❖ 风险提示：下游需求低迷；市场竞争加剧；费用投放加大；食品安全问题等 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 涪陵榨菜（002507）2025 年中报点评 推荐（维持） 费投显效，环比改善 目标价：15.8 元 事项： ❖ 公司发布 2025 年中报，25H1 实现营收 13.1 亿元，同比+0.5%；归母净利润 4.4 亿元，同比-1.7%。单 Q2 实现营收 6.0 亿元，同比+7.6%；归母净利润 1.7 亿 元，同比-4.6%。 评论： | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,387 | 2,468 | 2,602 | 2,764 | | 同比增速(%) | -2.6% | 3.4% | 5.4% | 6.2% | | 归母净利润(百万) | 799 | 822 | 866 | 927 | | 同比增速(%) | -3.3% | 2.8% | 5.3% | 7.1% | | 每股盈利(元) | 0.69 | 0.71 | 0.75 ...

+0.45%/+38.35%/-8.37%/+9.30%，占比分别为85.53%/2.53%/9.03%/2.78%。经销商数量方面，25H1末公 司拥有2446家经销商，较2024年年末相比净减少186家，主要系公司主动优化清理布局不合理、渠道冲 突的经销商。内生外延双轮驱动，成本红利持续兑现。内生增长方面，在稳榨菜基础上推进多品类发 展；外延并购方面，味滋美的加入有助于公司"拓品类+拓渠道"双拓战略的发展补足短板。此外，低价 青菜头带来的成本红利预计仍将延续，毛利率增长可期。基于此，该行预计公司2025-2027年归母净利 润分别同比+3.3%/+10.8%/+11.3%至8.3/9.2/10.2亿元，维持为"买入"评级。 格隆汇8月27日｜国盛证券研报指出，涪陵榨菜2025H1实现归母净利润4.41亿元，同比-1.66%，其中 25Q2实现归母净利润1.68亿元，同比-4.59%。萝卜品类销量高增，华中和出口表现突出。分品类看，公 司榨菜/萝卜/泡菜/其他分别实现营收11.23/0.33/1.19/0.37亿元，同比分别 ...

证券研究报告 涪陵榨菜 (002507 CH) 萝卜焕新上市拉动收入增长提速 | 华泰研究 | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2025 年 8 月 27 日│中国内地 | 食品 | 目标价(人民币): | 15.84 | | 公司发布 25H1 业绩：25H1 公司营收/归母净利/扣非归母净利 | 13.1/4.4/4.1 | 吕若晨 SAC No. S0570525050002 | 研究员 lvruochen@htsc.com | | 亿元，同比+0.5%/-1.7%/-2.3%；25Q2 | 营收/归母净利/扣非归母净利 | SFC No. BEE828 | +(86) 755 8249 2388 | 倪欣雨 研究员 SAC No. S0570523080004 SFC No. BVQ058 nixinyu@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (人民币) | 15.84 | | --- | --- | | 收盘价 (人民币 截至 8 月 26 日) | 13.86 | | 市值 (人民币百万 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 涪陵榨菜（002507.SZ） 成本红利延续，费用投放加大 事件：公司发布 2025 年中报，2025H1 实现营收 13.13 亿元，同比+0.51%， 实现归母净利润 4.41 亿元，同比-1.66%，实现扣非归母净利润 4.15 亿 元，同比-2.33%。其中 25Q2 实现营收 6.00 亿元，同比+7.59%，实现归 母净利润 1.68 亿元，同比-4.59%，实现扣非归母净利润 1.58 亿元，同比 -5.00%。 萝卜品类销量高增，华中和出口表现突出。分品类看，公司榨菜/萝卜/泡 菜/其他分别实现营收 11.23/0.33/1.19/0.37 亿元，同比分别+0.45%/ +38.35%/-8.37%/+9.30%，占比分别为 85.53%/2.53%/9.03%/2.78%； 其中榨菜/萝卜/泡菜/其他销量同比分别-1%/+43%/-10%/+29%。分地区 看，公司华南/华东/华中/华北/中原/西北/西南/东北/出口分别实现收入 3.6/2.2/1.8/1.4/1.1/1.0/1.2/0.5/0.3 亿 ...

Group 1 - Recent heavy rainfall in Hebei has adversely affected agricultural production, prompting local authorities to mobilize resources for disaster recovery efforts [1] - Agricultural experts are providing on-site guidance for farmers, focusing on soil preparation and replanting strategies to mitigate losses from crop failures [1] - In Zhangjiakou, local leaders are coordinating drainage efforts and advising farmers on pest control to minimize damage to crops affected by flooding [1] Group 2 - Transportation infrastructure is critical for agricultural disaster relief and the distribution of agricultural products, as seen in the recovery efforts in Dule Township, Baoding [2] - The local government quickly organized machinery and repair teams to restore damaged roads, enabling the transportation of fresh peaches [2] - Agricultural insurance is playing a vital role in helping farmers recover, with insurance companies implementing expedited claims processes to provide financial support to affected farmers [2]

Core Viewpoint - Fuling Zhacai (002507) aims to strengthen its core pickled vegetable business while expanding into other product categories such as radishes, cowpeas, kelp, and compound seasonings [1] Group 1 - The company plans to continuously solidify its pickled vegetable foundation [1] - The company intends to broaden its growth lines by developing and optimizing new product categories [1]

Core Insights - The article highlights the successful cultivation and commercialization of watermelons in Lijin County, emphasizing the importance of both natural conditions and financial support for farmers [5][6]. Group 1: Agricultural Development - Farmers in Sancha Village are experiencing a bountiful harvest of watermelons, with significant interest from buyers [5]. - The geographical advantages of Sancha Village have led to the promotion of specialty crops like watermelons and green onions [5]. Group 2: Financial Support - Lijin Rural Commercial Bank has implemented a comprehensive financial support system for farmers, addressing seasonal and cyclical funding needs [5][6]. - The bank has introduced the "Rural Revitalization Loan" to assist farmers with pre-planting investments and cash flow challenges, simplifying credit processes and offering favorable terms [5][6]. - As of June, the bank has supported over 200 agricultural operating entities, disbursing loans totaling 150 million yuan [6].

Core Insights - South Korea is experiencing "heatflation" due to unusually high temperatures, leading to significant increases in agricultural product prices [1] Price Increases - The average price of watermelon has approached 30,000 KRW (approximately 156 RMB), with a weekly price surge of 22.5% from July 4 to July 11 [1] - The price of napa cabbage rose to an average of 4,309 KRW (approximately 22.4 RMB), marking a 27.4% increase from the previous week [1] - Other summer crops, such as radishes, saw a price increase of 15.8% within the same week [1] Seasonal Fruits and Poultry - The price of summer seasonal fruit, cantaloupe, reached 10,076 KRW (approximately 52.3 RMB) on July 11, reflecting a year-on-year increase of 21.7% [1] - White peaches sold for 23,097 KRW (approximately 120.1 RMB) per box (10 pieces), showing a year-on-year rise of 10.3% [1] - Chicken, which sees high demand during the traditional "Sambok" period, is priced at 6,070 KRW (approximately 31.6 RMB) per kilogram, an 11% increase compared to the past month [1]

Core Insights - South Korea is experiencing a heatwave, leading to significant price increases in various agricultural products, including watermelon, cabbage, and radishes [1] Price Trends - The average retail price of watermelon reached 29,115 KRW (approximately 151 CNY) as of July 11, marking a 22.5% increase from the previous week, a 36.5% increase year-on-year, and a 38.5% increase compared to the average over the past five years [1] - The average retail price of cabbage is now 4,309 KRW (approximately 22.4 CNY), which is a 27.4% increase from the previous week [1] Market Expectations - Retail industry experts anticipate further increases in watermelon prices due to heightened demand driven by the ongoing heat and slow growth caused by insufficient sunlight in June [1]

Group 1 - South Korea is experiencing a heatwave, leading to a significant increase in the prices of agricultural products such as cabbage, watermelon, and radishes [1] - The average price of a watermelon is approaching 30,000 KRW (approximately 156 RMB) [1] - The South Korean government has implemented a series of measures to stabilize prices and has released reserve cabbage into the market [1]