Report published August 27, 2026
Ligao Foods (300973.SZ): 2Q26 Earnings Review by Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 27, 2026
Authors / editors: Valerie Zhou, Adrian Chung, Leaf Liu, Christina Liu (Contributing Author)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Ligao Foods' 2Q26 adjusted net income met expectations with core operating profit beating forecasts on robust 13% YoY revenue growth. Goldman Sachs reiterated its Buy rating with a reduced 12-month target price of Rmb34.00, anticipating earnings recovery from 2027 post-relocation.
Key Takeaways
- 1.Ligao Foods reported 2Q26 adjusted net income in line with GSe, with revenue up 13% YoY beating GSe by 12% driven by strong UHT cream and key account (KA) expansion.
- 2.Profitability remains pressured in 3Q26 due to relocation, commissioning, staffing, and training expenses, but is expected to recover after the 4Q peak season.
- 3.Goldman Sachs lowered its 12-month target price to Rmb34.00 (from Rmb38.00) but maintained a Buy rating, citing attractive valuation at 15x/13x 2026E/2027E P/E and a 35.7% upside.
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (Rmb mn)
- Balance Sheet (Rmb mn)
- Cash Flow (Rmb mn)
- Key takeaways from briefing
- Result highlights
- Earnings revision and TP
- Price Target Risks and Methodology – Ligao Foods
- Disclosure Appendix
Report data
Exhibit 1: Ligao 2Q26 Results Highlights — as of August 27, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 34.00 Rmb | Cut from prior target price of Rmb38.00 based on 19x 2027E P/E discounted at 8.4% COE. |
| 2Q26 Total Revenue | 1157 Rmb mn | Beating GSe of Rmb1,035mn by 12%. |
| 2Q26 Gross Margin | 29.9% | Beating GSe of 29.2% by 0.7ppt. |
| 2Q26 Operating Profit | 96 Rmb mn | Beating GSe of Rmb88mn by 9%. |
| 2Q26 Reported Net Income | 62 Rmb mn | 10% below GSe due to higher interest expense and tax rate. |
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Authors / Editors
Reported Data Context
- 12m Price Target: 34.00 Rmb (12-month forward) · Source: Goldman Sachs Global Investment Research
- 2Q26 Total Revenue: 1157 Rmb mn (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
- 2Q26 Gross Margin: 29.9 % (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
- 2Q26 Operating Profit: 96 Rmb mn (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
- 2Q26 Reported Net Income: 62 Rmb mn (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
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