金融界4月29日消息，上证指数低开震荡，中证食品主题指数 (食品主题，931728)报1013.94点。 从中证食品主题指数持仓样本的行业来看，调味品与食用油占比41.76%、其他食品占比31.62%、休闲 食品占比16.80%、肉制品占比9.82%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证食品主题指数十大权重分别为：海天味业（14.08%）、双汇发展（9.82%）、安 琪酵母（7.63%）、金龙鱼（6.52%）、新诺威（5.88%）、安井食品（5.57%）、中炬高新（4.36%）、 莲花控股（4.29%）、汤臣倍健（3.95%）、涪陵榨菜（3.77%）。 从中证食品主题指数持仓的市场板块来看，上海证券交易所占比51.83%、深圳证券交易所占比 48.17%。 数据统计显示，中 ...

Group 1 - The core point of the article is that Fuling Zhacai plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to expand its business amid declining performance [1][3] - The acquisition is part of a strategy to address the company's declining revenue and profit, as Fuling Zhacai has experienced a decrease in both metrics for two consecutive years [1][3] - Weizimei, established in June 2018, specializes in the research, production, and sales of Sichuan-style compound seasonings and prepared dishes, with projected revenues of 284 million yuan and 265 million yuan for 2023 and 2024, respectively [1] Group 2 - Fuling Zhacai's revenue fell by 3.86% in 2023, and net profit decreased by 8.04%, with further declines expected in 2024, where revenue is projected to be 2.56% lower and net profit down by 3.29% [1][3] - The company's flagship product, pickled vegetables, has seen a decline in sales, with total sales dropping to 111,000 tons in 2024, a decrease of 1.7% [3] - In response to market challenges, Fuling Zhacai is focusing on external acquisitions to enhance its product range and sales channels, aiming to improve its competitive position in the industry [3]

Core Viewpoint - In Q1 2025, Fuling Zhacai reported a revenue of 710 million yuan, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 270 million yuan, a slight increase of 0.2% [1] Group 1: Financial Performance - The gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of green vegetable heads in 2024 [2] - The net profit margin reached 38.19% in Q1 2025, reflecting a year-on-year increase of 1.9 percentage points [2] - The sales expense ratio was 12.94%, up 0.72 percentage points year-on-year, attributed to the company's "targeted explosion" city projects and related brand advertising [2] Group 2: Strategic Development - The company is enhancing its e-commerce and catering channels, with a focus on product planning, pricing discounts, and live streaming promotions for e-commerce in 2025 [3] - The catering channel division has shown rapid growth, exceeding 100 million yuan in revenue in 2024, and the company plans to manage large packaging products to maintain balance between catering and household markets [3] - Fuling Zhacai aims to expand into "Zhacai+" and related categories through mergers and acquisitions, with a planned acquisition of 51% of Sichuan Weizimei Food Technology Co., Ltd. to enhance market reach and profitability [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, estimating net profits of 878 million, 939 million, and 991 million yuan respectively, translating to EPS of 0.76, 0.81, and 0.86 yuan [4] - The current stock price corresponds to PE ratios of 18x, 17x, and 16x for 2025-2027 [4]

Core Viewpoint - Fuling Pickles is pursuing the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to address declining performance amid intense market competition and to enhance its growth strategy through mergers and acquisitions [2][7]. Financial Performance - In 2024, Fuling Pickles reported a revenue of 2.387 billion yuan, a year-on-year decline of 2.56%, and a net profit attributable to shareholders of 799 million yuan, down 3.29% [2]. - For Q1 2024, the company achieved a revenue of 713 million yuan, a decrease of 4.75%, while the net profit slightly increased by 0.24% to 272 million yuan [2]. Market Competition - The company faces significant pressure due to fierce competition in a low-barrier industry, with many competitors like Huaitong, Tongqianqiao, and Yiquan also impacting market dynamics [3]. Production Capacity and Utilization - Fuling Pickles has struggled with production capacity expansion, with only 10.94% of the planned capacity for the "Wujiang Fuling Pickles Green Intelligent Production Base" completed after five years [4]. - The utilization rate of the Northeast production base is alarmingly low, at less than 37%, with a notable decline in sales volume for products like radishes, which dropped by 29.79% year-on-year [4]. Distributor Network - The number of distributors decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, marking an 18.74% decline, with the South China region experiencing a drastic reduction of 58.41% [8][9]. Acquisition Details - Weizimei, established in June 2018, has total assets of 203 million yuan and a net profit of approximately 39.62 million yuan for 2024, despite a decline in revenue [10]. - Fuling Pickles aims to leverage the acquisition to expand its product offerings and enhance its market competitiveness, although long-term sustainable growth will depend on various factors beyond the acquisition [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 51% stake in Weizimei, expanding into the prepared food sector [1][6] - The first quarter of 2025 showed a slight decline in revenue and profit, with revenue and net profit at 710 million and 270 million yuan respectively, reflecting a year-on-year change of -4.8% and +0.2% [3][4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 890 million, 960 million, and 1,035 million yuan, representing year-on-year growth of +11.6%, +7.8%, and +7.6% respectively [3][5] Financial Performance - In Q1 2025, the company experienced a revenue decline due to seasonal factors, but it continues to expand its product range across multiple price points, which is expected to enhance competitive strength [4] - The gross margin and net margin for Q1 2025 improved to 55.96% and 38.19%, respectively, primarily due to a decrease in procurement costs for key ingredients [5] - The company anticipates an 8% revenue growth for 2025, with a planned gross margin of 51.78% [5] Acquisition Strategy - The acquisition of Weizimei is expected to complement the company's distribution channels and support long-term growth potential [6]

超配（维持） 政策预期强化，关注景气细分 食品饮料行业深度报告 2025 年 4 月 28 日 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 证 券 深 度 研 究 食品饮料行业 研 究 报 告 ◼ 外部不确定性增加+国内政策定调积极，行业重视度提升。近期外部 不确定性增加，提振内需或将成为推动国内经济增长的重要一环。叠 加国内消费定调积极，食品饮料业绩受海外市场影响较小，行业重视 度提升。 ◼ 白酒板块：根据酒业家调研数据显示，今年春节白酒动销同比下滑10% 左右。节后，步入酒企销售淡季，主要以控货挺价为主。从酒企 ...

中国经济网北京4月28日讯涪陵榨菜（002507）(002507.SZ)4月26日发布发行股份及支付现金购买资产 预案。涪陵榨菜拟向陈伟、漆桂彬、范鹏杰、杜弘坤、尼海峰发行股份及支付现金购买其持有的味滋美 51%股权。 截至预案签署日，本次交易标的资产的审计、评估工作尚未完成，本次交易标的资产的交易价格尚未确 定。标的资产的最终交易价格以符合法律法规规定的资产评估机构出具的评估报告所载明的、且经国有 资产监督管理部门或其授权机构核准/备案的截至评估基准日的评估值为基础，由双方协商确定。 本次发行股份购买资产发行的股票种类为境内上市人民币普通股A股。每股面值为人民币1.00元，上市 地点为深交所。 本次发行股份及支付现金购买资产的交易对方在交易前与上市公司及其关联方之间不存在关联关系，本 次交易完成后各交易对方预计持有上市公司股份不会超过5%。根据《上市规则》的相关规定，本次交 易预计不构成关联交易。 截至预案签署日，上市公司控股股东为涪陵国投，实际控制人为涪陵区国资委。本次交易前36个月内， 上市公司实际控制人未发生变更。本次交易不会导致上市公司控制权发生变更，不构成重组上市。 公告显示，味滋美主要从事川味复 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company experienced a revenue decline of 4.75% in Q1, while profit improved by 0.24%, indicating pressure on revenue but an enhancement in profitability [1][6] - The acquisition of a 51% stake in Weizimei through a combination of equity and cash is expected to accelerate the company's diversification in product categories and channels [1][6] - The company has been strengthening its competitive advantages and improving channel management and internal efficiency, positioning itself for a recovery in 2025 amid a stable recovery in consumer spending [1][6] - Current market expectations are low, and the company's valuation is at a historical low, suggesting a potential opportunity for investment [1][6] Financial Performance Summary - Q1 total revenue was 713 million, down 4.75% year-on-year, while net profit attributable to the parent company was 272 million, up 0.24% year-on-year [6][8] - The gross margin improved to 56.0%, an increase of 3.85 percentage points year-on-year, primarily due to lower costs of raw materials [6][8] - The company plans to enhance shareholder returns through increased dividends as it enters a mature phase [1][6] Financial Projections - Projected total revenue for 2023 is 2,450 million, with a year-on-year decline of 4%, followed by a slight recovery in 2024 with a projected revenue of 2,387 million [2][15] - The company expects to achieve a net profit of 827 million in 2023, with a projected decline of 8% year-on-year [7][15] - EPS is projected to be 0.72 in 2023, with a gradual increase to 0.79 by 2027 [15]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 15.8 yuan [1][6]. Core Insights - The company continues to face pressure in Q1, with a revenue of 713 million yuan, down 4.8% year-on-year, while the net profit attributable to shareholders is 272 million yuan, up 0.2% year-on-year [6][7]. - The company plans to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd. to enhance its product matrix and sales channels, aiming to improve its competitive advantage [6][7]. - Despite revenue pressures, the company has seen an improvement in profitability, with a gross margin of 56.0%, up 3.8 percentage points year-on-year, driven by continued cost benefits from raw materials [6][7]. Financial Performance Summary - Total revenue is projected to increase from 2,387 million yuan in 2024 to 2,763 million yuan in 2027, with a compound annual growth rate (CAGR) of 6.2% [2][12]. - Net profit attributable to shareholders is expected to grow from 799 million yuan in 2024 to 924 million yuan in 2027, reflecting a CAGR of 6.3% [2][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 yuan in 2024 to 0.80 yuan in 2027 [2][12]. Market Position and Strategy - The company is focusing on internal reforms and external acquisitions to regain growth momentum, with an emphasis on optimizing products and strengthening channels [6][7]. - The acquisition of Weizimei is seen as a strategic move to leverage synergies and enhance overall sales growth [6][7]. - The report suggests monitoring the effects of reforms and sales trends closely throughout the year [6][7].

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is in a transitional phase focusing on stabilizing its core products while exploring new product lines and external growth opportunities. The first quarter performance aligns with expectations, maintaining profit forecasts for the upcoming years [7] - The company aims to leverage its brand, distribution channels, and capital advantages to achieve sustained growth through both organic and external means [7] Financial Summary - For Q1 2025, the company reported total revenue of 713 million yuan, a year-on-year decrease of 4.75%, while the net profit attributable to shareholders was 272 million yuan, showing a slight increase of 0.24% [7] - The projected net profits for 2025, 2026, and 2027 are 844 million yuan, 901 million yuan, and 982 million yuan respectively, reflecting year-on-year growth rates of 5.5%, 6.8%, and 8.9% [6][7] - The company's gross margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, with a net profit margin of 38.19%, up by 1.9 percentage points [7] Market Position and Strategy - The company is focusing on its core products, particularly pickled vegetables and bean paste, while also entering the Sichuan cuisine seasoning market through acquisitions [7] - The acquisition plan involves purchasing a 51% stake in Weizimei, which specializes in Sichuan-style compound seasonings and pre-prepared dishes, indicating a strategic move to enhance its product portfolio [7][8] Stock Performance and Valuation - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 19x for 2025, with a target PE of 23x, suggesting a potential upside of 24% from the current stock price [7] - The company has a strong cash position with over 6 billion yuan in cash and financial assets, and minimal debt, which supports its valuation [7]