涪陵榨菜（002507）：公司信息更新报告：公司拟收购味滋美51%股权，布局复调预制菜赛道

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire a 51% stake in Weizimei, expanding into the prepared food sector [1][6] - The first quarter of 2025 showed a slight decline in revenue and profit, with revenue and net profit at 710 million and 270 million yuan respectively, reflecting a year-on-year change of -4.8% and +0.2% [3][4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 890 million, 960 million, and 1,035 million yuan, representing year-on-year growth of +11.6%, +7.8%, and +7.6% respectively [3][5] Financial Performance - In Q1 2025, the company experienced a revenue decline due to seasonal factors, but it continues to expand its product range across multiple price points, which is expected to enhance competitive strength [4] - The gross margin and net margin for Q1 2025 improved to 55.96% and 38.19%, respectively, primarily due to a decrease in procurement costs for key ingredients [5] - The company anticipates an 8% revenue growth for 2025, with a planned gross margin of 51.78% [5] Acquisition Strategy - The acquisition of Weizimei is expected to complement the company's distribution channels and support long-term growth potential [6]