Fuling Zhacai(SZ:002507) KAIYUAN SECURITIES·2025-08-29 11:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue increase in H1 2025, with revenue and net profit reaching 1.31 billion and 440 million yuan respectively, showing a year-on-year growth of 0.5% and a decline of 1.7% [4][5] - The company is actively expanding its brand promotion efforts and has adjusted its profit forecast slightly downward due to increased expenses, predicting net profits of 830 million, 900 million, and 970 million yuan for 2025-2027 [4][6] - The company is diversifying its product offerings across multiple price ranges in the pickled vegetable category, which includes various product sizes targeting different price points [5][6] Financial Performance - In H1 2025, the company's gross margin and net margin were 54.15% and 33.57%, respectively, with a slight increase in gross margin attributed to lower vegetable prices [6] - The company plans to acquire a 51% stake in Weizimei, which focuses on the B-end market and pre-prepared dishes, enhancing its channel network and long-term growth potential [7] - The company's revenue for 2025 is projected to be 2.509 billion yuan, with a year-on-year growth of 5.1%, and net profit is expected to reach 829 million yuan, reflecting a growth of 3.7% [9][11]