国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——涪陵榨菜（002507）2024 年三季报点评 | --- | --- | |-----------------------------------|-------| | | | | [table_Authors] 訾猛 ( 分析师 ) | | | | | | 021-38676442 | | | zimeng@gtjas.com | | | 登记编号 S0880513120002 | | | --- | --- | |------------------------|-------| | | | | | | | | | | | | | 021-38032032 | | | xuyang022481@gtjas.com | | | S0880520120008 | | 本报告导读： 2024Q3 业绩超预期。在让利消费者的带动下，我们看好公司重新抢占市场份额，保 障中长期超额收益。 公 司 更 新 报 告 投资要点： [Table_Summary] 维持"增持"评 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 15.8 CNY, while the current price is 14.60 CNY [1][2]. Core Views - The company has shown a gradual shift towards change, with expectations for accelerated transformation. The revenue for the first three quarters of 2024 reached 1.96 billion CNY, a year-on-year increase of 0.6%, while the net profit attributable to shareholders was 670 million CNY, up 1.7% year-on-year [1][2]. - In Q3 alone, revenue was 657 million CNY, reflecting a 6.8% year-on-year growth, and net profit attributable to shareholders was 223 million CNY, an increase of 17.9% year-on-year [1][2]. Financial Performance Summary - The company reported a gross margin of 56.2% in Q3, which is an increase of 10.5 percentage points year-on-year, primarily due to the confirmation of low-cost raw materials purchased earlier in the year [2]. - The sales expense ratio increased to 17.2%, up 5.5 percentage points year-on-year, attributed to heightened marketing investments starting from June [2]. - The net profit margin for Q3 was 33.9%, an increase of 3.2 percentage points year-on-year [2]. Future Outlook - The company is expected to continue its positive momentum into the first half of 2025, driven by a new management team that is actively addressing market challenges and enhancing marketing strategies [2]. - The report emphasizes the importance of maintaining market share and the potential for mid-term growth if new product strategies are effectively implemented [2]. Financial Projections - The projected total revenue for 2024 is 2.495 billion CNY, with a year-on-year growth rate of 1.8% [3]. - The estimated earnings per share (EPS) for 2024 is 0.74 CNY, with a price-to-earnings (P/E) ratio of 20 [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [2][5]. Core Insights - The company achieved a revenue of 1.962 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 0.56%. The net profit attributable to the parent company was 671 million yuan, up 1.74% year-on-year [2]. - In Q3 2024, the company reported a revenue of 657 million yuan, a year-on-year increase of 6.81%, and a net profit of 223 million yuan, which is a 17.88% increase year-on-year [2]. - The gross margin for Q3 2024 was 56.17%, an increase of 10.48 percentage points year-on-year, primarily due to a decrease in raw material costs [2]. - The report indicates an upward adjustment in profit forecasts for 2024-2026, with expected revenues of 2.484 billion, 2.707 billion, and 2.945 billion yuan, and net profits of 852 million, 988 million, and 1.066 billion yuan respectively [2]. Financial Projections - The company's earnings per share (EPS) are projected to be 0.74 yuan in 2024, 0.86 yuan in 2025, and 0.92 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 19.8, 17.1, and 15.8 [2][4]. - The report highlights a gradual stabilization in revenue, with profit elasticity expected to accelerate due to the utilization of low-cost raw materials [2]. Market Position - The company has increased its market investment, leading to a rise in sales expense ratio, which is expected to contribute to revenue growth in Q3 2024 [2]. - The report notes that the company’s stock price as of October 29, 2024, was 14.60 yuan, with a market capitalization of approximately 16.847 billion yuan [2].

公司监事：肖大波 陈通 张婉华 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，公司监事会对公司 2024 年第三季度报告进行了认真审核，发 表审核意见如下: 2024 年 10 月 30 日 重庆市涪陵榨菜集团股份有限公司监事会 关于公司2024年第三季度报告的审核意见 经审核，监事会认为董事会编制和审核公司2024年第三季度报告的程序符合 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。 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥656,538,550.87, an increase of 6.81% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥222,602,527.15, reflecting a growth of 17.88% year-over-year[4]. - The net profit excluding non-recurring gains and losses was ¥212,173,139.19, up 23.80% from the previous year[4]. - The company reported a net cash increase of CNY -608,933,496.23, a decline of 868.33% compared to the previous year, mainly due to increased construction expenditures[9]. - The net profit for the third quarter of 2024 was CNY 670,769,824.91, an increase from CNY 659,328,157.33 in the same period last year, representing a growth of approximately 1.08%[19]. - Operating profit for the quarter was CNY 792,223,905.48, compared to CNY 779,232,462.07 in the previous year, indicating an increase of about 1.27%[19]. - The company reported a total profit of CNY 793,032,326.72 for the quarter, up from CNY 779,040,543.81 in the previous year, which is an increase of about 1.27%[18]. Cash Flow - The operating cash flow for the year-to-date period increased significantly by 88.93%, totaling ¥490,756,550.28[4]. - The cash flow from operating activities generated a net amount of CNY 490,756,550.28, which is an increase from CNY 259,751,096.59 in the same period last year[21]. - The net cash flow from operating activities rose by 88.93% to CNY 490,756,550.28, attributed to reduced payments for raw materials and sales expenses[8]. - The total cash inflow from investment activities was CNY 4,356,407,723.70, down from CNY 5,110,127,883.48 in the previous year, indicating a decrease of about 14.74%[21]. - The total cash outflow from investment activities was CNY 5,109,047,166.10, compared to CNY 4,951,689,471.51 in the previous year, indicating an increase of about 3.18%[21]. - The net increase in cash and cash equivalents for Q3 2024 was -608,933,496.23 CNY, compared to an increase of 79,253,888.91 CNY in the same period last year[22]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥9,116,729,454.38, representing a 3.96% increase from the end of the previous year[4]. - The company's equity attributable to shareholders rose to ¥8,569,001,329.76, a 3.94% increase year-over-year[4]. - The total liabilities amounted to ¥547,728,124.62, up from ¥524,986,239.96, reflecting an increase of approximately 4.3%[15]. - Non-current assets totaled ¥1,882,232,553.17, compared to ¥1,835,240,977.33 at the beginning of the period, marking an increase of about 2.55%[14]. - The company's deferred income tax liabilities increased by 54.83% to CNY 8,720,905.73, primarily due to accrued interest from financial products[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 100,227[10]. - The largest shareholder, Chongqing Fuling State-owned Assets Investment and Operation Group Co., Ltd., holds 35.26% of the shares[10]. Inventory and Receivables - Accounts receivable increased dramatically by 1236.42% to ¥140,363,790.60 due to increased credit limits offered to customers[7]. - Inventory levels rose by 17.74% to ¥583,227,074.00, primarily due to increased raw material purchases[7]. - Inventory levels increased to ¥583,227,074.00 from ¥495,370,121.54, showing a rise of approximately 17.7%[13]. - Accounts receivable at the end of the period stood at ¥140,363,790.60, significantly up from ¥10,502,991.40, reflecting a growth of approximately 1,333.5%[13]. Research and Development - R&D expenses increased by 91.93% to CNY 6,613,106.97, primarily due to the development of automated equipment for pickled vegetables and new product research[8]. - Research and development expenses increased to CNY 6,613,106.97 from CNY 3,445,543.93, marking a significant rise of approximately 91.88%[18]. Construction and Investments - The company reported a significant increase in construction in progress, which rose by 77.60% to ¥245,520,385.40, attributed to investments in a new production facility[7]. - Cash paid for the construction of fixed assets increased by 207.70% to CNY 159,047,166.10, mainly for the green intelligent production base project[8]. - The net cash flow from investment activities was CNY -752,639,442.40, a significant decrease of 575.04% year-on-year, due to increased construction spending[8]. Other Income and Expenses - Other income surged by 424.38% to CNY 17,326,701.53, mainly from increased government subsidies related to advanced manufacturing[8]. - Investment income decreased by 63.78% to CNY 18,757,466.72, primarily due to lower returns from fixed-income financial products[8]. - The company's financial expenses showed a net income of CNY 77,740,168.10, compared to CNY 74,746,648.35 in the previous year, reflecting an increase of approximately 4.00%[18]. Audit Status - The Q3 2024 report has not been audited[22].

证券代码：002507 证券简称：涪陵榨菜 编号：2024-012 重庆市涪陵榨菜集团股份有限公司 2024 年 10 月 15 日-16 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|------------------------------------------------------------------------------|----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 \n | □特定对象调研 □分析师会议 \n□媒体采访 \n□新闻发布会 □路演活动 \n☑ 现场调研 | □业绩说明会 \n □其他 | | | | 本次现场参与调研名单如下 ...

证券代码：002507 证券简称：涪陵榨菜 编号：2024-011 重庆市涪陵榨菜集团股份有限公司 2024 年 9 月 20 日、23 日投资者关系活动记录表 | --- | --- | --- | --- | |--------------|------------------------------|---------------------------|------------------------------| | | | | | | | | □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 | | | | 本次参与调研人员名单见下表： | | | | | 序号 | 姓名 | 所属机构 | | | 1 | 赵睿 | 知远投资 | | | 2 | 杨润超 | 个人 | | | 3 | 齐放 | 深圳前海世传国际 | | | 4 | 侯俊州 | 德瑞恒泰投资基金 | | | 5 | 陈亮 | 知远投资 | | | 6 | 程殊 | 深圳世纪量子 | | | 7 | 魏 ...

证券代码：002507 证券简称：涪陵榨菜 公告编号：2024-041 营业执照变更情况如下： 关于完成工商变更登记并换领营业执照的公告 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。 一、工商变更情况 | 项 目 | 变更前 | 变更后 | | --- | --- | --- | | 统一社会信用 | 91500102208552322T | 未变更 | | 代码 | | | | | 重庆市涪陵榨菜集团股份有限 | | | 名称 | 公司 | 未变更 | | 类型 | 股份有限公司（上市公司） | 股份有限公司（上市、国有控股） | | 法定代表人 | 高翔 | 未变更 | | 注册资本 | 壹拾壹亿伍仟叁佰玖拾壹万玖 | 未变更 | | | 仟零贰拾捌元整 | | | 成立日期 | 1988年04月30日 | 未变更 | | 住所 | 重庆市涪陵区江北街道办事处 二渡村一组 | 重庆市涪陵区江北街道办事处二渡 | | | | 村一组 | | | | 经营场所：重庆市涪陵区蔺市街道桃 | | | | 园村2组92号、重庆市涪陵区聚龙大 | | | | 道46 ...

证券代码：002507 证券简称：涪陵榨菜 编号：2024-010 重庆市涪陵榨菜集团股份有限公司 2024 年 9 月 9 日-10 日投资者关系活动记录表 | --- | --- | --- | --- | |----------------------------|------------|------------------------------|-------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 \n | ☑ 现场参观 | □特定对象调研 | □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n☑ 其他 投资者线上交流 | | | | 本次参与调研人员名单见下表： | | | | | | 序号 姓名 公司 | | | 1 | 周光远 | 平安养老保险股份有限公司 | | | 2 | 张大印 | 招商基金管理有限公司 | | | 3 | 元梓槐 # | 深圳市前海海富资产管理有限公司 | | | 4 | 刘梦连 | 进门财经 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 涪陵榨菜（002507.SZ） H1 榨菜稳健&渠道调整，H2 成本红利可期 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 2,548 | 2,450 | 2,593 | 2,783 | 2,972 | 股票信息 | | | 增长率 yoy （ % ） | 1.2 | -3.9 | 5.9 | 7.3 | 6.8 | | | | 归母净利润（百万元） | 899 | 827 | 888 | 956 | 1,026 | 行业 | 食品饮料 | | 增长率 yoy （ % ） | 21.1 | -8.0 | 7. ...