Fuling Zhacai(SZ:002507) Xin Lang Cai Jing·2025-04-29 02:43Core 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]