[ 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 ...

"我们只是迎合市场需求，市场有这样的需要，那我们就推出来。"2月28日，涪陵榨菜证券部门工作人 员接受记者电话采访时表示。 值得注意的是，截至2月28日收盘，涪陵榨菜股价小幅下跌0.37%。 去年净利同比小幅下降 2月27日晚间披露的业绩快报显示，涪陵榨菜2024年实现营收24.08亿元，同比小幅下降1.71%；归属于 上市公司股东的净利润8.24亿元，同比小幅下降0.31%。这是继2023年之后，涪陵榨菜连续第二年营收 和净利润双双下滑。 曾经的"榨菜茅"陷入业绩增长瓶颈。 2月27日晚间，涪陵榨菜（SZ002507，股价13.35元，市值154亿元）发布2024年度业绩快报，公司营收 和归属于上市公司股东的净利润双双小幅下滑。这是公司连续第二年营收和净利润双双下滑。 如何才能扭转业绩颓势？在2021年以前，涪陵榨菜曾经13年13次涨价，被消费者调侃称"一包榨菜比一 包方便面还贵"。而眼下，涪陵榨菜正在悄然改变。 《每日经济新闻》记者注意到，在消费者更加注重性价比的趋势下，虽然近期涪陵榨菜并未"松口"对主 力产品直接降价，但此前作为配角的低毛利率产品即60g（克）产品，正成为公司的主力产品之一。 就此，2月 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under pressure, with a projected revenue of 2.408 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit of 824 million yuan, down 0.3% year-on-year. However, the non-recurring net profit is expected to increase by 0.1% to 757 million yuan [5] - The company has completed organizational restructuring and is focusing on optimizing product and channel collaboration, which is expected to drive growth in the restaurant channel [6] - The company is actively addressing previous marketing and product strategy issues, leading to continuous improvement in performance, with a forecasted EPS of 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.408 billion yuan, a decrease of 1.7% from 2023, and a net profit of 824 million yuan, a decrease of 0.3% [11] - The company expects a revenue increase of 5.3% in 2025 and 6.1% in 2026, with net profit projections of 907 million yuan and 976 million yuan respectively [11] Profitability Metrics - The gross margin is expected to remain high at 52.6% in 2024, increasing to 54.5% by 2026 [12] - The net profit margin is projected to improve from 33.7% in 2023 to 36.3% in 2026 [12] Organizational Changes - The company has implemented a flat organizational structure and optimized its compensation system, which is expected to enhance collaboration and efficiency [6] - The company is focusing on product optimization and new product launches, with specific support for channel policies [6] Market Outlook - The company anticipates that the restaurant channel will continue to grow significantly, supported by the adaptability of its products [6] - The company has sufficient low-cost raw material inventory to support operations through Q2 2025, with additional storage capacity being developed [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under pressure, with a projected revenue of 2.408 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit of 824 million yuan, down 0.3% year-on-year. However, the non-recurring net profit is expected to increase by 0.1% to 757 million yuan [5] - The company has completed organizational restructuring and is focusing on optimizing product and channel collaboration, which is expected to drive growth in the restaurant channel [6] - The company is actively addressing previous marketing and product strategy issues, leading to continuous improvement in performance, with a forecasted EPS of 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 446 million yuan, a decrease of 11% year-on-year, and a net profit of 153 million yuan, down 8% year-on-year. The non-recurring net profit for the same period was 120 million yuan, a decrease of 22% [5] - The company expects to maintain a high gross margin despite the ongoing digestion of low-cost raw materials [5] Organizational Changes - The company has optimized departmental collaboration and completed a flat organizational structure reform, which is expected to enhance the adaptability of its products in the restaurant channel [6] - The company is increasing the speed of product optimization and new product launches, with specific support for channel policies [6] Earnings Forecast - The earnings per share (EPS) estimates have been adjusted to 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 19, 17, and 16 times [7] - The company is expected to continue benefiting from a sufficient reserve of low-cost raw materials, which will help maintain high gross margins [7]

证券研究报告 | 公司点评 gszqdatemark 2025 02 28 年 月 日 涪陵榨菜（002507.SZ） 淡季表现低于预期，低基数下蓄势增长 事件：公司发布 2024 年度业绩快报，2024 年实现营业收入 24.08 亿，同 比下降 1.71%；实现归母净利润 8.24 亿元，同比下降 0.31%；实现扣非 归母净利润 7.57 亿元，同比增长 0.13%。其中单四季度而言，实现营业 收入 4.46 亿，同比下降 10.58%；实现归母净利润 1.53 亿元，同比下降 8.36%；实现扣非归母净利润 1.20 亿元，同比下降 21.51%。 淡季表现平淡，收入低于预期。公司 2024Q4 实现营业收入 4.46 亿，同 比下降 10.58%，而 2024Q1-Q3 实现营业收入 19.62 亿，同比+0.56%， 2024Q4 同比大幅下滑，究其原因，一方面，我们判断可能与跨期确认收 入相关，部分商品 2024Q4 发货尚未交付至经销商手中，跨期货物预计于 2025 年 Q1 确认收入；另一方面，我们预计可能与消费者淡季囤货意识减 弱相关。 淡季费投减少，利润率环比改善。公司 2024 年实现 ...

涪陵榨菜（002507.SZ） 淡季表现低于预期，低基数下蓄势增长 事件：公司发布 2024 年度业绩快报，2024 年实现营业收入 24.08 亿，同 比下降 1.71%；实现归母净利润 8.24 亿元，同比下降 0.31%；实现扣非 归母净利润 7.57 亿元，同比增长 0.13%。其中单四季度而言，实现营业 收入 4.46 亿，同比下降 10.58%；实现归母净利润 1.53 亿元，同比下降 8.36%；实现扣非归母净利润 1.20 亿元，同比下降 21.51%。 淡季表现平淡，收入低于预期。公司 2024Q4 实现营业收入 4.46 亿，同 比下降 10.58%，而 2024Q1-Q3 实现营业收入 19.62 亿，同比+0.56%， 2024Q4 同比大幅下滑，究其原因，一方面，我们判断可能与跨期确认收 入相关，部分商品 2024Q4 发货尚未交付至经销商手中，跨期货物预计于 2025 年 Q1 确认收入；另一方面，我们预计可能与消费者淡季囤货意识减 弱相关。 淡季费投减少，利润率环比改善。公司 2024 年实现归母净利率 34.22%， 同比+0.48pct；单四季度实现归母净利率 34.40%， ...

1.经营业绩说明 2024 年，公司坚持"稳住榨菜，夯基拓新"战略不动摇，聚焦榨菜品类优化和多元化发 展，在传统消费模式面临挑战与变革的情形下，公司全年立足战略、着眼全局、精准施策， 产品上深入推进项目制管理模式，打通研产供销传全链路；销售上全面完成调整组织结构、 优化激励机制，激发活力提效能；职能保障上精准发力、完善管理体系，持续提升管理效能， 基本实现公司战略规划执行与完成。 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-003 重庆市涪陵榨菜集团股份有限公司 2024 年度业绩快报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 本公告所载 2024 年度的财务数据仅为初步核算数据，已经公司内部审计部门审计，未 经会计师事务所审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2024 年度主要财务数据和指标 单位：元 项目 本报告期 上年同期 增减变动幅度（％） 营业总收入 2,407,988,879.23 2,449,845,145.50 -1.71% 营业利润 972,297,240.80 975 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、闲置自有资金和募集资金理财的审批情况 证券代码：002507 证券简称：涪陵榨菜 公告编号：2025-002 重庆市涪陵榨菜集团股份有限公司 关于使用闲置自有资金及募集资金理财的进展公告 | 序号 | 受托方 | 产品名称 | 金额 | 产品类型 | 起息日 | 产品期限 | 关联 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (万元) | | | | 关系 | 来源 | | 2 | | 协定存款 | 10,000 | 本金保障型 | 2025年1月16日 | 5天 | 无 | 募集 资金 募集 | | 1 | | 协定存款 | 10,000 | 本金保障型 | 2025年1月9日 | 12天 | 无 | 募集 资金 | | 3 | 恒丰银行股份 | 协定存款 | 10,000 | 本金保障型 | 2025年1月17日 | 4天 | 无 | | | | | | | | | | | 资金 | | 4 | 有限公司 | ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 19.9 yuan, corresponding to a reasonable valuation of 23 times earnings [2][4][43]. Core Insights - The company is undergoing significant reforms under new management, which are expected to lead to a turnaround in sales expenses, pricing strategies, and channel structures, helping the company emerge from a period of stagnation [1][2][11]. - The long-term trend of consumption upgrading remains unchanged, and price increases are anticipated to drive future industry growth. The company is expected to regain growth momentum in the context of a broader recovery in the condiment industry [2][43]. Summary by Sections Company Overview - The company is a leading player in the domestic pickled vegetable industry, primarily producing pickled mustard tubers. It has experienced both rapid growth and stagnation in recent years due to industry slowdowns and internal challenges [1][5]. Recent Developments - Since 2023, the new management has initiated organizational adjustments and strategic changes, marking three key turning points: improved sales expense implementation, revised pricing strategies, and expanded restaurant market channels [1][2][11]. Financial Projections - The company forecasts a revenue growth of 9.8% and a net profit growth of 10.37% for 2025, with an expected earnings per share (EPS) of 0.83 yuan. The current price-to-earnings (PE) ratio is 16.2 times [2][3][43]. Market Position and Strategy - The company is focusing on multi-category development, with growth in other product lines expected to inject new momentum into its business. The emphasis on restaurant channel development is seen as a significant growth opportunity [2][30][34]. Competitive Landscape - The company holds a dominant market share in the pickled vegetable sector, benefiting from its established brand recognition and distribution capabilities. It has been able to implement price increases effectively, maintaining its competitive edge [22][35].

Group 1: Product Development and Market Strategy - The company has optimized its product categories based on market research results, increasing R&D efforts for future market promotions, with specific plans still in preparation for next year [2] - The company launched a low-salt product in 2022, which is gradually replacing the original version in the market, with feedback leading to the introduction of a 60g original packaging product in select regions [3][5] - The main products' prices have not been adjusted, although the pickled vegetable sauce product saw a price reduction at the end of the year based on terminal feedback [6] Group 2: Channel Expansion and Competition - The company has established a restaurant division in 2023, actively recruiting professionals and collaborating with distributors to expand its restaurant channel [2][7] - The pickled vegetable industry is currently focused on stock competition and market share acquisition in first and second-tier markets, with the company planning targeted promotional activities in response to competitive pressures [7] - New product categories, including radish and pickled vegetables, have been added to the restaurant channel, leveraging their broad consumption scenarios [7] Group 3: Investor Relations and Communication - The investor relations activity was conducted online on December 24, 2024, with participation from various investment institutions [2] - For more recent research and frequently asked questions, stakeholders can refer to the company's published investor relations activity records on the interactive platform [8]