涪陵榨菜（002507）：Q1压力延续，布局外延发展

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 15.8 yuan [1][6]. Core Insights - The company continues to face pressure in Q1, with a revenue of 713 million yuan, down 4.8% year-on-year, while the net profit attributable to shareholders is 272 million yuan, up 0.2% year-on-year [6][7]. - The company plans to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd. to enhance its product matrix and sales channels, aiming to improve its competitive advantage [6][7]. - Despite revenue pressures, the company has seen an improvement in profitability, with a gross margin of 56.0%, up 3.8 percentage points year-on-year, driven by continued cost benefits from raw materials [6][7]. Financial Performance Summary - Total revenue is projected to increase from 2,387 million yuan in 2024 to 2,763 million yuan in 2027, with a compound annual growth rate (CAGR) of 6.2% [2][12]. - Net profit attributable to shareholders is expected to grow from 799 million yuan in 2024 to 924 million yuan in 2027, reflecting a CAGR of 6.3% [2][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 yuan in 2024 to 0.80 yuan in 2027 [2][12]. Market Position and Strategy - The company is focusing on internal reforms and external acquisitions to regain growth momentum, with an emphasis on optimizing products and strengthening channels [6][7]. - The acquisition of Weizimei is seen as a strategic move to leverage synergies and enhance overall sales growth [6][7]. - The report suggests monitoring the effects of reforms and sales trends closely throughout the year [6][7].