研報掘金丨長江證券:首予涪陵榨菜“買入”評級,積極擁抱新渠道
長江證券研報指出,涪陵榨菜爲我國醬醃菜行業龍頭,公司內生外延並重,早期以“烏江”爲核心品牌持續深耕榨菜業務,後通過體內培育及收購方式分別切入泡菜、蘿蔔等細分賽道。2025年4月公司發佈公告擬收購味滋美進駐複合調味品行業。公司長期以來穩居行業第一,2019年市佔率達到約36%。當前榨菜核心價格帶相對穩定,公司品牌力、產品力、渠道力領先背景下有望穩住核心市場份額實現優質增長。公司積極擁抱新渠道,以醬醃菜休閒化爲切入點,有望看到公司產品進入各類渠道,其中嘎吱脆蘿蔔乾已進入盒馬,未來其各類新品有望一部分打開新市場。首次覆蓋,給予“買入”評級。
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