Group 1 - Fuling District is known as the "Hometown of Chinese Pickled Vegetables," with Fuling pickled vegetables being recognized as one of the "three major pickled vegetables in the world" alongside European sour cucumbers and German sweet-sour cabbage [2] - The total output value of the Fuling pickled vegetable industry is expected to exceed 15.5 billion yuan in 2024 [2] - Fuling District has established a national modern agricultural industrial park and a national agricultural science and technology park, creating the world's largest genetic resource gene bank for green cabbage with 1,336 varieties [2] Group 2 - Fuling pickled vegetables have expanded their market presence, exporting to over 80 countries and regions, with an export volume of 22,400 tons and an export value of 210 million yuan in 2024, representing growth rates of 22.2% and 25.7% respectively [3] - The Fuling pickled vegetable industry has developed a complete industrial chain from seed selection to planting, processing, and sales of by-products, with over 100 varieties across four major series [3] - Future efforts will focus on product diversification, building an online marketing system, and enhancing brand culture to further increase market scale and industry competitiveness [3]

Investment Rating - The report maintains a "Buy" rating for Fuling Zhacai (002507) with a target price of —— yuan over the next six months [1]. Core Views - The company's Q4 performance was slightly below expectations, with a revenue of 4.5 billion yuan, down 10.6% year-on-year, and a net profit of 1.5 billion yuan, down 8.4% year-on-year. The overall annual revenue for 2024 is projected at 24.1 billion yuan, a decrease of 1.7% year-on-year, and a net profit of 8.2 billion yuan, a decrease of 0.3% year-on-year [8][9]. - The decline in Q4 revenue is attributed to weak consumer demand and the traditional off-season for pickled vegetables, alongside reduced channel spending and inventory clearance efforts [8]. - Looking ahead to 2025, the company expects revenue growth to stabilize due to increased market penetration of new products and the gradual opening of the catering market [8]. - The company has experienced a cost advantage, with a net profit margin of 34.8% for 2024, up 1 percentage point year-on-year, and a Q4 net profit margin of 36.9%, up 3.3 percentage points year-on-year, primarily due to the use of low-cost raw materials [8][9]. Financial Summary - For 2023A, the company reported a revenue of 2,449.85 million yuan and a net profit of 826.58 million yuan. The projections for 2024E are a revenue of 2,407.96 million yuan and a net profit of 824.06 million yuan, with expected growth rates of -1.71% and -0.30% respectively [3][9]. - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a price-to-earnings (PE) ratio of 19 [3][9]. - The return on equity (ROE) is projected to decline slightly from 10.03% in 2023 to 9.09% in 2024 [3][9].

[ T able_StockInfo] 2025 年 02 月 28 日 证券研究报告•2024 年业绩快报点评 涪陵榨菜（002507）食品饮料 目标价：——元（6 个月） 买入 （维持） 当前价：13.35 元 Q4 业绩略低于预期，成本红利仍可期 风险提示：新品推广或不及预期；原材料价格大幅波动风险。 | [Table_MainProfit] 指标/年度 | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2449.85 | 2407.96 | 2545.82 | 2676.03 | | 增长率 | -3.86% | -1.71% | 5.73% | 5.11% | | 归属母公司净利润（百万元） | 826.58 | 824.06 | 896.06 | 971.25 | | 增长率 | -8.03% | -0.30% | 8.74% | 8.39% | | 每股收益 EPS（元） | 0.72 | 0.71 | 0.78 | 0.84 | | 净资产收益率 ROE | 10.03% | 9.09 ...