烘焙食品

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这家山姆麻薯供应商去年狂揽38亿元 揭开商超“网红”烘焙单品的繁荣与隐忧
Mei Ri Jing Ji Xin Wen· 2025-04-29 23:01
Core Viewpoint - Walmart's resumption of shipments from Chinese suppliers, with U.S. customers bearing tariffs, highlights the performance of Chinese baking suppliers like Lihigh Foods, which has seen significant revenue growth over the past five years [1][3]. Company Performance - Lihigh Foods reported a revenue of 3.835 billion yuan in 2024, a year-on-year increase of 9.61%, with a net profit of 256 million yuan, reflecting a 44.89% growth in net profit after excluding share-based payments [3][5]. - The company has achieved a doubling of revenue from 1.8 billion yuan in 2020 to 3.8 billion yuan in 2024 [1]. Product Segments - Lihigh Foods' two main product segments are frozen baked goods and baking ingredients. In 2024, the frozen baked goods segment generated 2.133 billion yuan, a decline of 3.53%, while baking ingredients saw a revenue increase of 32.74% to 1.675 billion yuan [4][6]. - The decline in frozen baked goods revenue is attributed to adjustments made by core supermarket clients in mid-2024 [8][9]. Market Trends - The frozen baking sector, referred to as "pre-made dishes in baking," has been experiencing high industry demand, contributing to Lihigh Foods' performance [1][2]. - The rise of membership-based supermarkets and quality retail models has fueled the growth of the baking sector, benefiting suppliers like Lihigh Foods [3]. Customer Dependency - Lihigh Foods has a significant dependency on Walmart, which has accounted for over 20% of its sales in recent years. In 2024, sales to its largest customer represented 22.91% of total revenue [11][12]. - The company is actively seeking to reduce this dependency by diversifying its product offerings and exploring new sales channels, including the restaurant sector [12]. Strategic Initiatives - To mitigate reliance on major clients, Lihigh Foods is expanding its product range, particularly in baking ingredients, with a notable increase in sales of its UHT cream products [12]. - The company is also focusing on developing its supply chain capabilities for the restaurant sector and other supermarkets outside its core clients [12].
立高食品(300973):奶油、直销增势良好,经营效率再度强化
Huafu Securities· 2025-04-29 11:12
Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][18]. Core Insights - The company reported revenue of 3.835 billion yuan for 2024, reflecting a year-on-year growth of 10%, and a net profit of 268 million yuan, which is a significant increase of 267% compared to the previous year [2][6]. - The first quarter of 2025 showed a revenue of 1.046 billion yuan, up 14.13% year-on-year, with a net profit of 88 million yuan, marking a 15.11% increase [2][6]. - The company has successfully narrowed its expense ratios, leading to improved net profit margins of 6.99% for 2024 and 8.45% for Q1 2025, despite a slight decline in gross margins due to rising raw material costs [4][6]. Financial Performance Summary - For 2024, the company achieved revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and an EPS of 1.58 yuan per share [6][11]. - The projected net profits for 2025 and 2026 are 356 million yuan and 420 million yuan respectively, with corresponding EPS of 2.10 yuan and 2.48 yuan [5][6]. - The company’s gross margin for 2024 was 31.47%, with a slight decrease to 29.99% in Q1 2025, while the overall expense ratio decreased significantly, enhancing profitability [4][6]. Product and Channel Performance - The company’s frozen baking segment showed a recovery with a revenue of 6.3 billion yuan in Q1 2025, up 12% year-on-year, while the cream segment grew by 17% [3][4]. - The distribution channels for 2024 included revenue contributions of 2.221 billion yuan from distribution, 1.580 billion yuan from direct sales, and 0.07 billion yuan from retail, with the distribution channel benefiting from increased sales of cream products [3][4]. Future Outlook - The company is expected to continue leveraging growth opportunities in the frozen baking sector and UHT cream business, with ongoing improvements in production efficiency and cost management strategies [4][5].
立高食品(300973):奶油放量与渠道拓展 业绩增长势头良好
Xin Lang Cai Jing· 2025-04-29 06:44
Core Viewpoint - The company reported a revenue of 3.84 billion yuan for 2024, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 270 million yuan, up 266.9% year-on-year, indicating strong financial performance driven by the rapid growth of its cream product line and effective channel transformation strategies [1] Financial Performance - For 2024, the company achieved a revenue of 3.84 billion yuan, with a net profit of 270 million yuan and a non-recurring net profit of 250 million yuan, reflecting increases of 9.6%, 266.9%, and 108.2% year-on-year respectively [1] - In Q1 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 14.1%, and a net profit of 90 million yuan, up 15.1% year-on-year, indicating continued growth momentum [1] - The company's non-recurring net profit margin for 2024 was 6.6%, an increase of 3.1 percentage points year-on-year, with a gross margin of 31.5% [2] Product and Channel Performance - The revenue growth by product category for 2024 showed a decline in frozen baking and sauces, while cream products surged by 61.8%, indicating a strong demand for UHT cream products [1] - The company has over 1,800 distributors and more than 600 direct sales customers, with revenue from distribution channels, supermarkets, and new retail channels showing varied growth rates [1] - The company is expected to continue benefiting from the ongoing trend of cream product sales and channel transformations, particularly in membership stores and supermarkets [1] Cost Management - The company improved its cost structure, with a sales expense ratio of 12.1% for 2024, down 1.4 percentage points year-on-year, attributed to refined management practices [2] - The management expense ratio for 2024 was 6.7%, a decrease of 2.9 percentage points year-on-year, reflecting strict control over executive expenses [2] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 4.38 billion, 5.05 billion, and 5.86 billion yuan, with corresponding year-on-year growth rates of 14.2%, 15.3%, and 16.1% [3] - The net profit attributable to shareholders is expected to reach 320 million, 370 million, and 430 million yuan for the same period, with growth rates of 18.3%, 15.8%, and 17.5% respectively [3] - The company is positioned to maintain a strong growth trajectory in the baking sector, supported by its product strength and supply chain capabilities [3]
【独家专访】贵州最“野”的面包店,一辆旅行餐车,一群面包狂人,带着酸汤恰巴塔浪迹天涯!
东京烘焙职业人· 2025-04-24 08:13
"做面包如果不快乐,那和咸鱼有什么区别?" 这可能是贵州乃至全国都最"野"的面包店,几个面包狂人带着贵州特色风味的面包从上海到新疆,从 四川到甘肃,逛遍祖国大江南北,和不同地区的朋友一起分享贵州美食,一不小心——面包卖爆了, 摆着贵州酸汤恰巴塔的摊位在全国市集到处可见的排着长队,等着这口"贵州酸味"。 开旅行餐车、跑市集、玩环游全国的公路旅行,就问贵州 【匠人制味】, 一个面包店怎么可以"有 种"成这样? 东京烘焙职业人原创《中国烘焙匠人店》系列已开启。来 # 听创始人说,说他们精彩的创业故事。 我们希望能够从创始人、主理人的经历中,去记录、去观察、去思考开店这件不容易的事情,我们相 信,这是一种值得探索的事。 【独家采访 · 第 157 家】 /// 【匠人制味】的主理人大力大学一毕业就被哥哥薅去三亚帮忙打理客栈,但闲不住的她却在客栈厨 房"不务正业"——白天当掌柜,晚上化身"面包侠",自己做一些烤饼干和不太讲究的小蛋糕等练手, 在这里发现了自己的烘焙天赋。 大力很快开了一家属于自己的咖啡馆,然后发现自己做的烘焙产品比咖啡更受顾客欢迎。随着客人越 来越多,她觉得自己的"野路子"烘焙已经撑不起一家店的流量了。 ...
市值蒸发350亿!“面包一哥”沦为资本提款机?
东京烘焙职业人· 2025-04-21 05:57
以下文章来源于赢销力 ,作者程信 赢销力 . 营销全案咨询,就找赢销力! 前言: 从东北之光到全国困局:桃李面包怎么了? 主编: 王冠群 2025年,桃李面包交出了一份让资本市场"破防"的成绩单: 整个 2024年,公司营收60.87亿元,同比下降9.93%;净利润5.22亿元,同比下降9.05%。 值得一提的是,这是这家东北烘焙龙头自 2015年上市以来首次出现营收、净利润双下滑的"塌方式"衰退。 曾经以 "中央工厂+批发"模式横扫全国、年入超60亿元的"短保面包之王",为何在而立之年遭遇"中年危机"? 01 " 桃李面包"怎么了? 数据显示:2024年是其上市后营业收入首次出现下滑的一年,而其归属于上市公司股东的净利润则在2021年便开始下滑。 从 2015年到2024年,桃李面包的营业收入不曾触达70亿元,归属于上市公司股东的净利润不曾触达10亿元。 就产品类别来看,各产品的营业收入也有所下滑。 上市之后需往南方开拓,做成全国性公司,除了西藏、新疆、海南、港澳台等地区,其他全面覆盖,这是桃李面包的 "梦想"。 2024年,桃李面包停止了全国大范围扩建产能的计划。2月16日,决定对石家庄桃李、哈尔滨桃李、 ...