研报掘金丨国盛证券：维持涪陵榨菜“买入”评级，萝卜品类销量高增，华中和出口表现突出

Core Viewpoint - Guosheng Securities report indicates that Fuling Zhacai achieved a net profit attributable to shareholders of 441 million yuan in H1 2025, a year-on-year decrease of 1.66% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 168 million yuan, down 4.59% year-on-year [1] - Revenue by product category for the company includes: - Pickled vegetables: 1.123 billion yuan (+0.45%) - Radish: 33 million yuan (+38.35%) - Pickled cabbage: 119 million yuan (-8.37%) - Others: 37 million yuan (+9.30%) - The revenue distribution by category is 85.53% for pickled vegetables, 2.53% for radish, 9.03% for pickled cabbage, and 2.78% for others [1] Distributor Network - As of the end of H1 2025, the company had 2,446 distributors, a net decrease of 186 compared to the end of 2024, primarily due to the company's proactive optimization and cleaning of unreasonable layouts and channel conflicts [1] Growth Strategy - The company is pursuing a dual-driven strategy of internal growth and external acquisitions, with a focus on multi-category development while maintaining a stable base in pickled vegetables [1] - The acquisition of Weizimei is expected to support the company's strategy of expanding both product categories and distribution channels [1] Cost and Profitability - The cost benefits from low-priced green vegetables are expected to continue, leading to anticipated growth in gross profit margins [1] - The company forecasts net profit attributable to shareholders for 2025-2027 to grow by 3.3%, 10.8%, and 11.3% respectively, reaching 830 million yuan, 920 million yuan, and 1.02 billion yuan [1]