Investment Rating - The report maintains a "Recommendation" rating for Fuling Zhacai (002507) [1][5] Core Views - The company experienced a decline in revenue in Q4, impacting the overall annual performance, with a total revenue of 2,387 million yuan in 2024, down 2.6% year-on-year [5] - The company plans to increase its dividend payout, proposing a cash dividend of 4.20 yuan per 10 shares, resulting in a dividend yield of 2.97% [5] - The report highlights the company's strong brand position and cash flow, suggesting potential for recovery and growth if operational adjustments are effectively implemented [5] Financial Summary - **2024 Financial Performance**: - Total Revenue: 2,387 million yuan, down 2.6% YoY - Net Profit: 799 million yuan, down 3.3% YoY - Q4 Revenue: 425 million yuan, down 14.8% YoY - Q4 Net Profit: 129 million yuan, down 23.1% YoY [5][6] - **2025 Financial Projections**: - Expected Revenue: 2,478 million yuan, growth of 3.8% - Expected Net Profit: 843 million yuan, growth of 5.4% - EPS Forecast: 0.73 yuan [1][5] - **Valuation Metrics**: - P/E Ratio: 20 for 2024, decreasing to 17 by 2027 - P/B Ratio: 1.8 for 2024, decreasing to 1.6 by 2027 [1][5] Market Performance - The company's stock price as of March 28, 2025, is 13.82 yuan, with a target price set at 15.8 yuan, indicating a potential upside [2][5]

2025 年3 月28 日，涪陵榨菜发布2024 年年报，2024 年实现营收23.87 亿元（同减3%），归母净利润 7.99 亿元（同减3%），扣非归母净利润7.32 亿元（同减3%）。其中2024Q4公司营收4.25 亿元（同减 15%），归母净利润1.29 亿元（同减23%），扣非归母净利润0.95 亿元（同减38%），业绩边际承压与 经销商进货节奏调整有关。 投资要点 终端货折影响毛利，低价原材料持续投入使用2024Q4 公司毛利率同减7pct 至43.38%，四季度低价青菜 头已投入使用，毛利率下滑主要系公司终端产品进行价格折让所致，目前低价原料储备预计可使用至 2025Q2，终端动销平稳，预计2025 年毛利率边际回升，2024Q4 销售/管理费用率分别同比-1pct/+3pct 至12.26%/7.58%，净利率同减3pct 至30.28%。 榨菜主品表现平稳，泡菜销量大幅提升 2024 年榨菜/萝卜营收分别为20.44/0.46 亿元,分别同减2%/24%，营销政策调整致使销售边际承压，目前 公司针对新品进行包装/品质/口味优化，萝卜已经开始试销，逐步对接上市铺货。2024 年泡菜营收2.3 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4][9] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on product and channel structure optimization to improve performance [4][5] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% in Q4 2024, primarily due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025 due to stable terminal sales and sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was 2.044 billion yuan, down 2%, while the revenue from pickled radish was 46 million yuan, down 24% [6] - The company saw a 2% increase in revenue from pickled cabbage, reaching 230 million yuan, driven by a 16% increase in sales volume [6] Channel Strategy - Revenue from direct sales and distribution channels was 151 million yuan and 2.232 billion yuan, respectively, both showing a decrease [7] - The company is expanding its restaurant channel and optimizing its internal assessment methods to better align with market demands [7] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 17, and 16 times [9][11]

上 市 公 司 公 司 研 究 食品饮料 | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 7.54 | | 资产负债率% | 7.41 | | 总股本/流通 A 股（百万） | 1,154/1,149 | | 流通 B 股/H 股（百万） | -/- | 2025 年 03 月 30 日 涪陵榨菜 (002507) 一年内股价与大盘对比走势： 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11-28 12-28 01-28 02-28 -20% -10% 0% 10% 20% 30% 涪陵榨菜 沪深300指数 (收益率) 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com ——24 年经营稳定 25 年关注改革与新品 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on optimizing product and channel structures to improve performance [5][6] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025, supported by sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was stable, while the sales of pickled cabbage increased significantly [6] - The company is optimizing packaging, quality, and taste for new products, with a focus on improving cost-performance ratios [6] Channel Strategy - The company is enhancing its restaurant channel layout and expanding its team, with direct sales and distribution channel revenues showing slight declines [7] - The company is transitioning to a results-oriented assessment approach for its internal teams to better align with market demands [7] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 17, and 16 times [9] - Revenue is projected to grow to 2.578 billion yuan in 2025, reflecting an 8% increase [11]

证券研究报告 24 年经营承压，期待 25 年变革成效 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 29 日│中国内地 | 食品饮料 | 2024 年营收/归母净利/扣非净利 23.9/8.0/7.3 亿，同比-2.6%/-3.3%/-3.1%； 对 应 24Q4 营 收 / 归 母 净 利 / 扣 非 净 利 4.2/1.3/1.0 亿 ， 同 比 -14.8%/ -23.1%/-37.6%，低于前次业绩快报（前次快报收入/归母净利润 24.1/8.2 亿 元），系受收入/费用确认节奏影响。 Q4 公司聚焦库存优化、蓄力新年，且 买赠等推广力度加大（直接折减收入），导致收入同比承压；利润端，青菜 头价格走低拉动 24 年毛利率同比+0.3pct，Q4 受货折集中确认等因素毛利 率同比-7.3pct， 24 年公司费用投放较多，盈利能力整体承压（24 年/24Q4 净利率同比-0.3/-3.3pct）。展望 25 年，公司经营有望随宏观经济回暖逐步 好转，青菜头价格维持低位，盈利能力仍有望继续上行，维持"买入"。 榨菜量跌价稳， ...

Financial Overview - The total operating revenue for the company in 2024 was 2.387 billion yuan, a decrease of 2.56% year-on-year [2] - The net profit attributable to shareholders was 799 million yuan, down 3.29% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 732 million yuan, a decline of 3.13% year-on-year [2] - In Q4, the operating revenue was 425 million yuan, a decrease of 14.77% year-on-year [2] - The net profit for Q4 was 129 million yuan, down 23.12% year-on-year [2] - The net profit after deducting non-recurring gains and losses for Q4 was 95.15 million yuan, a decline of 37.64% year-on-year [2] Profitability Analysis - Despite the decline in revenue and net profit, the gross margin remained high at 50.99%, an increase of 0.54% year-on-year [3] - The net profit margin was 33.49%, a decrease of 0.75% year-on-year [3] - Earnings per share were 0.69 yuan, down 4.17% year-on-year [3] Cash Flow Situation - The operating cash flow per share was 0.71 yuan, an increase of 87.59% year-on-year [4] - The significant growth in cash flow was attributed to increased government subsidies and reduced brand expenses [4] - The monetary funds amounted to 3.272 billion yuan, a decrease of 11.10% year-on-year [4] Expenses and Assets - The total of the three expenses (selling, administrative, and financial) was 316 million yuan, accounting for 13.23% of revenue, an increase of 3.0% year-on-year [5] - Accounts receivable were 8.191 million yuan, down 22.01% year-on-year [5] - Interest-bearing liabilities were 12.6771 million yuan, an increase of 7.13% year-on-year [5] - Construction in progress increased by 199.31% year-on-year, mainly due to investments in the green intelligent production base project [5] Development Prospects - The company is a leading player in the condiment industry, with strong brand advantages and extensive sales channels [6] - Future strategies include technological innovation and smart manufacturing upgrades to enhance efficiency and product value [6] - The company faces challenges such as raw material price fluctuations and food safety risks, but is implementing measures to mitigate these risks [6] Summary - Overall, the company's performance in 2024 showed a decline, but it excelled in cash flow management and cost control [7] - The company aims to enhance market competitiveness and achieve diversified development through innovation and channel expansion [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 2.56% year-on-year, and a net profit attributable to shareholders of 799 million yuan, down 3.29% year-on-year. The fourth quarter of 2024 saw a revenue of 425 million yuan, a decline of 14.77% year-on-year, with a net profit of 129 million yuan, down 23.12% year-on-year. The company aims for a revenue target of 2.578 billion yuan in 2025, representing an 8% increase [1][4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 51.0%, an increase of 0.27 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of raw materials. However, the net profit margin decreased by 0.25 percentage points to 33.5% due to rising expense ratios [3]. Product and Sales Analysis - Revenue from main products in 2024 was as follows: pickled mustard greens 2.044 billion yuan (down 1.5%), radish 46 million yuan (up 277.2%), pickled vegetables 230 million yuan (down 79.5%), and others 62 million yuan (down 26.0%). In the second half of 2024, revenue from pickled mustard greens was 927 million yuan (down 3.8%) [2]. Regional Performance - Revenue by region in 2024 was: North China 250 million yuan (down 5%), Northeast 90 million yuan (up 11%), East China 430 million yuan (down 3%), Central China 310 million yuan (flat), Southwest 220 million yuan (up 1%), Northwest 170 million yuan (down 6%), Central Plains 210 million yuan (down 7%), South China 650 million yuan (down 3%), and exports 50 million yuan (up 1%) [2]. Strategic Focus - The company emphasizes a "dual-wheel drive" strategy focusing on pickled mustard greens and Doubanjiang (spicy bean paste), aiming for high-quality development. The company plans to optimize products, strengthen channels, and deepen reforms in 2025 [3]. Dividend Policy - In 2024, the company distributed a total cash dividend of approximately 485 million yuan, with a payout ratio of 60.63%, significantly higher than in 2022-2023, resulting in a dividend yield of 2.97% [3]. Profit Forecast - The company expects to see a net profit growth of 9.5% in 2025, reaching 875 million yuan, with further growth projected at 9.0% and 11.4% for 2026 and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company emphasizes shareholder returns and anticipates cost benefits in the future. The revenue for 2024 is projected at 2.387 billion yuan, a decrease of 2.56% year-on-year, with a net profit of 799 million yuan, down 3.29% year-on-year. The company aims for a revenue target of 2.578 billion yuan in 2025, representing an 8% increase [1][4]. Financial Performance - In 2024, the company achieved revenues of 2.044 billion yuan from pickled vegetables, with a year-on-year decline of 1.5%. The revenue from other products like radishes and pickled vegetables showed significant fluctuations, with radishes increasing by 277.2% while pickled vegetables dropped by 79.5% [2]. - The gross margin for 2024 was 51.0%, an increase of 0.27 percentage points, primarily due to a 31% decrease in the purchase price of raw materials [3]. - The company reported a net profit margin of 33.5%, down 0.25 percentage points from the previous year, attributed to rising expense ratios [3]. Future Outlook - The company plans to optimize its main products and expects accelerated growth due to a low base in 2024. The successful launch of optimized packaging and materials for its main pickled vegetable products is anticipated to drive revenue growth [4]. - The company forecasts net profits for 2025-2027 to grow by 9.5%, 9.0%, and 11.4%, reaching 880 million, 950 million, and 1.06 billion yuan respectively [4]. Shareholder Returns - In 2024, the company distributed approximately 485 million yuan in cash dividends, with a payout ratio of 60.63%, marking a significant increase compared to previous years. The dividend yield stands at 2.97% [3].

Core Viewpoint - Chongqing Fuling Zhacai Group Co., Ltd. announced its profit distribution plan for the year 2024, proposing a cash dividend of approximately 484.65 million yuan, reflecting a significant increase from the previous year's dividend of 346.18 million yuan [1][2][3] Summary by Sections 1. Review Procedure - The company's board of directors approved the profit distribution proposal on March 27, 2025, which will be submitted to the 2024 annual shareholders' meeting for review [1]. 2. Profit Distribution and Capital Reserve Transfer - The company reported a consolidated net profit of 799.35 million yuan for 2024, with a net profit attributable to shareholders of 594.22 million yuan. The total distributable profit at the end of 2024 was 4.14 billion yuan for the consolidated statements and 2.15 billion yuan for the parent company [1][2]. 3. Cash Dividend Plan - The proposed cash dividend of 484.65 million yuan will be distributed to shareholders, with the remaining profits retained for operational needs. No stock dividends or capital reserve transfers are planned for this year [2][3]. - The cash dividend represents an increase of approximately 40% compared to the previous year's total of 346.18 million yuan [2]. 4. Reasonableness of Cash Dividend Plan - The company emphasized that the cash dividend plan aligns with its commitment to providing reasonable returns to investors while ensuring sustainable development. The proportion of certain asset categories to total assets has remained below 50% over the last two years, supporting the decision to retain profits for operational needs [3][4].