证券代码：002507 证券简称：涪陵榨菜 编号：2024-012 重庆市涪陵榨菜集团股份有限公司 2024 年 10 月 15 日-16 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|------------------------------------------------------------------------------|----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 \n | □特定对象调研 □分析师会议 \n□媒体采访 \n□新闻发布会 □路演活动 \n☑ 现场调研 | □业绩说明会 \n □其他 | | | | 本次现场参与调研名单如下 ...

证券代码：002507 证券简称：涪陵榨菜 编号：2024-011 重庆市涪陵榨菜集团股份有限公司 2024 年 9 月 20 日、23 日投资者关系活动记录表 | --- | --- | --- | --- | |--------------|------------------------------|---------------------------|------------------------------| | | | | | | | | □特定对象调研 □分析师会议 | | | 投资者关系活 | | □媒体采访 □业绩说明会 | | | 动类别 | | □新闻发布会 □路演活动 | | | | ☑ | 现场参观 □其他 | | | | 本次参与调研人员名单见下表： | | | | | 序号 | 姓名 | 所属机构 | | | 1 | 赵睿 | 知远投资 | | | 2 | 杨润超 | 个人 | | | 3 | 齐放 | 深圳前海世传国际 | | | 4 | 侯俊州 | 德瑞恒泰投资基金 | | | 5 | 陈亮 | 知远投资 | | | 6 | 程殊 | 深圳世纪量子 | | | 7 | 魏 ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-041 营业执照变更情况如下： 关于完成工商变更登记并换领营业执照的公告 本公司及董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。 一、工商变更情况 | 项 目 | 变更前 | 变更后 | | --- | --- | --- | | 统一社会信用 | 91500102208552322T | 未变更 | | 代码 | | | | | 重庆市涪陵榨菜集团股份有限 | | | 名称 | 公司 | 未变更 | | 类型 | 股份有限公司（上市公司） | 股份有限公司（上市、国有控股） | | 法定代表人 | 高翔 | 未变更 | | 注册资本 | 壹拾壹亿伍仟叁佰玖拾壹万玖 | 未变更 | | | 仟零贰拾捌元整 | | | 成立日期 | 1988年04月30日 | 未变更 | | 住所 | 重庆市涪陵区江北街道办事处 二渡村一组 | 重庆市涪陵区江北街道办事处二渡 | | | | 村一组 | | | | 经营场所：重庆市涪陵区蔺市街道桃 | | | | 园村2组92号、重庆市涪陵区聚龙大 | | | | 道46 ...

证券代码：002507 证券简称：涪陵榨菜 编号：2024-010 重庆市涪陵榨菜集团股份有限公司 2024 年 9 月 9 日-10 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|------------|------------------------------|-------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 \n | ☑ 现场参观 | □特定对象调研 | □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n☑ 其他 投资者线上交流 | | | | 本次参与调研人员名单见下表： | | | | | | 序号 姓名 公司 | | | 1 | 周光远 | 平安养老保险股份有限公司 | | | 2 | 张大印 | 招商基金管理有限公司 | | | 3 | 元梓槐 # | 深圳市前海海富资产管理有限公司 | | | 4 | 刘梦连 | 进门财经 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 涪陵榨菜（002507.SZ） H1 榨菜稳健&渠道调整，H2 成本红利可期 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 2,548 | 2,450 | 2,593 | 2,783 | 2,972 | 股票信息 | | | 增长率 yoy （ % ） | 1.2 | -3.9 | 5.9 | 7.3 | 6.8 | | | | 归母净利润（百万元） | 899 | 827 | 888 | 956 | 1,026 | 行业 | 食品饮料 | | 增长率 yoy （ % ） | 21.1 | -8.0 | 7. ...

证 报 公 司 研 2024 年 09 月 04 日 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002507 证券简称：涪陵榨菜 编号：2024-009 重庆市涪陵榨菜集团股份有限公司 2024 年 9 月 2 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|------------------------|---------------------------------------------------------------|----------------------------------| | 投资者关系活动 \n类别 \n | □新闻发布会 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 | □现场参观 √其他 投资者线上交流会 | | | 本次参会人员名单见下： | | | | | 序号 | 姓名 | 公司 | | | 1 | 于佳琦 | 招商证券 | | | 2 | 任龙 | 招商证券 | | | 3 | 陈阳 | 和谐汇一 | | | 4 | 唐朝 | 中泰自营 | | | 5 | 刘颜 | 上海合远基金 | | | 6 | 胡彦如 | 开思基金 | | ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：11.85 元 涪陵榨菜（002507）食品饮料 目标价：——元（6 个月） 榨菜主业平稳增长，静待成本红利显现 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营业收入 13.1亿元，同比-2.3%， 实现归母净利润4.5亿元，同比-4.6%；其中 24Q2实现收入5.6亿元，同比-3.4%， 实现归母净利润 1.8 亿元，同比-15.5%；公司业绩低于市场预期。 榨菜主业保持平稳，萝卜收入明显承压。1、分品类看，24H1 榨菜、泡菜、萝 卜及其他产品分别实现收入 11.2/1.3/0.2/0.3 亿元，对应收入增速分别为 +0.5%/-6.2%/-39.4%/-25.9%。在整体消费需求疲软大环境下，榨菜主业仍实现 平稳增速；萝卜收入明显承压，主要系公司主动减少推广投入。2、分区域看， 24H1 东北及华南大区实现高速增长，同比+12.7%/+9.1%；华北大区维持稳健 增速，同比+3.2%；其他区域则有不同程度下滑。上半年公司积极管控渠道价 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company has shown resilience in its core product, pickled vegetables, with positive sales growth despite a challenging consumption environment. The revenue for pickled vegetables in H1 2024 was 1.118 billion yuan, reflecting a year-on-year increase of 0.49% [1][2]. - The company is expected to benefit from ongoing improvements in its distribution channels, particularly in the restaurant sector, which is anticipated to contribute to revenue growth in the second half of the year [2]. - The financial forecast has been slightly adjusted, with expected revenues for 2024-2026 projected at 2.649 billion, 2.921 billion, and 3.199 billion yuan, representing growth rates of 8%, 10%, and 10% respectively [2]. Financial Summary - For H1 2024, the company reported revenues of 1.306 billion yuan and a net profit of 448 million yuan, with a year-on-year decline of 2.32% and 4.74% respectively [1]. - The gross margin improved to 49.18% in Q2 2024, primarily due to a decrease in the cost of raw materials, while the net profit margin decreased due to increased expenses [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 15 times [3][4]. Sales and Distribution - The company has optimized its distributor network, resulting in a reduction in the number of distributors from 2,813 to 2,815, while the average revenue per distributor increased by 8.06% to 463,400 yuan [1]. - Export revenues showed positive growth in certain regions, particularly in South China and Northeast China, with overall export revenue increasing by 25.01% [1]. Market Position - The company operates in the food and beverage industry, specifically in the pickled vegetable segment, which is expected to continue growing as consumer demand recovers [2][4]. - The competitive landscape remains challenging, but the company’s strategic initiatives are aimed at enhancing product quality and expanding market reach [2].

Investment Rating - Maintain "Overweight" rating [1] - Target price lowered to CNY 14.2 from CNY 19.55 [1] Core Views - Performance below expectations due to weak demand [1] - Revenue in H1 2024 was CNY 1.306 billion, down 2.32% YoY [1] - Net profit attributable to shareholders in H1 2024 was CNY 448 million, down 4.17% YoY [1] - Q2 2024 revenue was CNY 557 million, down 3.32% YoY [1] - Q2 2024 net profit attributable to shareholders was CNY 177 million, down 15.58% YoY [1] Product Performance - Pickled mustard revenue increased 0.49% YoY in H1 2024 [1] - Radish revenue decreased 39.42% YoY in H1 2024 [1] - Pickled vegetable revenue decreased 6.24% YoY in H1 2024 [1] Profitability - Gross margin in H1 2024 was 50.86%, down 2.19 pct YoY [1] - Net margin in H1 2024 was 34.32%, down 0.87 pct YoY [1] - Q2 2024 gross margin increased 0.38 pct YoY but decreased 2.93 pct QoQ [1] Channel and Product Expansion - Number of distributors decreased by 424 to 2,815 in H1 2024 due to market order optimization [1] - Increased focus on new seasoning sauce products starting 2024 [1] - Successfully entered top catering brands with customized channel expansion [1] Financial Forecast - 2024-2026 EPS forecast adjusted to CNY 0.71/0.78/0.81, down from CNY 0.79/0.91/1.01 [1] - 2024-2026 revenue forecast: CNY 2.434/2.565/2.723 billion [2] - 2024-2026 net profit forecast: CNY 822/895/938 million [2] Valuation - 2024 PE ratio: 20X [1] - Current PE ratio: 16.63 [2] - Current PB ratio: 1.56 [2] Market Performance - 52-week stock price range: CNY 11.73-16.41 [3] - Current market cap: CNY 13.674 billion [3] - Total shares outstanding: 1.154 billion [3] Industry Comparison - Comparable companies: Haitian Flavoring, Qianhe Flavoring, Tianwei Food, Yili Group [1] - Average PE ratio of comparable companies: 25X [8]