Ligao Foods (300973) 民生证券·2025-04-29 14:57Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.84 billion yuan in 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 [1]. - The company’s UHT cream product line generated over 500 million yuan in sales in 2024, contributing to a 61.8% year-on-year growth in cream product revenue [2]. - The company’s gross margin for 2024 was 31.5%, with a slight decrease to 30.0% in Q1 2025 due to rising raw material prices and changes in product and channel mix [3]. - The company is expected to achieve revenues of 4.45 billion yuan, 5.02 billion yuan, and 5.58 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 350 million yuan, 390 million yuan, and 460 million yuan [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3.84 billion yuan, with a net profit of 270 million yuan, and a non-recurring net profit of 250 million yuan [1]. - For Q4 2024, the revenue was 1.12 billion yuan, with a net profit of 70 million yuan, and for Q1 2025, the revenue was 1.05 billion yuan, with a net profit of 90 million yuan [1]. Product Performance - The revenue from frozen baking and baking ingredients in 2024 was 2.13 billion yuan and 1.67 billion yuan, showing a year-on-year change of -3.5% and +32.7%, respectively [2]. - The cream product line saw a significant increase in sales, with UHT cream contributing to a 61.8% growth in cream product revenue in 2024 [2]. Cost Management - The company successfully reduced its sales expense ratio to 12.1% in 2024, down 1.4 percentage points year-on-year, due to strict budget management [3]. - The management expense ratio also decreased to 6.7%, down 2.9 percentage points year-on-year, attributed to reduced share-based payment expenses [3]. Future Outlook - The company anticipates continued growth in cream and supermarket new products, with revenue projections of 4.45 billion yuan in 2025, reflecting a 16.1% year-on-year increase [4][5].