Core Viewpoint - The report from Dongfang Securities highlights Fuling Zhacai's steady expansion and innovation in its core business, focusing on broadening its product matrix with "pickled vegetables + side dishes + condiments" [1] Group 1: Business Strategy - The company is accelerating the expansion of its product matrix, continuously solidifying its core business while enhancing the speed of new product iterations [1] - In May 2025, the company plans to launch the "Only Wujiang" series of multi-flavor pickled vegetable core products, followed by two new varieties of pickled cowpea products in July [1] - A "Production-Academic-Research Joint Innovation Center" has been established to collaborate with universities and research institutions to strengthen product development and process optimization, focusing on reduced salt, low sugar, and multiple flavors [1] Group 2: Production Capacity - To match new products with flexible manufacturing across various specifications, the company's green intelligent production base phase one project is underway, with a planned production capacity of 200,000 tons set to be operational by June 2027 [1] Group 3: Financial Forecast - Due to the slow recovery pace of core business sales, ongoing investment in new products, and increased pressure on expenses, the profit forecast has been revised downwards, with expected EPS for 2025-2027 at 0.72, 0.79, and 0.88 yuan respectively, down from previous estimates of 0.86 and 0.94 yuan for 2025 and 2026 [1] - The company maintains strong brand barriers, continuous optimization of product structure, and a clear pace of capacity expansion [1] Group 4: Valuation - Based on the current valuation levels of comparable companies, a target price of 14.40 yuan is set for 2025, applying a 20x PE ratio, with a revised rating of "Accumulate" [1]

产品更新节奏加快，新品研发与产能布局同步推进。公司加快"榨菜+下饭菜+调味菜"矩阵扩充，持续 夯实主业并提升新品迭代速度。2025 年5 月，公司推出"只有乌江"系列多口味榨菜芯产品，7 月又上新 两款泡豇豆产品。公司近期成立了"产学研联合创新中心"，联合高校与科研院所加强产品开发与工艺优 化，聚焦减盐、低糖、多口味方向。为匹配新品与多规格柔性制造，公司绿色智能化生产基地一期项目 仍在推进，计划2027 年6 月投产，设计年产能20 万吨。 需求不及预期；新品和渠道拓展不及预期；食品安全事件；原材料涨价等。 Q1 收入承压但利润守稳。公司25Q1 收入7.13 亿元/-4.75%，同比下降，但盈利能力稳中有支撑，归母 净利润2.72 亿元/+0.24%，同比微增。库存端，公司加大青菜头原料储备，存货同比上年末增长 41.4%，为后续旺季备货奠定基础。同时，公司继续推进乌江智能化基地建设，相关在建工程投入同比 增长10.8%。 考虑到主业销售恢复节奏较慢、新品尚在投入期、费用端压力阶段性提升，我们下调了盈利预测，预计 公司25–27 年EPS 分别为0.72/0.79/0.88 元（前次预测25/26年EPS ...