加强电商与餐饮渠道发展，外延并购推动多品类发展。 电商渠道方面，鉴于近两年电商渠道增长良好，公司2025 年重新规划了重点产品、价格优惠、直播推 广等模式，还将针对电商渠道提供专项资源支持其发展。 餐饮渠道方面，公司此前设立的餐饮渠道事业部发展较快，2024 年业绩超1 亿元，但存在与家庭端消费 市场冲突的情况，2025 年公司将加强餐饮端大包装榨菜产品上量管控，维持双渠道平衡发展，同时加 大餐饮端非榨菜产品推广力度，目前这些非榨菜产品已收获较好反馈。 公司坚持以榨菜为中心，向"榨菜+"、榨菜亲缘品类方向发展，将兼并收购作为下一阶段发展的重要手 段。25 年4 月26 日，公司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51%股权。24 年味滋美公司实现收入2.65亿元，实现净利润3962 万元。本次交易完成后，味滋美能借助涪陵榨菜全国 C端渠道拓展市场、提升盈利；涪陵榨菜可获得味滋美的B 端资源，借此打入餐饮市场，实现渠道拓 展。后续建议关注交易进展。 盈利预测、估值与评级：我们维持公司2025-2027 年归母净利润预测分别为8.78/9.39/9.91 亿元，折合 2025-2027 年EPS ...

4月26日，涪陵榨菜（002507.SZ）发布购买资产预案，公司拟收购四川味滋美食品科技有限公司（以下简称"味滋美"）51%股权，计划 通过向特定对象发行股份及支付现金方式完成此次收购，交易对方系陈伟等5名自然人。 南都湾财社记者注意到，涪陵榨菜是在公司业绩承压背景下展开的此次收购，2024年及2025年一季度公司营收、扣非后净利润等多个 关键财务数据均呈下滑态势。涪陵榨菜方面坦言："将并购重组作为突破上市公司发展瓶颈的重要手段" 业绩不"够"，收购来"凑" 涪陵榨菜面临较大的业绩压力。2024年实现营业收入23.87亿元，同比下滑2.56%；同期归属于上市公司股东的净利润为7.99亿元，同比 下滑3.29%；扣非后净利润为7.32亿元，同比下滑3.13%。 一季度来看，涪陵榨菜业绩依旧承压。数据显示，公司今年一季度实现营收7.13亿元，同比下滑4.75%，归属于上市公司股东的净利润 为2.72亿元，同比微增0.24%；扣非后净利润为2.57亿元，同比微降0.62%。 营收等接连下滑的原因，与激烈的市场竞争不无关联。涪陵榨菜表示："行业属于完全竞争型行业，由于准入门槛较低，导致行业竞争 非常激烈，行业内大多数 ...

食品饮料/调味发酵品Ⅱ 涪陵榨菜（002507.SZ） 公司拟收购味滋美 51%股权，布局复调预制菜赛道 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | 证书编号：S0790520030003 | | --- | --- | --- | | 当前股价(元) | 13.53 | | | 一年最高最低(元) | 17.20/11.47 | | | 总市值(亿元) | 156.13 | | | 流通市值(亿元) | 155.45 | | | 总股本(亿股) | 11.54 | | | 流通股本(亿股) | 11.49 | | | 近 3 个月换手率(%) | 81.56 | | 股价走势图 数据来源：聚源 -24% -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 涪陵榨菜 沪深300 相关研究报告 《2024 年利润短期承压，2025 年稳健 增 长 可 期 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024 年夯实基础，蓄力 2025 年稳健 发展—公司信息更新报告》-2025.3.3 《改革成效显现 ...

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 ...

证券研究报告 | 公司点评报告 2025 年 04 月 28 日 涪陵榨菜（002507.SZ） 收入承压盈利改善，并购加速多元发展 消费品/食品饮料 公司 Q1 收入/利润分别-4.75%/+0.24%，收入承压盈利改善。公司公告通过股 权＋现金的方式，收购味滋美 51%股权，有望加速公司品类多样化、渠道多元 化的发展。近年来公司不断强化竞争优势，提升渠道管控和内部管理效率，使 得发展更加稳健，在当前政策推动消费力稳健复苏的趋势下，公司通过经营策 略调整，25 年有望迎来复苏。当前市场预期低，公司估值处于近年来底部位置， 行业看中长期增速预期放缓，公司账上现金充足，有意在成熟期显著提升分红， 提高股东回报，建议底部加大布局。 风险提示：需求不及预期、成本大幅上涨、新品拓展不及预期 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2450 | 2387 | 2537 | 2667 | 2801 | | 同比增长 | -4% | -3% | 6% ...

证 券 研 究 报 告 涪陵榨菜（002507）2025 年一季报点评 推荐（维持） Q1 压力延续，布局外延发展 目标价：15.8 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,387 | 2,478 | 2,601 | 2,763 | | 同比增速(%) | -2.6% | 3.8% | 5.0% | 6.2% | | 归母净利润(百万) | 799 | 843 | 869 | 924 | | 同比增速(%) | -3.3% | 5.4% | 3.1% | 6.3% | | 每股盈利(元) | 0.69 | 0.73 | 0.75 | 0.80 | | 市盈率(倍) | 20 | 19 | 18 | 17 | | 市净率(倍) | 1.8 | 1.7 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 25 日收盘价 调味品 2025 年 04 月 28 日 当前 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 710 million yuan in Q1 2025, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 270 million yuan, a slight increase of 0.2% year-on-year [1]. - The decline in raw material prices has positively impacted the company's gross margin, which reached 55.96% in Q1 2025, an increase of 3.85 percentage points year-on-year [2]. - The company is focusing on enhancing its e-commerce and catering channels, with plans for strategic resource allocation to support growth in these areas [3]. Summary by Sections Financial Performance - Q1 2025 gross margin was 55.96%, up 3.85 percentage points year-on-year, driven by lower vegetable head purchase prices [2]. - The net profit margin for Q1 2025 was 38.19%, reflecting a year-on-year increase of 1.9 percentage points [2]. - The company forecasts net profits of 878 million yuan, 939 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.76, 0.81, and 0.86 yuan [4]. Strategic Initiatives - The company plans to strengthen its e-commerce and catering channels, with a focus on product offerings and promotional strategies [3]. - A significant acquisition is underway, with the company proposing to acquire 51% of Sichuan Weizimei Food Technology Co., Ltd., which had a revenue of 265 million yuan and a net profit of 39.62 million yuan in 2024 [3]. Valuation Metrics - The current stock price of 13.53 yuan corresponds to a PE ratio of 18x for 2025, 17x for 2026, and 16x for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.50 [7][8]. Core Views - The company's Q1 performance was subdued, with revenue and net profit showing a decline due to low inventory levels during the off-season. However, the company expects a recovery in the second and third quarters as the macroeconomic environment improves and the integration of acquisitions is anticipated to expand its operational scope [1][4]. - The company reported a Q1 revenue of RMB 710 million, a decrease of 4.8% year-on-year, while net profit attributable to the parent company was RMB 270 million, a slight increase of 0.2% year-on-year. The lower revenue was attributed to reduced household stockpiling post-pandemic [1][2]. - The company is optimistic about its future growth driven by both internal and external factors, including the successful acquisition of Weizimei, which specializes in Sichuan-style compound seasonings and pre-prepared dishes, expected to create synergies in channels and product offerings [3][4]. Summary by Sections Q1 Performance - In Q1 2025, the company experienced a revenue decline of 4.8% year-on-year, attributed to off-season low inventory levels. The company aims for an 8% revenue growth for the year, driven by price and channel strategies, as well as expansion in the catering sector [2][4]. - The gross margin improved to 56.0%, up 3.8 percentage points year-on-year, mainly due to lower procurement costs for green vegetables [2]. Acquisition and Future Outlook - The company plans to acquire 51% of Weizimei, which focuses on customized development and sales of Sichuan-style seasonings and pre-prepared dishes. This acquisition is expected to enhance channel cooperation and product expansion [3][4]. - The company forecasts EPS of RMB 0.75, 0.82, and 0.89 for 2025, 2026, and 2027 respectively, with a target PE ratio of 22x for 2025 [4][6]. Financial Projections - The company projects a revenue of RMB 2.578 billion for 2025, with a year-on-year growth of 8%. The net profit attributable to the parent company is expected to reach RMB 863.76 million, reflecting an 8.06% increase [6][18]. - The report highlights a stable financial position with a projected ROE of 9.52% for 2025 and a decreasing trend in PE ratio from 19.29 in 2023 to 18.46 in 2025 [6][18].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing a release of cost benefits, leading to improved profitability and ongoing channel reforms [1][5] - The first quarter of 2025 saw total revenue of 713 million yuan, a decrease of 5% year-on-year, while net profit attributable to shareholders increased by 0.2% to 272 million yuan [4][5] Summary by Sections Market Performance - The company's stock price is currently at 13.53 yuan, with a total market capitalization of 15.6 billion yuan [1] Financial Performance - The gross margin for Q1 2025 increased by 4 percentage points to 55.96%, attributed to improved production efficiency and historically low raw material prices [5] - The net profit margin rose by 2 percentage points to 38.19%, indicating sustained profitability [5] Product and Channel Strategy - The company is focusing on enhancing product offerings and channel differentiation, with ongoing promotions for bundled products and a shift towards non-pickled vegetable categories [6] - The company is adjusting its product offerings between online and offline channels to optimize profitability and adapt to market demands [6] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 17, and 16 times [7][10]