涪陵榨菜：淡季表现低于预期，低基数下蓄势增长-20250228

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 2.408 billion in 2024, a year-on-year decrease of 1.71%, and a net profit attributable to shareholders of 824 million, a decrease of 0.31% [1] - The fourth quarter of 2024 saw a significant revenue drop of 10.58% year-on-year, attributed to delayed shipments and reduced consumer stockpiling awareness during the off-season [1][2] - The company achieved a net profit margin of 34.22% for 2024, an increase of 0.48 percentage points year-on-year, benefiting from lower raw material costs and reduced marketing expenses during the off-season [2] - The strategic focus remains on stabilizing the core pickled vegetable business while diversifying product offerings, with successful project management and organizational adjustments [2] Financial Performance Summary - Revenue for 2024 is projected at 2.408 billion, with a growth rate of -1.7% [5] - The net profit for 2024 is expected to be 824 million, with a growth rate of -0.3% [5] - Earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a slight decrease from the previous year [5] - The company anticipates a recovery in 2025 with projected revenue growth of 6.4% and net profit growth of 9.6% [3][5]