全年净利率平稳，收入规模及买赠扰动24Q4 盈利能力。2024/24Q4 公司毛利率分别为51.0%/43.4%，同 比分别变动+0.27pct/-7.3pct，全年毛利率有所改善，单四季度毛利率下滑系促销买赠影响；销售费用 率、管理费用率、研发费用率分别为13.6%/12.3%、3.9%/7.6%、0.4%/0.9%，同比分别变动 +0.2pct/-1.0pct、+0.35pct/2.7pct、+0.2pct/0.4pct，销售费用管控较好，管理费用率提升是职工薪酬增长 所致，此外产品研发投入加大；综合影响下，2024/24Q4 公司净利率分别为33.5%/30.3%，同比分别变 动-0.3pct/-3.3pct，四季度收入下滑及买赠活动扰动盈利能力。 25 年在研发、生产、渠道等方面持续深化改革，期待需求修复。展望2025 年公司以"夯基拓新，优化产 品，强化渠道，深化改革"为战略指引，持续进行产品优化与开发，解决产品力的问题；优化销售管 理，着重持续解决渠道基础薄弱与两支队伍的能力与活力问题；大力开展全年性推广活动，加强针对 性，着力解决终端售卖的问题，包括新品类夯实基础与动销问题；推进生产模式变革，系 ...

3、2024 年度公司主要规格产品占比。 回复：60g 产品于下半年正式放开调货限制，全年占比 25%左右，70g 系列产品占比 30%左右。 | 证券代码：002507 | 证券简称：涪陵榨菜 | 编号：2025-002 | | --- | --- | --- | | | □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 | | | | 本次参与交流的人员名单如下： 序号 姓名 | 机构 | | | 1 吴悠 | 兴全基金 | | 参与单位名称 | 2 胡运昶 | 国泰基金 | | 及人员姓名 | 3 刘健 | 上投摩根 | | | 4 吕昌 | 申万宏源 | | | 5 周缘 | 申万宏源 | | | 6 杜宛泽 浙商证券 | | | 时间 | 2025 年 4 月 2 日 10:00-12:00 | | | | 2025 年 4 月 2 日 14:30-15:30 | | | | 2025 年 4 月 2 日 10:00-12:00 | | | 地点 | 2025 年 4 月 2 日 ...

4月1日，涪陵榨菜发布投资者关系活动记录表。当中披露，关于"近5年来公司榨菜品类销售吨量逐步减少的原因"，涪 陵榨菜回复，2018年以来公司产品市场份额较高，公司同时对品类做了进一步规划，2020年至2022年期间，公司根据 外部环境变化、成本变动以及品牌宣传需求对公司产品进行了提价、升级国潮轻盐包装等措施，同时期间线上渠道崛 起，对传统销售渠道形成冲击，对销量产生了一定影响。2023年以来，公司对产品结构做出了调整，新增规格较小的 量贩装、60g两元价格带等产品，此类规格产品销售量提升，总体榨菜销量较之前有所减少。另一方面，面对竞品市 场的冲击，公司部分市场份额有所缩减，公司于2024年度开始针对竞争市场采取定点区域定向爆破，投入费用支持以 维护各区域的市场曝光。 针对"公司费用投入规划及分红规划"，涪陵榨菜称，品牌费用投入方面，公司目前投入仍以与销售联动、维持品牌曝 光为主，目前的费用投放侧重于市场终端的产品推广投放，对销售有直接支持作用，2025年将维持与销售合作开 展"定向爆破"的城市项目，附带了部分品牌广告等投放，同时对新品上市开展宣传活动等。分红规划方面，公司坚持 根据分红规划及当年度利润情况，每 ...

重庆市涪陵榨菜集团股份有限公司 2025 年 3 月 31 日-4 月 1 日投资者关系活动记录表 证券代码：002507 证券简称：涪陵榨菜 编号：2025-001 | | □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 投资者电话、线上交流会 | | | | 本次参与交流的人员名单如下： | | | | 序号 | 姓名 | 机构 | | | 1 | 宋丽华 | 汇丰 | | | 2 | 晏诗雨 | 中泰证券 | | | 3 | 房建威 | 东方基金管理股份有限公司 | | | 4 | 王泽华 | 方正 | | | 5 | 孟斯硕 | 东兴证券 | | | 6 | 方一苇 | 开源证券 | | | 7 | 尹一 | 上海思晔投资管理有限公司 | | | 8 | 徐洋 | 国泰君安 | | | 9 | 管晶鑫 | 米仓资本 | | | 10 | 舒尚立 | 西南证券 | | | 11 | 赵雪莲 | 德邦证券资产管理 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face short-term profit pressure in 2024, but stable growth is anticipated in 2025 [1][5] - The revenue for 2024 is projected at 2.39 billion yuan, with a slight decline of 2.6% year-on-year, while the net profit is expected to be 800 million yuan, down 3.3% year-on-year [4][9] - The company has made adjustments to its profit forecasts for 2025-2027, predicting net profits of 890 million, 960 million, and 1.04 billion yuan respectively, reflecting growth rates of 11.6%, 7.8%, and 7.6% [4][9] Summary by Sections Financial Performance - The company's revenue and net profit for Q4 2024 are expected to be 420 million yuan and 130 million yuan respectively, showing declines of 14.8% and 23.1% year-on-year [4][5] - The gross margin for 2024 is projected to be 50.99%, a slight increase of 0.27 percentage points year-on-year [6] Market Strategy - The company has introduced a new 60g product priced at 2 yuan to enhance its product range, which has shown positive results [5] - In Q3 2024, the company implemented sales policy support and a "targeted explosion" project to boost terminal sales [5] Future Outlook - For 2025, the company aims for an 8% revenue growth and a gross margin of 51.78%, an increase of 0.79 percentage points year-on-year [7] - The company anticipates a slight decrease in procurement prices for green vegetables, which may stabilize costs [7] Valuation Metrics - The current stock price corresponds to a price-to-earnings ratio of 17.4 for 2025, 16.1 for 2026, and 15.0 for 2027 [4][9] - The projected earnings per share for 2025 is 0.77 yuan, increasing to 0.90 yuan by 2027 [9][11]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company is expected to face short-term profit pressure in 2024, but stable growth is anticipated in 2025 [4][5] - The revenue for 2024 is projected at 2.39 billion yuan, with a net profit of 800 million yuan, reflecting a year-on-year decline of 2.6% and 3.3% respectively [4][6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 890 million yuan and 960 million yuan, representing year-on-year growth of 11.6% and 7.8% respectively [4][6] Financial Summary - 2024 Revenue: 2.39 billion yuan, Net Profit: 800 million yuan [4][9] - 2025 Estimated Revenue: 2.59 billion yuan, Net Profit: 892 million yuan [9] - 2024 Gross Margin: 51.0%, expected to increase to 51.8% in 2025 [9][10] - 2024 Operating Expenses: Sales, management, and R&D expenses increased by 0.20, 0.35, and 0.20 percentage points respectively [6][9] Market Outlook - The company plans to achieve an 8% revenue growth in 2025, with a gross margin of 51.78% [7] - The company has implemented several reforms to support sales, including launching a new product line and enhancing marketing strategies [5][6]

2025 年 4 月 1 日 公司研究 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,450 | 2,387 | 2,579 | 2,740 | 2,868 | | 营业收入增长率 | -3.86% | -2.56% | 8.02% | 6.27% | 4.68% | | 归母净利润（百万元） | 827 | 799 | 878 | 939 | 991 | | 归母净利润增长率 | -8.03% | -3.29% | 9.82% | 6.99% | 5.48% | | EPS（元） | 0.72 | 0.69 | 0.76 | 0.81 | 0.86 | | ROE（归属母公司)（摊薄） | 10.03% | 9.19% | 9.66% | 9.62% | 9.46% | | P/E | 18.7 | 19.4 | 17.6 | 16.5 | 15.6 | | P/B | 1.9 | 1.8 | 1.7 | 1.6 | 1.5 | 24Q4 业绩承压，静待调整 ...

21世纪经济报道记者贺泓源、实习生谭伊亭 报道 榨菜销量下滑背后是，消费复苏偏缓。此前被寄予厚望的2元包性价比产品占比虽有提升，但未能救 市。 2023年末，高翔上任涪陵榨菜新董事长，随后调整打法。上半年，该公司聚焦组织/薪酬等调整，下半 年开启销售变革，推广2元小包装性价比产品并加大地推等费用投放。 但2元产品并未拯救涪陵榨菜销售额，大量投放还加重了营销成本，最终影响了净利润。 2024年，涪陵榨菜毛利率为51.0%，同比增长0.3pct，其中四季度同比下滑7.3pct 至43.4%。2024年毛利 率提升主要原因为原材料青菜头及半成品平均成本下降，四季度因买赠等地推费用集中确认、折减收 入，导致毛利率显著承压。 2024年，涪陵榨菜销售费率同比提升0.2pct至13.6% ，其中四季度同比下滑0.9pct至12.3%。该公司在下 半年起确定收入目标导向，加大费用投放力度，管理费率同比提升0.4pct至3.9%，其中四季度同比提升 2.7pct至7.6%。最终，2024年归母净利率同比下滑0.3pct 至33.5%。 性价比浪潮正在冲击曾经的性价比产品代表涪陵榨菜（002507）。 2025年3月28日，涪 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][6][7]. Core Views - The company experienced a decline in Q4 revenue and profit, with revenue and net profit down by 14.77% and 23.12% year-on-year, respectively. This decline was attributed to the timing of revenue recognition, reduced marketing expenses during the off-season, and decreased consumer stockpiling demand [1][6][7]. - For 2025, the company has set a revenue growth target of 8%, expecting profit growth to outpace revenue growth. The company aims to strengthen its competitive advantages and improve channel management and internal efficiency [1][6][7]. - The current market expectations are low, and the company's valuation is at a historical low. The company has sufficient cash reserves and plans to significantly increase dividends to enhance shareholder returns [1][6][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2.387 billion yuan, a decrease of 3% year-on-year, and a net profit of 799 million yuan, also down by 3% year-on-year. The Q4 revenue was 425 million yuan, reflecting a significant decline [5][7]. - The company’s gross margin for 2024 was 50.99%, with a net margin of 33.49%. The gross margin in Q4 was 43.38%, impacted by revenue decline and rigid production costs [5][6][7]. - The company plans to maintain a gross margin of 51.8% in 2025, with operating costs expected to grow by 6.25% [6][7]. Product and Market Strategy - The company is focusing on optimizing its product structure, with the pickled vegetable segment showing promising performance. The revenue from pickled vegetables increased by 2.2% year-on-year, while the revenue from radishes decreased significantly [5][6]. - The company is implementing a strategy to reclaim market share through product improvements and new product launches, particularly in the condiment and prepared food sectors [6][7]. Shareholder Returns - The company plans to increase its dividend payout significantly, with a dividend of 485 million yuan planned for 2025, reflecting a payout ratio of 60.6% [5][6][7]. - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 0.76 yuan and 0.77 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 18 times for 2025 [1][6][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company is expected to face slight pressure in Q4 2024, with projected revenues and net profits of 2.387 billion and 799 million yuan respectively, reflecting year-on-year declines of 2.56% and 3.29% [1]. - The company aims for an 8% revenue growth target for 2025, with a gross margin target of 52%, indicating a slight improvement from the previous year [3]. - The company plans to distribute a cash dividend of 485 million yuan, which constitutes 60.63% of the net profit attributable to the parent company for 2024 [3]. Revenue and Profitability - The company's revenue from various products in 2024 is projected as follows: pickled mustard greens at 2.044 billion yuan (down 1.50%), radishes at 460 million yuan (down 24.44%), pickled vegetables at 2.30 billion yuan (up 2.20%), and others at 620 million yuan (down 26.00%) [1]. - The average revenue per distributor increased by 19.89% to 905,300 yuan per distributor, despite a net decrease of 607 distributors to 2,632 [2]. - The gross margin and net margin for 2024 are expected to increase by 0.27 and decrease by 0.25 percentage points to 50.99% and 33.49% respectively [2]. Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 2.578 billion, 2.770 billion, and 2.973 billion yuan respectively, with growth rates of 8%, 7%, and 7% [3]. - The net profit attributable to the parent company is forecasted to be 871.7 million, 940.43 million, and 1.01362 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 9%, 8%, and 8% [3]. - The report provides a detailed financial summary, including EBITDA and earnings per share (EPS) projections for the coming years [4][11].