[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 立高食品（300973）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|-------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 23.31 | | 52 周股价波动（元） | 22.28-72.10 | | 总股本 / 流通 A 股（百万股） | 169/117 | | 总市值 / 流通市值（百万元） | 3947/2716 | | 相关研究 | | | [Table_ReportInfo] 《 收 入 稳 健 增 长 ， 利 润 率 持 续 修 复 》 | | | 2024.05.26 | | | 《营收稳健增长，盈利持续修复》 | 2023.10.28 | | 《商超、创新渠道快速增长，利润率改善明显》 | | | 202 ...

司 में 风险提示：食品质量安全、大客户不及预期、主要原材料价格波动等 立高食品（300973.SZ） 冷冻烘焙阶段性调整，奶油放量需求向好 事件：公司披露 2024 年半年报，报告期内公司实现营收 17.81 亿元，同比 +8.88%；归母净利润 1.35 亿元，同比+25.03%；实现扣非归母净利润 1.25 亿元，同比+20.66%。24Q2 实现营收 8.65 亿元，同比+2.80%；归母净利润 0.59 亿元，同比+0.30%；扣非归母净利润 0.57 亿元，同比+3.50%。 稀奶油快速放量拉动奶油业务和流通渠道快增，冷冻烘焙阶段性承压 分产品看，24H1 公司冷冻烘焙食品/奶油/水果制品/酱料/其他烘焙原材料分别 实现营收 10.61/4.33/0.77/1.04/0.92 亿元，同比-0.15%/+82.74%/-14.06%/-2.88%/ -28.86%，其中稀奶油快速放量，销售收入超 2 亿元，拉动奶油整体收入高增， 冷冻烘焙整体表现稳定。分渠道看，24H1 公司经销/直销渠道分别实现营收 9.67/7.96 亿元，同比+10.45%/+7.19%。经销渠道中，流通渠道占整体收入占比 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Insights - The company has shown steady revenue growth, with a 9% year-on-year increase in H1 2024 revenue, reaching 1.781 billion yuan, and a 25% increase in net profit attributable to shareholders, amounting to 135 million yuan [1][3]. - The introduction of cream products has led to a reduction in gross margin, with a decrease of 1 percentage point to 32.61% in Q2 2024 [1]. - The company is focusing on streamlining product categories and enhancing operational efficiency, with a significant increase in cream sales by 69% year-on-year [1][3]. Revenue Performance - H1 2024 revenue breakdown includes frozen baked goods, cream, fruit products, sauces, and other baking materials, with respective revenues of 1.061 billion, 0.433 billion, 0.077 billion, 0.104 billion, and 0.092 billion yuan, showing varied growth rates [1][2]. - The company has adjusted its channel strategy, leading to a 5% decline in supermarket revenue, while other channels have shown growth [2]. Profitability Forecast - The company has revised its earnings per share (EPS) forecasts for 2024-2026 to 1.48, 1.90, and 2.45 yuan respectively, reflecting a significant increase from previous estimates [3][5]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 16, 12, and 10 times for the respective years [3]. Market Strategy - The company is prioritizing high-quality distributors and reducing the number of distributors to enhance profitability [2]. - The company plans to launch new products in September and October 2024 to optimize its supermarket revenue structure [2].

证券代码：300973 证券简称：立高食品 公告编号：2024-071 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）于 2024 年 1 月 29 日召开第三届董事会 第三次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中 竞价交易方式回购公司人民币普通股（A 股）股份（以下简称"本次回购"），用于实施股 权激励或员工持股计划。本次回购的资金总额不低于人民币 5,000 万元（含）且不超过人 民币 10,000 万元（含），回购价格不超过人民币 66.60 元/股（含），具体回购资金总额以 实际使用的资金总额为准。本次回购的实施期限为自公司董事会审议通过回购股份方案 之日起 12 个月内。具体内容详见公司分别于 2024 年 1 月 29 日、2024 年 1 月 31 日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编号： 2024-00 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨立高食品（300973.SZ） [Table_Title] 立高食品 2024 年半年报点评：奶油增速亮眼， 效率期待提升 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024H1 营业总收入 17.81 亿元（ +8.88% ，下文皆为同比）；归母净利润 1.35 亿元 （ +25 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.781 billion yuan in H1 2024, representing a year-on-year increase of 8.88%, and a net profit attributable to shareholders of 135 million yuan, up 25.03% year-on-year [2] - The performance of cream products continues to be strong, while frozen baking products face growth pressure. Revenue from various product segments in H1 2024 includes: frozen baked goods 1.061 billion yuan (-0.15%), cream 433 million yuan (+82.74%), fruit products 77 million yuan (-14.06%), sauces 104 million yuan (-2.88%), other baking raw materials 92 million yuan (-28.86%), and warehousing and transportation services 11 million yuan (+33.33%) [2] - The company's net profit margin decreased due to scale effects and a decline in government subsidies, with a net profit margin of 6.76% in Q2 2024, down 0.17 percentage points year-on-year and 1.62 percentage points quarter-on-quarter [2][3] - New production lines for oil refining and UHT cream are nearing completion, which will further strengthen the company's competitive advantage [3] - The company aims to become a global integrated service provider for baking, with a clear long-term strategy focusing on both channels and products [3] Financial Summary - Revenue forecasts for 2024-2026 are 3.864 billion yuan, 4.356 billion yuan, and 4.857 billion yuan, respectively, with year-on-year growth rates of 10%, 13%, and 11% [3] - Net profit attributable to shareholders is projected to be 264.53 million yuan, 323.85 million yuan, and 386.23 million yuan for 2024-2026, with growth rates of 262%, 22%, and 19% respectively [3] - The company's P/E ratios are expected to be 15.63, 12.76, and 10.70 for 2024-2026 [1][3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved total revenue of 1.781 billion yuan in the first half of 2024, representing an 8.88% year-on-year increase, with net profit attributable to shareholders rising by 25.03% to 135 million yuan [3][4] - The growth in revenue is primarily driven by the strong performance of cream products, with sales of whipped cream exceeding 200 million yuan in the first half of the year [3][4] - The company is expected to launch new cream products in September, which may further enhance revenue growth [3] Financial Performance - The company's gross margin for the first half of 2024 was 32.6%, a slight decrease of 0.29 percentage points year-on-year, while the net profit margin was 7.59%, an increase of 0.98 percentage points [4] - The company forecasts revenue for 2024-2026 to be 3.835 billion, 4.298 billion, and 4.753 billion yuan respectively, with year-on-year growth rates of 9.61%, 12.05%, and 10.6% [6] - The projected net profit for the same period is 278 million, 351 million, and 437 million yuan, reflecting significant growth of 280.64% in 2024 [6][7] Market Position and Strategy - The company is focusing on product innovation, channel expansion, and cost control to maintain its competitive edge in the market [4][5] - The strategy includes reducing SKU numbers to simplify supply chain management and improve operational efficiency [4] - The company is also prioritizing resources towards multi-line agents in its distribution network [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown revenue and profit growth, with a 2024H1 revenue of 1.78 billion yuan, up 8.88% year-on-year, and a net profit of 135 million yuan, up 25.0% year-on-year [4] - The frozen baking segment is stable in the short term, while the cream business continues to grow, with cream revenue exceeding 200 million yuan, driving an 82.7% year-on-year increase in cream product revenue [5] - The company maintains a focus on single products to enhance efficiency and reduce costs, despite a slowdown in the growth of the frozen baking segment due to weak industry demand [7] Financial Performance Summary - For 2024, the company forecasts net profits of 271 million yuan, 342 million yuan, and 406 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.60 yuan, 2.02 yuan, and 2.40 yuan [4] - The company's total revenue is projected to reach 4.048 billion yuan in 2024, with a year-on-year growth of 15.7% [8] - The gross margin is expected to be 33.1% in 2024, with a net margin of 6.7% [8] Business Segment Analysis - The frozen baking revenue decreased slightly by 0.15% year-on-year in 2024H1, while cream and sauce revenues increased by 25% [5] - The distribution channel revenue grew by 15% year-on-year, primarily driven by the growth in cream products [5] Cost and Efficiency - The gross margin has declined by 1.09 percentage points year-on-year, attributed to rising raw material prices [6] - The company continues to implement cost control measures, maintaining stable overall expense ratios [6]

立高食品股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所创业板股票上市规则》以及《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》等相关法律法规、规范性文件的规定，立高食品股份有 限公司（以下简称"公司"或"本公司"）董事会编制了 2024 年半年度（以下简称"报 告期"或"本报告期"）募集资金存放与使用情况的专项报告。现将募集资金 2024 年半 年度存放与使用情况作如下专项说明： 2、向不特定对象发行可转换公司债券 经中国证券监督管理委员会《关于同意立高食品股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可〔2023〕43 号）予以注册，公司向不特定对象发 行可转换公司债券 9,500,000 张，每张面值为人民币 100 元，募集资金总额为人民币 950,000,000.00 元，扣除与本次发行有关的费用（包括以自筹资金预先支付发行费用置换 部分）合计人民币 12,162,518.81 元（不含税）后，实际募集资金净额为 937,837,481.19 元 ...

立高食品股份有限公司 第三届监事会第六次会议决议公告 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。 证券代码：300973 证券简称：立高食品 公告编号：2024-069 债券代码：123179 债券简称：立高转债 （一）审议通过《关于〈2024 年半年度报告〉及其摘要的议案》 经审核，监事会认为：董事会编制和审核的公司2024年半年度报告的程序符合法律、 行政法规和中国证监会的规定，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 年半年度 报告》及《2024 年半年度报告摘要》。 表决结果：3 票同意，0 票反对，0 票弃权，表决通过。 （二）审议通过《关于〈2024 年半年度募集资金存放与使用情况的专项报告〉的议 案》 经审核，监事会认为：公司 2024 年半年度募集资金的存放和使用符合中国证监会、 深圳证券交易所对募集资金存放和使用的相关规定，符合公司《募集资金管理制度》的 有关规定，不存在违规使用募集资金的行为，亦不 ...