近日，涪陵榨菜发布了购买资产的进展公告，距离首次披露过了一个多月时间。值得一提的是，二级市 场对这次并购反应平平，从首次披露的4月26日到5月30日，涪陵榨菜股价微涨0.52%。 作为曾经的"榨菜茅"，涪陵榨菜近几年跌落神坛，从2021年2月起股价就进入漫漫阴跌，截至今年5月30 日已经跌超60%。 股价持续下跌背后是公司持续下滑的业绩，并购可以帮助涪陵榨菜打造第二增长曲线吗？ 外延式并购能够拉动涪陵榨菜业绩增长吗？ 根据公告，涪陵榨菜拟通过发行股份及支付现金购买四川味滋美食品科技有限公司（以下简称"味滋 美"）51%股权。目前交易的审计及评估工作尚未完成，标的资产估值及定价尚未确定。 并购标的味滋美主要从事川味复合调味料、预制菜的研发、生产和销售，主要产品为火锅调料、中式菜 品调料、肉制品等。 涪陵榨菜公告表示，味滋美经过多年发展，已经具备成熟的C端产品研发生产能力，但受限其B端经营 模式及企业规模体量，无法快速整合资源搭建C端销售渠道及人员团队。而涪陵榨菜销售渠道以C端为 核心，双方在发展战略、产品品类、渠道资源方面具有高度互补性。交易完成后，味滋美可借助上市公 司遍布全国的C端经销商渠道网络快速嫁接优势 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 13.26 CNY per share [5]. Core Views - The company reported a slight pressure in Q1 2025, achieving revenue and net profit of 713 million CNY and 272 million CNY respectively, with a year-on-year change of -4.75% and +0.24% [1]. - The main product, pickled vegetables, remains stable, with continuous product optimization and the introduction of new products such as stir-fried series [1]. - The company is pursuing an acquisition of a 51% stake in Weizimei, which is expected to create synergies and enhance its market position in the food sector [2]. - The company aims for a revenue growth of 6% annually from 2025 to 2027, with net profit growth projected at 9% in 2025 and 7% in the following years [3]. Financial Summary - Revenue for 2023 is projected at 2,449.85 million CNY, with a slight decline expected in 2024 before a recovery in 2025 to 2,540.51 million CNY [4]. - The net profit for 2023 is estimated at 826.58 million CNY, with a forecasted increase to 870.75 million CNY in 2025 [4]. - The company’s EBITDA is expected to grow from 981.32 million CNY in 2023 to 1,131.48 million CNY in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 17.57, 16.46, and 15.44 respectively, indicating a favorable valuation trend [4].

Core Viewpoint - Fuling Zhacai is planning to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd. to enter the compound seasoning market, amid ongoing revenue and profit declines [1][5]. Financial Performance - Fuling Zhacai has experienced consecutive declines in revenue and net profit for two years, with 2023 revenue at 2.45 billion yuan, down 3.86% year-on-year, and net profit at 827 million yuan, down 8.04% [2]. - In 2024, revenue is projected to be 2.387 billion yuan, a decrease of 2.56%, with net profit expected to be 799 million yuan, down 3.29% [2]. - The company's flagship product, pickled mustard tuber, has also shown declining performance, with revenues dropping from 2.175 billion yuan in 2022 to 2.044 billion yuan in 2024 [2]. Market Challenges - The decline in performance is attributed to increased market competition, a single product structure overly reliant on pickled mustard tuber, changing consumer habits, and operational inefficiencies [3]. - The number of distributors has decreased significantly, particularly in the South China region, where it dropped by 58.41% [4]. Acquisition Details - The acquisition of Weizimei is aimed at leveraging both companies' strengths to enhance product offerings and distribution channels [5][10]. - Weizimei, established in 2018, has a total asset value of 203 million yuan and reported revenues of 284 million yuan in 2023 [6]. Strategic Implications - Post-acquisition, Fuling Zhacai aims to utilize Weizimei's established B-end resources to penetrate the restaurant market and expand its product sales [6][10]. - The transition to B-end business presents challenges, including the need for new sales channels and brand recognition [7]. Competitive Landscape - The compound seasoning market is highly competitive, with numerous local players, including Shentang and Weimanlong, posing significant challenges for differentiation [8][9]. - The market for hot pot base ingredients is projected to grow significantly, reaching 48 billion yuan in 2024 and potentially exceeding 100 billion yuan by 2029 [9].

Core Viewpoint - Tianwei Food, known as the "first stock of Sichuan-style hot pot ingredients," reported a shocking Q1 performance with a revenue decline of 24.8% to 642 million yuan and a net profit drop of 57.53% to 74.73 million yuan, leading to a significant stock price drop of nearly 19% over three trading days [1] Revenue Decline - The company's three core product categories experienced significant revenue declines in Q1 2025: hot pot base ingredients down 41.05%, seasonings down 12.24%, and sausage and cured meat seasonings plummeting 55.77% from 33.47 million yuan to 14.80 million yuan [2] - Seasonal products like hot pot base ingredients and sausage seasonings were hit hardest, while the decline in Chinese dish seasonings was partially offset by the contribution from the newly acquired "Jia Dian Zi Wei" brand [2] - Sales expenses only slightly decreased by 1.38%, indicating that the company did not cut marketing investments despite revenue drops, but rather adjusted its expense structure to focus on online content marketing and user operations, which increased short-term profit pressure [2] - Regionally, the traditional stronghold in the western market saw a revenue drop of 26.86%, while the northern region faced a 43.62% decline, with a net reduction in distributors leading to market loss [2] - Efforts to expand into eastern and southern markets yielded minimal results, with eastern revenue only increasing by 9.3%, insufficient to offset losses in the western and northern markets [2] - Notably, the previously strong southern and central regions also turned negative in Q1 2025 [2] Internal Control Issues - More critically, the company faced transparency issues in its financial reporting, as a correction notice revealed that the acquired "Jia Dian Zi Wei" and its subsidiaries were not included in the internal control evaluation, despite their asset and revenue contributions being minimal [3] - Following this, the internal control audit report changed from a "standard unqualified opinion" to an "unqualified opinion with emphasis of matter," highlighting internal control deficiencies [3] - In February, company executives disclosed a share reduction plan, intending to sell up to 1,381,118 shares, representing 0.1297% of the total share capital, raising concerns about management confidence [3] - The seasoning industry is currently facing dual pressures from weak consumer demand and intense competition, posing significant challenges for Tianwei Food as a leading player in the segment [3] - In this period of deep adjustment in the seasoning industry, cash flow health and channel control will be critical for the company's survival [3]

产品结构及成本影响，2025Q1 盈利能力有所下降 2025Q1 公司毛利率同比/环比分别-3.3/-0.1pct 至40.7%（2024 年公司毛利率为39.8%），整体来看毛利 率整体保持平稳（2025Q1 毛利率同比下滑主要系去年同期冬调等高毛利率产品占比较高）。费用端， 2025Q1 销售/管理/财务/研发费用率分别同比+5.24pct/+1.99pct/+0.21pct/+0.08pct，费用率提升主要系收 入体量下降，费用投放绝对值保持相对稳定。综合来看，2025Q1 净利率同比-8.56pct。 产品渠道双轮驱动，期待并购协同效应释放 展望全年，我们认为公司在C 端渠道地位逐步稳固，同时天味在抖音、小红书等电商渠道亦有突破；目 前公司重点突破小B 渠道，打法模式以团队组织考核摸索中，有望对公司长期稳健增长提供支撑。食萃 及加点滋味收购完成有望补齐公司短板渠道。费用端，公司有望进一步收缩在商超传统渠道的费用率投 放，同时加大对小B 渠道的费用投放力度，我们预计2025 年全年费用稳定可控。 公司披露2025 年一季报，收入利润略低预期 公司2025 年一季报披露。2025Q1 公司营收/归母净利润 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 天味食品（603317） 2025 年一季报点评：短期调整致业绩承压， 轻装上阵改善可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,149 | 3,476 | 3,655 | 4,019 | 4,443 | | 同比（%） | 17.02 | 10.41 | 5.16 | 9.94 | 10.54 | | 归母净利润（百万元） | 456.70 | 624.64 | 626.63 | 706.32 | 797.71 | | 同比（%） | 33.65 | 36.77 | 0.32 | 12.72 | 12.94 | | EPS-最新摊薄（元/股） | 0.43 | 0.59 | 0.59 | 0.66 | 0.75 | | P/E（现价&最新摊薄） | 27.10 | 1 ...

Core Viewpoint - Fuling Pickles is pursuing the acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd. to address declining performance amid intense market competition and to enhance its growth strategy through mergers and acquisitions [2][7]. Financial Performance - In 2024, Fuling Pickles reported a revenue of 2.387 billion yuan, a year-on-year decline of 2.56%, and a net profit attributable to shareholders of 799 million yuan, down 3.29% [2]. - For Q1 2024, the company achieved a revenue of 713 million yuan, a decrease of 4.75%, while the net profit slightly increased by 0.24% to 272 million yuan [2]. Market Competition - The company faces significant pressure due to fierce competition in a low-barrier industry, with many competitors like Huaitong, Tongqianqiao, and Yiquan also impacting market dynamics [3]. Production Capacity and Utilization - Fuling Pickles has struggled with production capacity expansion, with only 10.94% of the planned capacity for the "Wujiang Fuling Pickles Green Intelligent Production Base" completed after five years [4]. - The utilization rate of the Northeast production base is alarmingly low, at less than 37%, with a notable decline in sales volume for products like radishes, which dropped by 29.79% year-on-year [4]. Distributor Network - The number of distributors decreased from 3,239 at the end of 2023 to 2,632 by the end of 2024, marking an 18.74% decline, with the South China region experiencing a drastic reduction of 58.41% [8][9]. Acquisition Details - Weizimei, established in June 2018, has total assets of 203 million yuan and a net profit of approximately 39.62 million yuan for 2024, despite a decline in revenue [10]. - Fuling Pickles aims to leverage the acquisition to expand its product offerings and enhance its market competitiveness, although long-term sustainable growth will depend on various factors beyond the acquisition [10].

中国经济网北京4月28日讯涪陵榨菜（002507）(002507.SZ)4月26日发布发行股份及支付现金购买资产 预案。涪陵榨菜拟向陈伟、漆桂彬、范鹏杰、杜弘坤、尼海峰发行股份及支付现金购买其持有的味滋美 51%股权。 截至预案签署日，本次交易标的资产的审计、评估工作尚未完成，本次交易标的资产的交易价格尚未确 定。标的资产的最终交易价格以符合法律法规规定的资产评估机构出具的评估报告所载明的、且经国有 资产监督管理部门或其授权机构核准/备案的截至评估基准日的评估值为基础，由双方协商确定。 本次发行股份购买资产发行的股票种类为境内上市人民币普通股A股。每股面值为人民币1.00元，上市 地点为深交所。 本次发行股份及支付现金购买资产的交易对方在交易前与上市公司及其关联方之间不存在关联关系，本 次交易完成后各交易对方预计持有上市公司股份不会超过5%。根据《上市规则》的相关规定，本次交 易预计不构成关联交易。 截至预案签署日，上市公司控股股东为涪陵国投，实际控制人为涪陵区国资委。本次交易前36个月内， 上市公司实际控制人未发生变更。本次交易不会导致上市公司控制权发生变更，不构成重组上市。 公告显示，味滋美主要从事川味复 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is in a transitional phase focusing on stabilizing its core products while exploring new product lines and external growth opportunities. The first quarter performance aligns with expectations, maintaining profit forecasts for the upcoming years [7] - The company aims to leverage its brand, distribution channels, and capital advantages to achieve sustained growth through both organic and external means [7] Financial Summary - For Q1 2025, the company reported total revenue of 713 million yuan, a year-on-year decrease of 4.75%, while the net profit attributable to shareholders was 272 million yuan, showing a slight increase of 0.24% [7] - The projected net profits for 2025, 2026, and 2027 are 844 million yuan, 901 million yuan, and 982 million yuan respectively, reflecting year-on-year growth rates of 5.5%, 6.8%, and 8.9% [6][7] - The company's gross margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, with a net profit margin of 38.19%, up by 1.9 percentage points [7] Market Position and Strategy - The company is focusing on its core products, particularly pickled vegetables and bean paste, while also entering the Sichuan cuisine seasoning market through acquisitions [7] - The acquisition plan involves purchasing a 51% stake in Weizimei, which specializes in Sichuan-style compound seasonings and pre-prepared dishes, indicating a strategic move to enhance its product portfolio [7][8] Stock Performance and Valuation - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 19x for 2025, with a target PE of 23x, suggesting a potential upside of 24% from the current stock price [7] - The company has a strong cash position with over 6 billion yuan in cash and financial assets, and minimal debt, which supports its valuation [7]