证券代码：002507 证券简称：涪陵榨菜 编号：2024-014 重庆市涪陵榨菜集团股份有限公司 2024 年 11 月 4 日-5 日投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|-----------------------------------------------------------------|------------------------------------|--------| | 投资者关系活 \n动类别 | □特定对象调研 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 | □分析师会议 | | | | | □现场参观 √其他 投资者线上会议交流 | | | | 本次参与交流的人员名单如下： | | | | | | 序号 机构 | 姓名 | | | 1 | 信达澳亚 | 李逸凡 | | | 2 | 信达澳亚 | 王天乐 | | | 3 | 信达澳亚 | 刘维华 | | | 4 | 信达澳亚 | 邹运 | | | 5 | 信达澳亚 | 陈莉敏 | | | 6 | 信达澳亚 | 何思璇 | | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown signs of performance recovery, with significant improvements in gross profit due to the use of low-cost raw materials [1] - The company has released its Q3 2024 performance report, indicating a revenue of 6.57 billion yuan for Q3, a year-on-year increase of 7%, and a net profit of 2.23 billion yuan, up 18% year-on-year [1] - The gross margin for Q3 2024 increased by 10 percentage points to 56.17%, driven by the optimization of gross profit performance [1] - The company is actively reforming its marketing strategy and expanding its product range, including the introduction of new products in the e-commerce sector [1] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 19.62 billion yuan, a year-on-year increase of 1%, and a net profit of 6.71 billion yuan, up 2% [1] - The company’s Q3 2024 revenue and net profit figures reflect a positive trend, with a gross margin improvement and a net profit margin increase to 33.91% [1] Product Strategy - The company is gradually releasing products in the 2 yuan price range and has launched a new stir-fried series in e-commerce, with plans for nationwide rollout of radish products in Q4 [1] - The company is focusing on personalized products and flexible production to enhance price competitiveness and meet market demands [1] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.73, 0.77, and 0.80 yuan respectively, maintaining a price-to-earnings (PE) ratio of 21, 20, and 19 times [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7]. Core Views - The company reported a revenue growth of 6.81% year-on-year in the third quarter, indicating a recovery in profitability [4][5]. - For the first three quarters of 2024, the company achieved a total revenue of 1.962 billion yuan, a year-on-year increase of 0.56%, and a net profit attributable to shareholders of 671 million yuan, up 1.74% year-on-year [4][5]. - The improvement in revenue growth is attributed to a focus on core products, targeted marketing investments, and expansion into new product categories within the food service channel [4][5]. - The decrease in the purchase price of raw materials, particularly for green vegetable heads, contributed to a recovery in gross margin, which increased by 10.5 percentage points year-on-year to 56.2% in the third quarter [5][7]. - The company is expected to maintain a stable pricing strategy for its products, with cost advantages likely to continue into the next year [5][7]. Financial Forecasts - The company is projected to achieve total revenues of 2.5 billion yuan and 2.66 billion yuan in 2024 and 2025, respectively, with a year-on-year growth of 1.9% and 6.8% [7][8]. - The net profit attributable to shareholders is expected to be 840 million yuan and 890 million yuan for 2024 and 2025, reflecting a year-on-year growth of 2.1% and 5.0% [7][8]. - The earnings per share (EPS) are forecasted to be 0.73 yuan, 0.77 yuan, and 0.81 yuan for 2024, 2025, and 2026, respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5]. Core Insights - The company reported steady revenue and net profit growth in Q1-Q3 2024, achieving revenues of 1.962 billion yuan and net profits of 671 million yuan, representing year-on-year increases of 0.56% and 1.74% respectively [1]. - In Q3 2024, the company saw a revenue of 657 million yuan and a net profit of 223 million yuan, with year-on-year growth of 6.81% and 17.88% respectively [1]. - The improvement in sales performance in Q3 was attributed to several factors, including increased marketing expenditures, adjustments in the sales organization, and the removal of restrictions on product distribution [1]. - The company has adjusted its product offerings and distribution channels, leading to a notable increase in profitability, with gross margin and net margin rising by 10.48 and 3.18 percentage points to 56.17% and 33.91% respectively in Q3 [2]. Financial Summary - The company’s revenue projections for 2024-2026 are adjusted to 2.534 billion, 2.709 billion, and 2.894 billion yuan, reflecting growth rates of 3%, 7%, and 7% respectively [2]. - The expected net profits for the same period are 858 million, 930 million, and 1.006 billion yuan, with growth rates of 4%, 8%, and 8% respectively [2]. - The company’s price-to-earnings (P/E) ratios for 2024-2026 are projected at 20X, 19X, and 17X [2]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 2.449 billion yuan, with a slight decline of 3.86% compared to 2022 [4]. - The net profit for 2023 is expected to be 827 million yuan, down 8.03% from the previous year [4]. - The company’s earnings per share (EPS) for 2024 is projected at 0.74 yuan, with a P/E ratio of 20.41 [4].

证券代码：002507 证券简称：涪陵榨菜 编号：2024-013 重庆市涪陵榨菜集团股份有限公司 2024 年 10 月 31 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 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 √其他 投资者电话交流 | | | | | 本次参与交流的人员名单如下： | | | | 序号 | 机构名称 姓名 | | | | 1 | 申万宏源证券 | 吕昌 | | | 2 | 申万宏源证券 | 曹欣之 | | | 3 | Millennium Capital Management | Henry Wang | | | 4 | 合煦智远基 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 1.962 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 671 million yuan, up 1.7% year-on-year. In Q3 2024, the company achieved a revenue of 657 million yuan, a year-on-year increase of 6.8%, and a net profit of 223 million yuan, up 17.9% year-on-year [5][6] - The revenue recovery in Q3 is attributed to improved channel layout and targeted promotions, as well as the gradual realization of optimization results. The company is expanding its product categories while focusing on existing markets and enhancing communication with distributors [5][6] - The gross margin in Q3 increased by 10.48 percentage points to 56.2%, benefiting from lower costs of raw materials and a higher proportion of high-margin products. Operating cash flow continued to grow significantly, with a year-on-year increase of 32.7% to 325 million yuan [6] Financial Summary - The company expects EPS for 2024-2026 to be 0.74, 0.81, and 0.87 yuan per share, respectively. The estimated reasonable valuation range for 2024 is 14.84-18.55 yuan based on a PE ratio of 20-25x [7][8] - The projected revenue for 2024 is 2.498 billion yuan, with a year-on-year growth of 2.0%. The net profit is expected to be 856 million yuan, reflecting a growth of 3.6% year-on-year [8][10] - The gross margin is projected to improve to 52.7% in 2024, with a net profit margin of 34.3% [10][11]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a revenue of 1.962 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.56%, and a net profit attributable to shareholders of 671 million yuan, up 1.74% year-on-year. The third quarter alone saw a revenue of 657 million yuan, representing a 6.81% year-on-year growth, and a net profit of 223 million yuan, which is a 17.88% increase year-on-year [5][6]. - The company is expected to benefit from strategic adjustments, including the relaxation of channel restrictions and increased investment effectiveness, leading to improved sales and profitability in the upcoming quarters [5][6]. Financial Summary - For the fiscal year 2024, the company forecasts net profits of 850 million yuan, 906 million yuan, and 959 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 2.9%, 6.6%, and 5.9% [6][8]. - The gross margin for the third quarter of 2024 was reported at 56.2%, an increase of 10.5 percentage points year-on-year, primarily due to the use of lower-cost raw materials [6][8]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.74 yuan, with a price-to-earnings (PE) ratio of 20x [5][8]. Market Position and Strategy - The company is focusing on channel expansion and product diversification, particularly in the 2 yuan price segment for its core product, which is expected to enhance its market share in the pickled vegetable category [5][6]. - The report highlights the importance of maintaining a competitive edge through strategic pricing and effective cost management, which are anticipated to support stable revenue growth in the future [5][6].

Investment Rating - Investment rating is maintained as "Buy" [1][2] Core Views - The company reported Q3 2024 revenue and net profit in line with expectations, with revenue of 6.6 billion yuan and net profit of 2.2 billion yuan, representing year-on-year growth of 6.8% and 17.9% respectively [2][3] - The company has successfully reversed a five-quarter revenue decline, attributed to the effectiveness of its reform initiatives and new product strategies [3][4] - Cost advantages have been realized, with raw material prices decreasing significantly, leading to an improvement in gross margin by 10.5 percentage points to 56.2% in Q3 2024 [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 19.6 billion yuan and net profit of 6.7 billion yuan, with year-on-year increases of 0.6% and 1.7% respectively [2] - The forecast for net profit from 2024 to 2026 is 8.8 billion yuan, 9.6 billion yuan, and 10.6 billion yuan, reflecting year-on-year growth rates of 6.2%, 9.7%, and 10.6% respectively [2][6] - The company's earnings per share (EPS) are projected to be 0.76 yuan, 0.83 yuan, and 0.92 yuan for 2024, 2025, and 2026 respectively [2][6] Strategic Outlook - The company is implementing the "Big Wujang" strategy, focusing on expanding product lines beyond pickled vegetables to include radishes and pickled sauces [5] - Continued reform benefits are expected to enhance internal motivation and operational performance, particularly in Q4 2024 against a low base from the previous year [5]

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].