Ligao Foods (300973) KAIYUAN SECURITIES·2024-08-31 03:08Investment 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]