Fuling Zhacai(002507) 华鑫证券·2025-04-27 08:10Investment 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]