涪陵榨菜（002507）：萝卜焕新上市拉动收入增长提速

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.84 [1][10]. Core Views - The company reported a revenue of RMB 1.31 billion for H1 2025, showing a year-on-year increase of 0.5%, while net profit attributable to the parent company was RMB 440 million, down 1.7% year-on-year [7]. - The launch of a new radish product has driven revenue growth in Q2 2025, with a significant increase in promotional efforts leading to better performance [7][8]. - The company is expected to improve its operations as the macroeconomic environment recovers, with strategies focused on enhancing product value and expanding market share [7][10]. Financial Performance Summary - For H1 2025, the company achieved revenues of RMB 1.31 billion, net profit of RMB 440 million, and a net profit excluding non-recurring items of RMB 410 million, reflecting a year-on-year change of +0.5%, -1.7%, and -2.3% respectively [7]. - In Q2 2025, revenues reached RMB 600 million, with a net profit of RMB 170 million, showing a year-on-year increase of 7.6% for revenue but a decline of 4.6% for net profit [7]. - The gross margin for H1 2025 was 54.1%, an increase of 3.3 percentage points year-on-year, primarily due to lower procurement costs for raw materials [9]. Product and Market Strategy - The company has optimized its product structure and is focusing on refined channel management, with revenue from various products showing mixed results: pickled vegetables revenue increased by 0.5%, while the new radish product saw a significant growth of 38.35% [8]. - The company has reduced the number of distributors to 2,446, down by 186 from the end of 2024, indicating a continuous adjustment and optimization of its distribution channels [8]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is RMB 0.72, with expected growth in subsequent years to RMB 0.78 in 2026 and RMB 0.85 in 2027 [10]. - The company is valued at a price-to-earnings (PE) ratio of 22x for 2025, with a target price of RMB 15.84 based on this valuation [10].