicating a growth of 16.06%-23.52% [4] Group 1: 2025 Performance Forecast - The company expects a total revenue of 4.26-4.42 billion yuan for 2025, with a net profit of 311-331 million yuan, and a non-net profit of 306-326 million yuan [4] - For Q4 2025, the estimated revenue is 1.195 billion yuan, showing a year-on-year growth of 6.92%, with a net profit of 73 million yuan, reflecting a growth of 12.79% [4] - The company is experiencing a slowdown in revenue growth for Q4 2025 due to a high base from Q4 2024 and the timing of the 2026 Spring Festival [4] Group 2: Operational Insights - The company is increasing inventory levels and implementing promotional incentives to boost sales and ensure supply during peak seasons [4] - Despite rising raw material prices in 2025, the company is improving cost efficiency and product quality, leading to an overall enhancement in profitability [4][6] Group 3: Growth Drivers for 2026 - The company has clear growth drivers for 2026, with cream products expected to benefit from domestic substitution trends, and new products entering trial sales [5] - The frozen baking segment is receiving positive feedback from major retail clients, and the company is expanding its presence in the new retail dining channel [5] - Cost pressures are expected to ease in 2026 due to measures taken in the second half of 2025 to lock in raw material prices [6]