天风证券-涪陵榨菜-002507-季报点评：25Q1略承压，并购项目或望落地-250520

市场资讯2025-05-20

（转自：研报虎）　　事件：25Q1实现收入/归母净利润7.13/2.72亿元，同比-4.75%/+0.24%。　　主力榨菜稳健，产品不断优化。24H2公司放开60g产品限制，24年占比提升至25%，70g产品占比约30%。公司推出爆炒等系列新品，对萝卜、豇豆等产品优化，优化后萝卜上市反馈良好。　　利润率提升显著，费用投放加大。25Q1毛利率/净利率同比变动+3.85/+1.90pct至55.96%...

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