Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.31 billion yuan for the first half of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 450 million yuan, down 4.6% year-on-year. The performance was below market expectations [1] - The core business of pickled vegetables showed stable growth, while revenue from radishes faced significant pressure due to reduced promotional investments. The company actively managed channel pricing and optimized its distributor network, reducing the number of distributors by 424 to 2,815 [1] - The cost benefits began to show in Q2, with a gross margin of 50.9% for H1 2024, down 2.2 percentage points year-on-year, but Q2 gross margin improved to 49.2%, up 0.3 percentage points year-on-year, attributed to the use of lower-cost raw materials [1] - The company continues its dual expansion strategy focusing on market and product category growth, with plans to enhance the distribution of its key product, pickled vegetable sauce, and expand into compound seasonings [1] Financial Summary - For H1 2024, the company achieved revenues of 1.12 billion yuan from pickled vegetables, 130 million yuan from pickled cabbage, 20 million yuan from radishes, and 30 million yuan from other products, with respective growth rates of +0.5%, -6.2%, -39.4%, and -25.9% [1] - The company expects EPS for 2024-2026 to be 0.73 yuan, 0.79 yuan, and 0.86 yuan, with corresponding dynamic PE ratios of 16x, 15x, and 14x [1][3]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.31 billion yuan for the first half of 2024, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 450 million yuan, down 4.7% year-on-year [1] - The revenue from the main product, pickled vegetables, showed a slight increase, while the revenue from radish products significantly declined due to reduced promotional efforts, with sales volume dropping by 53% year-on-year [1] - The company is actively exploring growth opportunities by introducing new products and optimizing its product structure to adapt to changing consumer demands [1][2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 50.86%, down 2.19 percentage points year-on-year, primarily due to a decrease in vegetable prices [1] - The net profit margin for the first half of 2024 was 34.32%, a decrease of 0.87 percentage points year-on-year [1] - The company plans to adjust its profit forecasts for 2024-2026, with net profit estimates revised to 854 million, 937 million, and 1.015 billion yuan respectively, reflecting a downward adjustment of 8%, 9%, and 10% [1][2] Market Strategy - The company aims to strengthen its market position in pickled vegetables while expanding into potential categories such as green beans and kelp to meet diverse consumer needs [1] - It plans to enhance channel penetration in first- and second-tier cities and continue developing county-level markets, exploring online and restaurant channels [1] - The company has established partnerships with over 100 distributors in the restaurant channel, covering various dining establishments [1] Valuation Metrics - The projected earnings per share (EPS) for 2024-2026 are 0.74, 0.81, and 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 16x, 15x, and 13x [2][3] - The company’s return on equity (ROE) is expected to be 9.76%, 9.93%, and 9.98% for the years 2024-2026 [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue and net profit for H1 2024, with revenues of 1.31 billion and net profit of 450 million, representing year-on-year changes of -2.3% and -4.7% respectively. Q2 2024 figures showed revenues of 560 million and net profit of 180 million, with year-on-year declines of -3.4% and -15.6% [3][4] - The report anticipates a gradual improvement in revenue for H2 2024, with a potential turning point in profitability expected in Q3 2024 as cost benefits begin to materialize [6] Summary by Sections Financial Performance - For H1 2024, the company's revenue from various products showed mixed results: pickled vegetables revenue increased by 0.5%, while radish, pickled cabbage, and other products saw declines of -39.4%, -6.2%, and -25.9% respectively. The decline in revenue is attributed to weak terminal demand, particularly in supermarket channels, and internal management adjustments [4] - The company experienced a decrease in profit margins due to rising costs, but a reduction in the prices of raw materials such as pickled vegetables and semi-finished products has started to show cost benefits, with Q2 2024 gross margin improving by 0.38 percentage points to 49.2% [5] Future Outlook - The company is expected to gradually improve its revenue in H2 2024, with significant improvements in gross margins anticipated starting Q3 2024 as cost benefits are fully realized [6] - The profit forecast for 2024-2026 has been slightly adjusted, with expected net profits of 880 million, 960 million, and 1.06 billion respectively, reflecting year-on-year growth rates of +6.2%, +9.7%, and +10.6% [3][7] Valuation Metrics - Current stock price is 11.85 yuan, with a market capitalization of 13.674 billion. The stock is trading at a PE ratio of 16, 14, and 13 for the years 2024, 2025, and 2026 respectively [1][7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 1.306 billion yuan for the first half of 2024, a year-on-year decrease of 2.3%, with a net profit attributable to the parent company of 448 million yuan, down 4.7% year-on-year [6] - The revenue from pickled vegetables has shown signs of recovery, with a slight increase of 0.5% year-on-year in H1 2024, while other product categories like pickled cabbage and radish have seen declines [6] - The company has optimized its distribution network, reducing the number of distributors by 424 to 2815, which has contributed to better price control and market order [6] - Raw material costs have decreased, leading to an expected gradual release of profit elasticity, with a gross margin of 50.9% in H1 2024, down 2.19 percentage points year-on-year [6][7] - The company has implemented organizational optimizations to enhance management efficiency, reducing the number of organizational levels from 32 to 24 [7] Financial Performance Summary - For 2024, the company is projected to have an EPS of 0.72 yuan, with expected revenues of 2.455 billion yuan, a slight increase from 2023 [8][10] - The gross margin is expected to stabilize around 49.9% in 2024, with a gradual improvement anticipated in subsequent years [10] - The net profit is forecasted to be 829 million yuan in 2024, with a growth rate of 0.2% year-on-year [10] - The company has shown strong operating cash flow performance, with a net cash flow of 1.65 billion yuan in H1 2024, up 1034.8% year-on-year [6]

Investment Rating - Buy rating maintained for Fuling Zhacai (002507 SZ) with a target price of 12 05 [1] Core Views - Fuling Zhacai's H1 2024 revenue reached 1 306 billion yuan, a year-on-year decrease of 2 32%, while net profit attributable to the parent company was 448 million yuan, down 4 74% year-on-year [1] - The company's Q2 2024 revenue was 557 million yuan, a year-on-year decrease of 3 37%, with net profit attributable to the parent company at 177 million yuan, down 15 58% year-on-year [1] - Pickled mustard tuber revenue remained stable at 1 118 billion yuan, up 0 49% year-on-year, while radish revenue declined significantly by 39 42% to 24 million yuan [1] - The company's gross margin improved to 49 18% in Q2 2024 due to lower raw material costs, and cost benefits are expected to accelerate in H2 2024 [1] - Fuling Zhacai is expected to see revenue growth of 3% in 2024, 9% in 2025, and 9% in 2026, with net profit growth of 1%, 15%, and 9% respectively [1] Financial Forecasts - Revenue is projected to be 2 522 billion yuan in 2024, 2 750 billion yuan in 2025, and 2 991 billion yuan in 2026 [1] - Net profit is expected to reach 837 million yuan in 2024, 960 million yuan in 2025, and 1 048 billion yuan in 2026 [1] - EPS is forecasted at 0 73 yuan in 2024, 0 83 yuan in 2025, and 0 91 yuan in 2026 [1] - The company's P/E ratio is estimated at 16 6x in 2024, 14 5x in 2025, and 13 3x in 2026 [1] Regional Performance - In H1 2024, South China contributed 363 million yuan in revenue, East China 210 million yuan, Central China 165 million yuan, North China 148 million yuan, and Northwest China 120 million yuan [1] Operational Highlights - The company optimized its dealer network, reducing the number of dealers by 424 to 2,281 in H1 2024 [1] - Fuling Zhacai's new products, such as pickled mustard tuber sauce, and expansion in the catering channel are expected to drive future growth [1] - The company's sales and management expense ratios increased in Q2 2024, impacting profitability [1]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,305,921,590.77, a decrease of 2.32% compared to CNY 1,336,937,672.14 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 448,167,297.76, down 4.74% from CNY 470,482,549.72 year-on-year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 424,789,472.39, a decrease of 1.62% compared to CNY 431,788,966.95 in the previous year[13]. - The basic earnings per share for the reporting period was CNY 0.39, down 4.88% from CNY 0.41 in the same period last year[13]. - The diluted earnings per share also stood at CNY 0.39, reflecting a decrease of 4.88% compared to CNY 0.41 in the previous year[13]. - The weighted average return on net assets was 5.29%, down from 5.89% in the same period last year[13]. - The gross profit margin for the first half of 2024 was 50.87%, down from 53.08% in the first half of 2023[22]. - The sales revenue from pickled vegetables was CNY 126,648,056.20, a decrease of 6.37% compared to CNY 135,259,347.26 in the previous year[22]. - The average gross profit margin for pickled vegetables was 28.91%, down from 33.91% in the previous year[22]. - The company reported a significant decrease in investment income by 67.35% to ¥13,143,266.97, due to lower fixed-rate returns[37]. - The company reported a total comprehensive income of ¥448,167,297.76 for the first half of 2024, compared to the previous year's figures, indicating a strong performance in profitability[126]. Cash Flow and Assets - The net cash flow from operating activities increased significantly to CNY 165,478,412.13, up 1,034.77% from CNY 14,582,553.35 in the same period last year[13]. - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 3,851,997,786.94, accounting for 43.40% of total assets[44]. - The total current assets of the company as of June 30, 2024, were CNY 6,972,787,616.90, compared to CNY 6,934,152,475.88 at the beginning of the period, reflecting a slight increase[108]. - Cash and cash equivalents increased to CNY 3,851,997,786.94 from CNY 3,679,994,037.15, indicating a growth of approximately 4.66%[108]. - The company's inventory rose significantly to CNY 653,135,714.67 from CNY 495,370,121.54, representing an increase of about 31.9%[108]. - Trade receivables increased to CNY 98,488,835.56 from CNY 10,502,991.40, showing a substantial growth of approximately 837.5%[108]. - Total assets at the end of the reporting period were CNY 8,874,944,102.25, reflecting a 1.20% increase from CNY 8,769,393,453.21 at the end of the previous year[13]. - The total liabilities amounted to CNY 528,545,299.64, slightly up from CNY 524,986,239.96, showing a marginal increase of 0.1%[110]. Business Operations and Strategy - The main business includes the production and sales of various pickled vegetables, with a leading market share in the industry[17]. - The company upgraded its main product, "Wujiangs Light Salt Pickled Vegetables," in 2022, establishing a new benchmark for healthy pickled vegetables[17]. - The company employs a procurement model that integrates "company + cooperatives + farmers," ensuring raw material sources and supporting rural revitalization[18]. - The production process has been mechanized and automated, with ongoing exploration of intelligent production models to enhance efficiency[18]. - The sales strategy focuses on a "city-based precision marketing management model," adapting to local market conditions and consumer demands[19]. - The company plans to promote core products such as pickled vegetables, side dishes, and pickled vegetable sauces in 2024[19]. - Brand strategy aims to transition from "Wujiangs = Pickled Vegetables" to "Wujiangs = Side Dishes," emphasizing health and low salt content[20]. - Continuous optimization and upgrading of existing products are being conducted, alongside trials for new product categories[20]. - The company primarily uses a distribution model supplemented by e-commerce platforms for sales[20]. Research and Development - The company has established a research and development institution recognized as a national center for pickled vegetable processing technology, collaborating with several universities and research institutes[32]. - R&D expenses increased by 53.54% to ¥3,874,449.11, driven by projects related to automated equipment and new product development[36]. - The company has invested a total of ¥106,046,710.67 in the construction of the green intelligent production base for Fuling pickles during the reporting period, with a cumulative investment of ¥235,541,317.55 as of the end of the reporting period[50]. Environmental Compliance - Chongqing Fuling Zhacai Group Co., Ltd. is classified as a key pollutant discharge unit by environmental protection authorities[71]. - The company strictly adheres to multiple environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China[71]. - The wastewater treatment facilities are in compliance with the relevant discharge standards, ensuring proper management of pollutants[72]. - The company has implemented specific measures for hazardous chemical management and wastewater treatment processes[71]. - The company has invested over hundreds of millions in environmental protection measures, including the construction of wastewater treatment plants with a total capacity of 6,680 tons/day across ten production facilities[75]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company has maintained a commitment to protecting the rights of minority shareholders and has not engaged in any related party transactions that could harm shareholder interests[79]. - The annual shareholders' meeting held on April 26, 2024, had a participation rate of 39.01%[68]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[81]. Risks and Challenges - The company faces risks related to raw material shortages and price fluctuations, particularly for its main product, pickled mustard tuber, sourced from Chongqing's Fuling District[64]. - The company has implemented strategies to mitigate risks, including expanding raw material storage capacity and improving procurement models[64]. Financial Reporting and Compliance - The financial report for the first half of 2024 has not been audited[107]. - The company has not disclosed any significant changes in tax rates or tax subjects for the reporting period[198]. - The company has not reported any new product launches or technological advancements in the current financial period[132].

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-035 重庆市涪陵榨菜集团股份有限公司 第五届董事会第二十四次会议决议公告 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。 《关于募集资金 2024 年半年度存放与使用情况的专项报告》全文以及公司监事 会就该事项出具的审核意见同日刊登于公司指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）。 3、会议以 10 票同意、0 票反对、0 票弃权的结果审议通过了《关于公司组织架 构调整的议案》。 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"）第五届董事会第二十四 次会议通知于2024年8月16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8月28日上午10:00在公司总部二楼会议室以现场结合通讯方式召开。本 次会议由公司董事长高翔先生召集和主持，本次会议应出席董事（含独立董事）10人， 实际出席董事10人（其中董事赖波先生、袁国胜先生以通讯表决方式出席会议），公 司全体监事及高级管理人员列席了本次会议，会议的召集、召开与表决 ...

重庆市涪陵榨菜集团股份有限公司监事会 关于第五届监事会第十八次会议相关事项的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》及《重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）章 程》等有关规定，公司监事会对第五届监事会第十八次会议审议的相关事项进行 了认真审核，发表审核意见如下: 一、对《公司 2024 年半年度报告及其摘要》的审核意见 经审核，监事会认为：董事会编制和审议公司2024年半年度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、对《关于募集资金 2024 年半年度存放与使用情况的专项报告》的审核 意见 经审核，监事会认为：公司关于募集资金2024年半年度存放与使用情况的专 项报告能够真实、准确、完整地反映公司2024年半年度募集资金使用情况，2024 年半年度，公司募集资金存放与使用严格按照《深圳证券交易所上市公司自律监 管指引第1号——主板上市公司规范运作》及公司《募集 ...