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研報掘金丨中郵證券:維持立高食品“買入”評級,冷凍烘焙新品在山姆渠道表現亮眼

中郵證券研報指出,立高食品在稀奶油領域展現出強勁的產品迭代能力,冷凍烘焙新品在山姆渠道表現亮眼,並藉助新零售渠道探索餐飲、茶飲等新興場景,逐步實現渠道多元化。渠道端實現傳統餅房、直營、餐飲新零售三足鼎立態勢,積極開拓商超調改店、零食量販等新渠道。審慎佈局海外渠道,北美市場因關稅問題暫緩推進,但倉儲和團隊佈局爲未來重啓預留空間,東南亞市場通過本地子公司運營,完成清真認證等資質準備,從純出口轉向系統化開發,印尼、越南爲重點突破國家。維持“買入”評級。

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