Fuling Zhacai(002507) 华鑫证券·2025-03-30 14:03Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on optimizing product and channel structures to improve performance [5][6] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025, supported by sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was stable, while the sales of pickled cabbage increased significantly [6] - The company is optimizing packaging, quality, and taste for new products, with a focus on improving cost-performance ratios [6] Channel Strategy - The company is enhancing its restaurant channel layout and expanding its team, with direct sales and distribution channel revenues showing slight declines [7] - The company is transitioning to a results-oriented assessment approach for its internal teams to better align with market demands [7] 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 [9] - Revenue is projected to grow to 2.578 billion yuan in 2025, reflecting an 8% increase [11]