Investment Rating - The investment rating for the company is "Buy" (maintained) with an expectation of a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company is facing operational pressure in Q4 2024 but aims for an 8% revenue growth in 2025, benefiting from cost reductions [4]. - The company has adjusted its profit forecasts downward due to overall weak demand, with expected revenues of 2,578 million, 2,754 million, and 2,903 million for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8%, 7%, and 5% [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2,387 million, a year-on-year decrease of 3% [2]. - The net profit attributable to the parent company for 2024 was 799 million, down 3% year-on-year [2]. - Q4 2024 saw a revenue of 425 million, a significant decline of 14.77% year-on-year, with net profit dropping by 23.12% to 129 million [4]. Revenue Breakdown - The main business of pickled vegetables showed stable performance, with 2024 revenue from pickled vegetables at 2,044 million, a slight decrease of 1.5% year-on-year [4]. - The company reduced its number of distributors by 607 to 2,632, optimizing its market presence and pricing control [4]. Cost and Profitability - The overall gross margin for 2024 improved by 0.27 percentage points to 50.99%, primarily due to lower raw material costs [4]. - However, Q4 2024 gross margin fell by 7.27 percentage points to 43.38% [4]. - The net profit margin for 2024 decreased by 0.25 percentage points to 33.49%, with Q4 net profit margin down by 3.29 percentage points to 30.28% [4]. Future Projections - The company plans to achieve an 8% revenue growth in 2025, with operating costs expected to rise by only 6.25% [4]. - The earnings per share (EPS) are projected to be 0.75, 0.79, and 0.83 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.9, 17.0, and 16.3 [4][5].
涪陵榨菜(002507):2024Q4经营承压,2025年力争增长