涪陵榨菜（002507）：并购终止，业绩企稳

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has terminated its acquisition of 51% stake in Weizimei due to changes in the external environment, but this will not significantly impact its current operations or strategic development [3] - The company aims to continue focusing on the production, research, manufacturing, and sales of condiment products, with potential future acquisitions still on the table [3] - The company is expected to achieve stable growth through innovation and expansion into multiple product categories, despite the short-term halt in acquisitions [3] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.999 billion yuan, a year-on-year increase of 1.84%, and a net profit attributable to shareholders of 673 million yuan, up 0.33% year-on-year [1] - The gross margin for the first three quarters of 2025 was 53.73%, an increase of 1.10 percentage points year-on-year, while the net profit margin was 33.67%, a decrease of 0.51 percentage points year-on-year [2] - In Q3 2025, the company achieved a revenue of 686 million yuan, a year-on-year increase of 4.48%, and a net profit of 232 million yuan, up 4.34% year-on-year [1][2] Future Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 820 million yuan, 850 million yuan, and 890 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 2.2%, 3.7%, and 5.3% [3]