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 maintained at "Buy" [2][7]. Core Insights - The company reported stable operations with performance in line with expectations, achieving a total revenue of 1.999 billion in the first three quarters of 2025, a year-on-year increase of 1.84%, and a net profit attributable to shareholders of 673 million, a year-on-year increase of 0.33% [4][7]. - 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 [4][7]. - The company is focusing on its core businesses of pickled vegetables and Doubanjiang, aiming to stabilize its existing product lines while exploring new products and brand rejuvenation [7]. Financial Performance - For Q3 2025, the company achieved a total revenue of 686 million, a year-on-year increase of 4.48%, and a net profit of 232 million, a year-on-year increase of 4.34% [4][5]. - 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 [5]. - The company’s financial forecasts for 2025 to 2027 predict net profits of 844 million, 901 million, and 982 million respectively, with year-on-year growth rates of 5.5%, 6.8%, and 8.9% [6][7]. Market Position and Strategy - The company is in a transitional phase, focusing on maintaining its market position while expanding into new product lines [7]. - The company has implemented a dual-driven strategy, emphasizing both core product stability and new product development, with recent product launches contributing positively to revenue [7]. - The company is expected to continue seeking growth opportunities in the seasoning market through potential acquisitions in the future [7].