Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2024, a year-on-year increase of 5.22%, and a net profit attributable to shareholders of 203 million yuan, up 28.21% year-on-year [3] - The frozen baking segment remains under pressure, while new cream products continue to grow [3] - The company is focusing on multi-channel and multi-category development strategies, with a new UHT cream factory set to begin production in Q4 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 32.17% and a net profit margin of 7.25%, reflecting effective cost control measures [3] - Revenue projections for 2024-2026 are estimated at 3.77 billion, 4.19 billion, and 4.65 billion yuan, with corresponding net profits of 280 million, 330 million, and 380 million yuan [3][6] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22, 19, and 16 respectively [4][6] Product and Channel Performance - Frozen baked goods accounted for approximately 58% of revenue in the first three quarters of 2024, a decline of about 7% year-on-year, primarily due to impacts in the supermarket channel [3] - Revenue from baking ingredients, including cream and sauces, represented about 42% of total revenue, showing a growth of approximately 30% year-on-year, driven by strong sales of new cream products [3] - The distribution channel accounted for about 55% of revenue, with an 11% year-on-year increase, while the supermarket channel saw a 10% decline due to product shelf adjustments [3]

证 券 研 究 报 告 立高食品（300973）2024 年三季报点评 强推（维持） 控费成效显著，盈利持续改善 目标价：49.5 元 当前价：35.40 元 事项： ❖ 公司发布 2024 年三季报，前三季度公司实现营收 27.17 亿，同比+5.22%；实 现归母净利润 2.03 亿，同比+28.21%。单 Q3 公司实现营收 9.36 亿，同比1.11%；实现归母净利润 0.68 亿，同比+35.07%。 评论： ❖ 终端需求压力延续，商超下滑幅度环比扩大，拖累 Q3 营收同比略降。分业务 看，前三季度冷冻烘焙/烘焙原料业务分别同比-7%/+30%，Q3 环比二季度来 看受商超和饼房拖累，半成品业务下滑明显，而原料业务环比略有提速，其中 前三季度奶油类产品在 UHT 奶油带动下同比增长超 70%。分渠道看，前三季 度流通渠道/商超渠道分别同比增长约 11%/下降约 10%，其中流通渠道增速环 比放缓推测与饼店半成品下滑扩大有关，商超渠道下滑更为明显，主要系核心 商超渠道部分产品上架安排调整所致，而餐饮和新零售渠道在新拓大客户带 动下，延续 20%左右平稳增长，最终公司 Q3 实现营收同比-1.11%。 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 10 月 29 日 立高食品 (300973) ——收入短期承压 盈利能力修复 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 35.40 | | 一年内最高 / 最低（元） | 57.00/22.28 | | 市净率 | 2.7 | | 息率（分红/股价） | 1.41 | | 流通 A 股市值（百万元） | 4,125 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 13.56 | | | | | 资产负债 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] - The target price has been raised to 42.00 yuan from the previous 31.81 yuan [4][6] Core Insights - The company's profit growth exceeded market expectations, with a reported revenue of 2.717 billion yuan for Q3 2024, a year-on-year increase of 5.22%, and a net profit of 203 million yuan, up 28.21% year-on-year [4][6] - The company is expected to achieve EPS of 1.71, 1.99, and 2.20 yuan for 2024, 2025, and 2026 respectively, reflecting significant growth [4][6] - The report highlights the company's multi-category and multi-channel strategy as a key driver for excess returns in the baking industry [3][4] Financial Performance Summary - For Q3 2024, the company achieved a single-quarter revenue of 936 million yuan, a decrease of 1.11% year-on-year, while net profit for the quarter was 68 million yuan, an increase of 35.07% year-on-year [4] - The revenue breakdown shows that frozen baked goods accounted for approximately 58% of total revenue, down about 7% year-on-year, while baking raw materials contributed about 42%, up approximately 30% year-on-year [4] - The gross margin for Q3 2024 was 31.34%, a slight decrease of 0.55 percentage points year-on-year, while the net margin improved to 7.14%, an increase of 1.9 percentage points year-on-year [4] Market Position and Strategy - The company is focusing on enhancing management efficiency and expanding its product offerings across various channels, including retail and food service [4] - The report indicates a positive outlook for the company as it continues to penetrate the baking industry and leverage its product portfolio to outperform competitors [4][6]

证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 投资者关系活动记录表 编号：2024-008 | --- | --- | --- | --- | --- | |-------------------------|-------------------------------|--------------------------------------------------------------|-------|--------------------------------| | | | | | | | | 特定对象调研 | 分析师会议 | | | | | 媒体采访 | 业绩说明会 | | | | 投资者关系活动 | 新闻发布会 | 路演活动 | | | | 类别 | 现场参观 | | | | | | | 其他（请文字说明其他活动内容） 2024 | | 年三季报业绩交流会 | | 参与单位名称及 人员姓名 | | 具体详见附件《参与单位名称及人员明细清单》 | | | | 时间 | 2024 年 10 月 29 日 | 19:00-20:00 ...

Financial Performance - The company's revenue for Q3 2024 was ¥935,844,593.71, a decrease of 1.11% compared to the same period last year, while year-to-date revenue reached ¥2,717,264,207.79, an increase of 5.22%[2] - Net profit attributable to shareholders for Q3 2024 was ¥67,833,291.27, representing a significant increase of 35.07% year-over-year, with a year-to-date net profit of ¥203,106,824.44, up 28.21%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥66,552,573.21, a 57.43% increase year-over-year, while year-to-date it was ¥191,486,111.75, up 31.32%[2] - Total operating revenue for Q3 2024 was CNY 2,717,264,207.79, an increase of 5.2% from CNY 2,582,553,019.32 in Q3 2023[25] - Net profit attributable to shareholders of the parent company rose to CNY 203,106,824.44, a 28.2% increase compared to CNY 158,413,772.30 in Q3 2023[26] - Basic earnings per share increased to CNY 1.2075, up from CNY 0.9355 in the same period last year[26] Cash Flow - The company's cash flow from operating activities for the year-to-date period was ¥246,881,175.05, reflecting a substantial increase of 93.23%[2] - Net cash flow from operating activities increased by 93.23% to ¥246,881,175.05 for the first nine months of 2024[11] - Cash flow from operating activities was CNY 2,948,628,935.82, compared to CNY 2,842,782,343.65 in Q3 2023, reflecting a positive cash flow trend[27] - The net cash flow from operating activities for Q3 2024 was CNY 246,881,175.05, an increase from CNY 127,762,798.42 in Q3 2023, reflecting a growth of approximately 93.4%[28] - Total cash inflow from operating activities reached CNY 2,977,901,734.39, compared to CNY 2,870,142,083.03 in the previous year, indicating a year-over-year increase of about 3.7%[28] - Cash outflow from operating activities decreased to CNY 2,731,020,559.34 from CNY 2,742,379,284.61, showing a reduction of approximately 0.4%[28] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,036,464,736.51, an increase of 2.46% from the end of the previous year[2] - Accounts receivable increased by 37.08% to ¥298,339,653.52 compared to the end of 2023[9] - Total current liabilities increased to RMB 609,516,659.83 from RMB 571,315,409.63, marking an increase of about 6.7%[23] - The total liabilities of Lihigh Food Co., Ltd. amounted to RMB 1,480,999,035.28, compared to RMB 1,452,945,112.11, reflecting a slight increase of about 1.9%[23] Revenue Breakdown - The revenue from frozen baked goods accounted for about 58% of total product revenue, a decrease of approximately 7% year-over-year, primarily due to impacts from the supermarket channel[7] - Revenue from baking ingredients (cream, sauces, and other baking materials) accounted for about 42%, with a year-over-year increase of approximately 30%, driven by strong growth in new cream products[7] Investments and Projects - The company completed the sterile validation of its second UHT cream factory in Q3 2024, with formal production expected to begin in Q4 2024[8] - The company has invested RMB 30 million in the "Hangzhou Yunhui Equity Investment Partnership" with a target fund size of RMB 250 million, which has been fully raised[18] - The company approved the addition of new implementation locations and subjects for certain fundraising projects, extending the completion date of the "East China Production Base Construction and Technological Transformation Project" to December 2026[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 9,668[12] - The company’s major shareholders collectively hold significant stakes, with 彭裕辉 controlling 28.24% of the shares[14] - The company’s total shares held by the top 10 shareholders account for a substantial portion of the total equity, indicating concentrated ownership[16] Financial Expenses and Income - Financial expenses increased by 46.83% to ¥6,891,021.80 for the first nine months of 2024[10] - Investment income surged by 4424.61% to ¥3,102,205.29 for the first nine months of 2024[10] - The company reported a financial expense of CNY 6,891,021.80, which increased from CNY 4,693,355.30 in Q3 2023[25]

二、监事会会议审议情况 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-082 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 立高食品股份有限公司（以下简称"公司"）第三届监事会第七次会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯形式召开，会议通知于 2024 年 10 月 25 日以书面、 电话及邮件等形式送达。监事会主席刘青珊女士主持会议，会议应出席监事 3 人，实际 出席监事 3 人。本次会议的召集和召开符合《公司法》《公司章程》《监事会议事规则》 的有关规定，会议决议合法、有效。 （一）审议通过《2024 年第三季度报告》 经审核，监事会认为：董事会编制和审议公司《2024 年第三季度报告》的程序符合 法律、行政法规和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司的实 际情况，不存在任何虚假记载、误导性陈述或者重 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-081 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 第三届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 经审核，董事会认为：公司《2024 年第三季度报告》的编制和审核程序符合法律、 行政法规和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司的实际情 况，不存在任何虚假记载、误导性陈述或重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年第三季 度报告》。 表决结果：同意 5 票，反对 0 票，弃权 0 票，表决通过。 本议案已经公司第三届董事会审计委员会第六次会议审议通过，并同意提交至董事 会审议。 （二）审议通过《2024 年前三季度利润分配预案》 立高食品股份有限公司（以下简称"公司"）第三届董事会第十次会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯形式召开，会议通知于 ...

立高食品股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 立高食品股份有限公司（以下简称"公司"）第三届董事会第十次会议决定于 2024 年 11 月 14 日（星期四）召开公司 2024 年第二次临时股东大会，现将会议有关事项通知如 下： 一、会议召开基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、会议召集人：公司董事会。 3、会议召开的合法、合规性：公司第三届董事会第十次会议审议通过《关于提请召 开 2024 年第二次临时股东大会的议案》，本次股东大会会议召集程序符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的有关规定。 证券代码：300973 证券简称：立高食品 公告编号：2024-084 债券代码：123179 债券简称：立高转债 4、会议召开时间： （1）现场会议召开时间：2024 年 11 月 14 日（星期四）14:30 （2）网络投票时间：2024 年 11 月 14 日。其中，通过深圳证券交易所交易系统进行 网络投票 ...

| 证券代码：300973 | 证券简称：立高食品 | 公告编号：2024-085 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | 立高食品股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 立高食品股份有限公司（以下简称"公司"）本着谨慎性原则，依据《企业 会计准则》及公司会计政策等相关规定，对截至 2024 年 9 月 30 日公司合并报表 范围内的各类资产进行了全面检查和减值测试，根据测试结果，公司对第三季度 可能发生减值损失的资产计提减值准备共计 922.48 万元。 公司及下属子公司对存在可能发生减值迹象的资产进行全面清查和资产减 值测试后，公司 2024 年第三季度计提信用减值损失金额 4,785,975.30 元，计提 存货跌价损失 4,438,774.73 元，计提 2024 年第三季度各项资产减值准备共计 9,224,750.03 元，明细如下： 单位：元 | 项目 | 本期计提 | | --- | --- | | 一、信用减值 ...