Fuling Zhacai(002507) 华鑫证券·2025-03-30 22:33Investment 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][9] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on product and channel structure optimization to improve performance [4][5] 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% in Q4 2024, primarily due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025 due to stable terminal sales and sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was 2.044 billion yuan, down 2%, while the revenue from pickled radish was 46 million yuan, down 24% [6] - The company saw a 2% increase in revenue from pickled cabbage, reaching 230 million yuan, driven by a 16% increase in sales volume [6] Channel Strategy - Revenue from direct sales and distribution channels was 151 million yuan and 2.232 billion yuan, respectively, both showing a decrease [7] - The company is expanding its restaurant channel and optimizing its internal assessment methods 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][11]