涪陵榨菜（002507）：经营保持稳定，业绩符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported stable operations with performance in line with expectations, achieving a total revenue of 1.999 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.84%, and a net profit attributable to the parent company of 673 million yuan, a year-on-year increase of 0.33% [5][8] - The company has decided to terminate the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. due to changes in the external environment and failure to reach an agreement on transaction terms [5][8] - The company is in a transitional phase, focusing on stabilizing its core products while expanding new product lines, with a strategy centered around its two main businesses: pickled vegetables and Doubanjiang [8] Financial Performance Summary - For Q3 2025, the company achieved a total revenue of 686 million yuan, a year-on-year increase of 4.48%, and a net profit of 232 million yuan, a year-on-year increase of 4.34% [5][6] - The gross profit margin for the first three quarters was 53.72%, 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 [6] - The company’s financial forecasts for 2025 to 2027 project net profits of 844 million, 901 million, and 982 million yuan, respectively, with year-on-year growth rates of 5.5%, 6.8%, and 8.9% [7][8] Market Data - As of October 24, 2025, the closing price was 12.85 yuan, with a market capitalization of 14,764 million yuan and a price-to-book ratio of 1.7 [2] - The company has a dividend yield of 3.27%, based on the most recently announced dividends [2]