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].

重庆市涪陵榨菜集团股份有限公司 2024 年度内部控制评价报告 重庆市涪陵榨菜集团股份有限公司 2024 年度内部控制评价报告 重庆市涪陵榨菜集团股份有限公司全体股东： 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或 对控制政策和程序遵循的程度降低，根据内部控制评价结果推测未来内部控制的有效性具有 一定的风险。 二、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，公司不 存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体系和相关规 定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日，公司未 发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部控制有效性 评价结论的因素。 1 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 ...

重庆市涪陵榨菜集团股份有限公司 2024 年度董事会工作报告 2024 年，重庆市涪陵榨菜集团股份有限公司（以下简称"公司"）董事会 严格按照《公司法》《证券法》等法律法规及《公司章程》《公司董事会议事规 则》的相关规定，严格履行了股东大会赋予董事会的职责，勤勉尽责地开展各项 工作，引领公司持续健康发展，切实维护股东权益。 现将公司董事会 2024 年度工作情况及 2025 年度工作计划报告如下： 一、2024 年公司总体经营情况 2024 年，集团公司直面外部环境挑战，在党委和经营班子领导下，坚持"稳 住榨菜，夯基拓新"战略不动摇，聚焦榨菜品类优化和多元化发展，推动技术创 新与降本增效，打通研产供销传全链路，有序推进各板块、各条线工作，取得良 好的经营成效。 在销售领域，公司积极改革销售组织架构、优化激励模式，全面激发了队伍 活力与战斗力，通过完善客户布局优化经销商管理和渠道建设，同时大力拓展线 上渠道、出口渠道、餐饮渠道等新兴增长领域，取得较好销售实绩；在产品生产 领域，公司以高质量、柔性化为导向，推进设备优化和技改，推动集团质量监管 模式一体化，提升了整体质量水平和生产效率；在采购领域，公司合理规划收购 ...