Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 2.408 billion in 2024, a year-on-year decrease of 1.71%, and a net profit attributable to shareholders of 824 million, a decrease of 0.31% [1] - The fourth quarter of 2024 saw a significant revenue drop of 10.58% year-on-year, attributed to delayed shipments and reduced consumer stockpiling awareness during the off-season [1][2] - The company achieved a net profit margin of 34.22% for 2024, an increase of 0.48 percentage points year-on-year, benefiting from lower raw material costs and reduced marketing expenses during the off-season [2] - The strategic focus remains on stabilizing the core pickled vegetable business while diversifying product offerings, with successful project management and organizational adjustments [2] Financial Performance Summary - Revenue for 2024 is projected at 2.408 billion, with a growth rate of -1.7% [5] - The net profit for 2024 is expected to be 824 million, with a growth rate of -0.3% [5] - Earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a slight decrease from the previous year [5] - The company anticipates a recovery in 2025 with projected revenue growth of 6.4% and net profit growth of 9.6% [3][5]

Financial Performance - In 2024, the company achieved total operating revenue of CNY 2,407,988,879.23, a decrease of 1.71% compared to the previous year[4] - Operating profit for the year was CNY 972,297,240.80, down 0.34% year-on-year, while total profit was CNY 972,793,271.33, a decrease of 0.20%[4] - Net profit attributable to shareholders was CNY 824,044,193.97, reflecting a decline of 0.31% from the previous year[4] - Basic earnings per share decreased by 1.39% to CNY 0.71[4] - The weighted average return on net assets was 9.71%, down from 10.41% in the previous year[4] - There were no significant changes in major financial indicators during the reporting period[7] Assets and Equity - The company's total assets at the end of the reporting period were CNY 9,416,700,963.06, an increase of 7.38% from the beginning of the period[4] - Shareholders' equity rose to CNY 8,722,275,698.82, marking a growth of 5.80% compared to the start of the year[4] Strategic Focus - The company maintained a strategic focus on optimizing the pickled vegetable category and diversifying its development amidst challenges in traditional consumption models[5] Earnings Forecast - The company did not provide prior earnings forecasts for the 2024 fiscal year[8]

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、闲置自有资金和募集资金理财的审批情况 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-002 重庆市涪陵榨菜集团股份有限公司 关于使用闲置自有资金及募集资金理财的进展公告 | 序号 | 受托方 | 产品名称 | 金额 | 产品类型 | 起息日 | 产品期限 | 关联 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (万元) | | | | 关系 | 来源 | | 2 | | 协定存款 | 10,000 | 本金保障型 | 2025年1月16日 | 5天 | 无 | 募集 资金 募集 | | 1 | | 协定存款 | 10,000 | 本金保障型 | 2025年1月9日 | 12天 | 无 | 募集 资金 | | 3 | 恒丰银行股份 | 协定存款 | 10,000 | 本金保障型 | 2025年1月17日 | 4天 | 无 | | | | | | | | | | | 资金 | | 4 | 有限公司 | ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 19.9 yuan, corresponding to a reasonable valuation of 23 times earnings [2][4][43]. Core Insights - The company is undergoing significant reforms under new management, which are expected to lead to a turnaround in sales expenses, pricing strategies, and channel structures, helping the company emerge from a period of stagnation [1][2][11]. - The long-term trend of consumption upgrading remains unchanged, and price increases are anticipated to drive future industry growth. The company is expected to regain growth momentum in the context of a broader recovery in the condiment industry [2][43]. Summary by Sections Company Overview - The company is a leading player in the domestic pickled vegetable industry, primarily producing pickled mustard tubers. It has experienced both rapid growth and stagnation in recent years due to industry slowdowns and internal challenges [1][5]. Recent Developments - Since 2023, the new management has initiated organizational adjustments and strategic changes, marking three key turning points: improved sales expense implementation, revised pricing strategies, and expanded restaurant market channels [1][2][11]. Financial Projections - The company forecasts a revenue growth of 9.8% and a net profit growth of 10.37% for 2025, with an expected earnings per share (EPS) of 0.83 yuan. The current price-to-earnings (PE) ratio is 16.2 times [2][3][43]. Market Position and Strategy - The company is focusing on multi-category development, with growth in other product lines expected to inject new momentum into its business. The emphasis on restaurant channel development is seen as a significant growth opportunity [2][30][34]. Competitive Landscape - The company holds a dominant market share in the pickled vegetable sector, benefiting from its established brand recognition and distribution capabilities. It has been able to implement price increases effectively, maintaining its competitive edge [22][35].

Group 1: Product Development and Market Strategy - The company has optimized its product categories based on market research results, increasing R&D efforts for future market promotions, with specific plans still in preparation for next year [2] - The company launched a low-salt product in 2022, which is gradually replacing the original version in the market, with feedback leading to the introduction of a 60g original packaging product in select regions [3][5] - The main products' prices have not been adjusted, although the pickled vegetable sauce product saw a price reduction at the end of the year based on terminal feedback [6] Group 2: Channel Expansion and Competition - The company has established a restaurant division in 2023, actively recruiting professionals and collaborating with distributors to expand its restaurant channel [2][7] - The pickled vegetable industry is currently focused on stock competition and market share acquisition in first and second-tier markets, with the company planning targeted promotional activities in response to competitive pressures [7] - New product categories, including radish and pickled vegetables, have been added to the restaurant channel, leveraging their broad consumption scenarios [7] Group 3: Investor Relations and Communication - The investor relations activity was conducted online on December 24, 2024, with participation from various investment institutions [2] - For more recent research and frequently asked questions, stakeholders can refer to the company's published investor relations activity records on the interactive platform [8]

Group 1: Investor Relations Activities - The company engaged in various investor relations activities, including on-site visits and investor phone calls [2][5] - A list of participating institutions and representatives was provided, including notable names from Jianxin Fund and other investment firms [2][3] Group 2: Financial Performance and Strategy - The company reported a high net profit margin, indicating challenges in further increasing this metric [4] - Current cash reserves are primarily from fundraising and internal funds, aimed at future acquisitions, product development, and stable dividend increases [4] Group 3: Product Development and Market Strategy - The company is focusing on optimizing its main products, with packaging and material improvements expected to be completed by December 2024 [7] - Plans to enter the compound seasoning market are driven by the need to enhance product variety and tap into B-end channel resources [4][8] Group 4: Market Competition and Pricing Strategy - The company will not raise prices for existing products in the short term but will consider pricing strategies for new product launches [7] - The competitive landscape has intensified due to lower raw material prices benefiting smaller manufacturers [4] Group 5: Channel Development - The company has diversified its distribution channels, including offline supermarkets, online platforms, and the restaurant sector, balancing market demand and company interests [8] - Custom products will be developed for different channels based on consumer needs, enhancing brand loyalty through quality and craftsmanship [8]

Group 1: Company Operations and Marketing Strategy - The company primarily invests in two areas: offline promotion of products and targeted brand advertising, which is a long-term effort [1] - The company holds over 30% market share in the industry, which is characterized as highly competitive with distinct product price segments [2] Group 2: Product Development and Challenges - The company faces limitations in the development of radish products due to regional consumption differences and lack of prominent brands in the national market [2] - The company is exploring new growth opportunities for radish products, particularly in the catering channel [2] Group 3: Sales and Distribution Adjustments - The company completed a distributor optimization process in the first half of the year and will evaluate distributors based on their annual performance [2] - The sales incentive model has been optimized this year, with future adjustments planned for regional sales managers' performance evaluations [2] Group 4: Mergers and Acquisitions - The company is actively assessing potential acquisition targets in the pickled vegetable and compound seasoning markets, with plans to initiate acquisitions at the appropriate time [2] Group 5: E-commerce Strategy - The e-commerce channel has seen growth this year, serving as a supplementary sales channel and providing brand promotion opportunities [2]

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-046 《重庆市涪陵榨菜集团股份有限公司第五届董事会第二十六次会议决议》。 特此公告。 重庆市涪陵榨菜集团股份有限公司 二、董事会会议审议情况 会议以10票同意、0票反对、0票弃权的结果审议通过了《关于注销子公司的议案》。 按照涪陵区"三攻坚一盘活"改革突破工作要求，结合公司业务运营实际情况， 公司拟对下属子公司进行注销，具体内容详见同日刊登于《中国证券报》《上海证券 报》《证券时报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关 于注销子公司的公告》（公告编号：2024-047）。 三、备查文件 重庆市涪陵榨菜集团股份有限公司 第五届董事会第二十六次会议决议公告 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、董事会会议召开情况 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）第五届董事会第二十六 次会议通知于2024年11月27日以书面、电子邮件及电话确认等方式向全体董事发出， 会议于2024年12月6日上午10:00以通讯方式召开。本次会议由公司董 ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-047 重庆市涪陵榨菜集团股份有限公司 关于注销子公司的公告 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。 重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）按照涪陵区"三攻坚一 盘活"改革突破工作要求，结合公司业务运营实际情况，优化公司组织结构和管理体 系，整合公司内部资源，提高运营效率和管理效能，拟由公司吸收合并全资子公司重 庆市邱家榨菜食品有限责任公司（以下简称"邱家公司"），拟由公司全资子公司重 庆市道生恒国际贸易有限责任公司吸收合并公司全资子公司重庆市涪陵榨菜集团食 品销售有限责任公司（以下简称"销售公司"）。具体情况如下： 一、子公司基本情况 （一）重庆市邱家榨菜食品有限责任公司基本情况 名称：重庆市邱家榨菜食品有限责任公司； 类型： 有限责任公司（非自然人投资或控股的法人独资）； 住所：重庆市丰都县丁庄溪工业园区； 法定代表人：何孝飞； 注册资本：2000 万元； 成立日期：2003 年 11 月 21 日； 营业期限：2003 年 11 月 21 日至无固定期限； 经营范围：蔬菜 ...

证券研究报告 | 公司 深度报告 2024年12月01日 签约客户可长按扫码阅读报告： 市场上对 涪陵榨菜的主要担忧在于公司及行业成长性放缓，同时历史上所体现的强提价能 力也有所减弱，估值修复难度大。行业层面看，增长放缓是事实，但包装化趋势下，新 消费场景、人群、渠道对行业增长仍有明显驱动。更重要的是，我们认为当前阶段应以 新的投资视角来看待公司投资逻辑，一方面公司业绩企稳，内部管理改善，竞争优势强 化，未来业绩更加平稳周期性减弱；另一方面公司现金流充裕，逐步进入资本开始减 弱，资本回报提升的战略新阶段。建议关注业绩企稳周期性弱化，投资回报提升拉动的 估值修复。 核心观点 行业层面：预期增速下降，包装化的趋势下关注消费力拐点 + 升级新方向。 虽然行业整体消费量增长放缓，但我国腌制品行业目前仍有一定增长驱动，主要体现在： 1 ） 行业规范性提升，包装化替代趋势延续； 2 ）健康趋势下轻盐产品兴起，产品接受度提升，拉动消费端需求增长； 3 ）消费场景、人群、渠道不断完善拓展，年轻群体消 费潜力得到挖掘，消费场景日益多元化，同时线上、餐饮等渠道拓展也带动了行业的进一步增长。 公司层面：根基牢固优势显著，管理变革催 ...