Fuling Zhacai(002507) 天风证券·2025-05-20 00:11Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 13.26 CNY per share [5]. Core Views - The company reported a slight pressure in Q1 2025, achieving revenue and net profit of 713 million CNY and 272 million CNY respectively, with a year-on-year change of -4.75% and +0.24% [1]. - The main product, pickled vegetables, remains stable, with continuous product optimization and the introduction of new products such as stir-fried series [1]. - The company is pursuing an acquisition of a 51% stake in Weizimei, which is expected to create synergies and enhance its market position in the food sector [2]. - The company aims for a revenue growth of 6% annually from 2025 to 2027, with net profit growth projected at 9% in 2025 and 7% in the following years [3]. Financial Summary - Revenue for 2023 is projected at 2,449.85 million CNY, with a slight decline expected in 2024 before a recovery in 2025 to 2,540.51 million CNY [4]. - The net profit for 2023 is estimated at 826.58 million CNY, with a forecasted increase to 870.75 million CNY in 2025 [4]. - The company’s EBITDA is expected to grow from 981.32 million CNY in 2023 to 1,131.48 million CNY in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 17.57, 16.46, and 15.44 respectively, indicating a favorable valuation trend [4].