涪陵榨菜（002507）：收入环比改善，费投加大

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company achieved revenue and net profit of 1.313 billion and 441 million yuan respectively in H1 2025, showing a year-on-year growth of 0.51% and a decline of 1.66% [1]. - In Q2 2025, the company reported revenue and net profit of 600 million and 168 million yuan respectively, with year-on-year increases of 7.59% and a decrease of 4.59% [1]. - The sales of pickled vegetables remained stable, while the sales of radishes saw significant growth due to the launch of a new product, dried radish [1]. - The company optimized its distributor network, resulting in a net decrease of 369 distributors to 2,446, which improved the average revenue per distributor by 15.66% to 535,900 yuan [2]. - The gross margin and net margin in Q2 2025 improved by 2.82 and -3.59 percentage points to 52.00% and 28.09% respectively, driven by cost benefits [2]. - The company plans to continue its "dual-driven" strategy, focusing on product optimization and channel development, with expectations for stable profits from the vegetable market [3]. Financial Summary - Revenue projections for 2025-2027 are 2.439 billion, 2.589 billion, and 2.741 billion yuan, with growth rates of 2%, 6%, and 6% respectively [3]. - The net profit for the same period is expected to be 824 million, 889 million, and 952 million yuan, with growth rates of 3%, 8%, and 7% respectively [3]. - The company’s PE ratios for 2025-2027 are projected to be 19X, 17X, and 16X [3]. - The company’s total market capitalization is approximately 15.37 billion yuan [7].