Fuling Zhacai(002507) 国盛证券·2025-04-26 10:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 713 million yuan in Q1 2025, a year-on-year decrease of 4.75%, while the net profit attributable to the parent company was 272 million yuan, a slight increase of 0.24% year-on-year [1] - The company benefits from cost advantages due to a significant decrease in the price of raw materials, specifically a 31% year-on-year drop in the purchase price of the main ingredient, green cabbage [1] - The company is pursuing a dual strategy of organic growth and external acquisitions, with plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and prepared dishes [2][3] - The addition of Weizimei is expected to enhance the company's product categories and distribution channels, contributing to its long-term growth strategy [2][3] Financial Summary - The company's gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, attributed to cost reductions from lower raw material prices [1] - The report forecasts that the company's net profit attributable to the parent company will grow by 8.5%, 8.2%, and 7.9% in 2025, 2026, and 2027, respectively, reaching 870 million, 940 million, and 1,010 million yuan [3] - The projected revenue for 2025 is 2.579 billion yuan, reflecting an 8% year-on-year growth [4]