涪陵榨菜：重视股东回报，成本红利可期-20250329

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 2.56% year-on-year, and a net profit attributable to shareholders of 799 million yuan, down 3.29% year-on-year. The fourth quarter of 2024 saw a revenue of 425 million yuan, a decline of 14.77% year-on-year, with a net profit of 129 million yuan, down 23.12% year-on-year. The company aims for a revenue target of 2.578 billion yuan in 2025, representing an 8% increase [1][4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 51.0%, an increase of 0.27 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of raw materials. However, the net profit margin decreased by 0.25 percentage points to 33.5% due to rising expense ratios [3]. Product and Sales Analysis - Revenue from main products in 2024 was as follows: pickled mustard greens 2.044 billion yuan (down 1.5%), radish 46 million yuan (up 277.2%), pickled vegetables 230 million yuan (down 79.5%), and others 62 million yuan (down 26.0%). In the second half of 2024, revenue from pickled mustard greens was 927 million yuan (down 3.8%) [2]. Regional Performance - Revenue by region in 2024 was: North China 250 million yuan (down 5%), Northeast 90 million yuan (up 11%), East China 430 million yuan (down 3%), Central China 310 million yuan (flat), Southwest 220 million yuan (up 1%), Northwest 170 million yuan (down 6%), Central Plains 210 million yuan (down 7%), South China 650 million yuan (down 3%), and exports 50 million yuan (up 1%) [2]. Strategic Focus - The company emphasizes a "dual-wheel drive" strategy focusing on pickled mustard greens and Doubanjiang (spicy bean paste), aiming for high-quality development. The company plans to optimize products, strengthen channels, and deepen reforms in 2025 [3]. Dividend Policy - In 2024, the company distributed a total cash dividend of approximately 485 million yuan, with a payout ratio of 60.63%, significantly higher than in 2022-2023, resulting in a dividend yield of 2.97% [3]. Profit Forecast - The company expects to see a net profit growth of 9.5% in 2025, reaching 875 million yuan, with further growth projected at 9.0% and 11.4% for 2026 and 2027, respectively [4].