涪陵榨菜（002507）：重视股东回报，成本红利可期

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company emphasizes shareholder returns and anticipates cost benefits in the future. The revenue for 2024 is projected at 2.387 billion yuan, a decrease of 2.56% year-on-year, with a net profit of 799 million yuan, down 3.29% year-on-year. The company aims for a revenue target of 2.578 billion yuan in 2025, representing an 8% increase [1][4]. Financial Performance - In 2024, the company achieved revenues of 2.044 billion yuan from pickled vegetables, with a year-on-year decline of 1.5%. The revenue from other products like radishes and pickled vegetables showed significant fluctuations, with radishes increasing by 277.2% while pickled vegetables dropped by 79.5% [2]. - The gross margin for 2024 was 51.0%, an increase of 0.27 percentage points, primarily due to a 31% decrease in the purchase price of raw materials [3]. - The company reported a net profit margin of 33.5%, down 0.25 percentage points from the previous year, attributed to rising expense ratios [3]. Future Outlook - The company plans to optimize its main products and expects accelerated growth due to a low base in 2024. The successful launch of optimized packaging and materials for its main pickled vegetable products is anticipated to drive revenue growth [4]. - The company forecasts net profits for 2025-2027 to grow by 9.5%, 9.0%, and 11.4%, reaching 880 million, 950 million, and 1.06 billion yuan respectively [4]. Shareholder Returns - In 2024, the company distributed approximately 485 million yuan in cash dividends, with a payout ratio of 60.63%, marking a significant increase compared to previous years. The dividend yield stands at 2.97% [3].