Fuling Zhacai(002507) 华鑫证券·2025-04-27 07:54Investment 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, attributed to a high base and a strategic shift to reduce sales proportion in Q1 [4][5] - The net profit attributable to shareholders for Q1 2025 was 272 million yuan, an increase of 0.2% year-on-year, while the non-recurring net profit was 257 million yuan, a decrease of 0.6% year-on-year [4] Summary by Sections Financial Performance - The company's gross margin increased by 4 percentage points to 55.96% in Q1 2025, driven by 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 enhancing product bundling efforts and strengthening channel price differentiation, with a focus on expanding non-pickled vegetable products [6] - The company is adjusting its product offerings between online and offline channels to improve profitability and adapt to market demands [6] Earnings Forecast - The company is expected to see 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] - Revenue projections for 2025-2027 are 2,578 million, 2,752 million, and 2,924 million yuan, reflecting growth rates of 8.0%, 6.7%, and 6.3% respectively [10]