Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - Total revenue for 2024 reached 3.476 billion yuan, a year-on-year increase of 10.4% - Net profit attributable to shareholders was 625 million yuan, up 36.8% - In Q4 alone, revenue was 1.112 billion yuan, reflecting a 21.6% year-on-year growth, while net profit for the quarter was 192 million yuan, increasing by 41.0% [1]. Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 0.55 yuan per share (before tax), resulting in a distribution rate of 93.6% [2]. Product Performance - Revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year, driven by product upgrades and strong performance from food extract products - Hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a 25.2% increase - Revenue from sausage and cured meat seasonings saw a year-on-year increase of 11.0% for the year, but a decline of 3.4% in Q4 [2]. Channel Performance - The food extract segment continued its high growth trajectory, with a 40.8% year-on-year increase in 2024 and a 34% increase in January-February 2025 - Offline revenue grew by 4.4% year-on-year, while online revenue surged by 51.7% - In Q4, online revenue increased by 26.5% to 203 million yuan, while offline revenue rose by 19.4% to 907 million yuan [3]. Regional Performance - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% for 2024 and 41.9% for Q4 - Other regions experienced varied growth, with the western region at 16.5%, eastern at 7.1%, central at 6.2%, and northern region declining by 2.3% for the year [3]. Profitability and Cost Management - Gross margin improved, with 2024 and Q4 margins at 39.8% and 40.8%, respectively, benefiting from lower raw material costs and product structure optimization - Sales expense ratio decreased by 2.39 percentage points for the year, attributed to cost control measures [4]. Tax Impact - The effective tax rate negatively impacted profitability, with net profit margins for 2024 and Q4 at 18.0% and 17.3%, respectively [5]. Strategic Acquisitions - The company completed the acquisition of a 63.84% stake in a brand focused on young consumers, enhancing its online channel network and product offerings [5]. Earnings Forecast - The company projects EPS of 0.67, 0.76, and 0.87 yuan per share for 2025-2027, with a target PE ratio of 20-25 times for 2025, suggesting a reasonable valuation range of 13.31-16.64 yuan [5].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue growth has recovered to double digits, with profits exceeding expectations [7]. - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year increase of 10.4%, and a net profit of 625 million yuan, up 36.8% year-on-year [7]. - The report emphasizes strong performance in Q4, with revenue reaching 1.112 billion yuan, a 21.6% increase year-on-year, and a net profit of 192 million yuan, up 41.0% year-on-year [7]. Financial Data and Forecast - Revenue projections for the company are as follows: 3.476 billion yuan in 2024, 4.002 billion yuan in 2025, 4.473 billion yuan in 2026, and 4.980 billion yuan in 2027, with year-on-year growth rates of 10.4%, 15.1%, 11.8%, and 11.3% respectively [6]. - Net profit forecasts are 625 million yuan for 2024, 709 million yuan for 2025, 811 million yuan for 2026, and 932 million yuan for 2027, with year-on-year growth rates of 36.8%, 13.5%, 14.5%, and 14.8% respectively [6]. - The report indicates an increase in gross margin to 39.8% in 2024 and 40.1% in 2025, reflecting a positive trend in profitability [6]. Product Performance - The report notes that the revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year in 2024, driven by product upgrades and strong performance in food extract products [7]. - The hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a significant increase of 25.3% [7]. - The food extract segment continued to show high growth, with a 40.8% year-on-year increase in 2024 [7]. Channel and Regional Performance - Offline and online revenue growth for 2024 was 4.4% and 51.7% year-on-year respectively, with Q4 online revenue increasing by 26.5% [7]. - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% in 2024 [7]. Strategic Developments - The company completed the acquisition of a 63.84% stake in a brand to enhance its online channel network and product matrix [7]. - The acquired brand focuses on younger consumers and has successfully entered various online platforms, achieving significant sales milestones [7].

投资要点 成本红利推动毛利率改善，费投优化带动净利率提升。2024Q4 毛利率40.8%，同比+0.5pct，预计主因 成本红利释放+产品结构优化。2024Q4 销售/管理/研发/财务/费用率分别同比-3.2/-0.7/-0.3/+0.1pct，24Q3 起公司费投政策改为货折，费投优化带动销售费用率快速下降。综合看24Q4 归母净利率17.3%，同比 +2.4pct，盈利能力强化。 延续高分红政策，并购加点滋味有望贡献增量。公司重视股东回报，24年公司拟派发红利5.85 亿元，叠 加回购0.25 亿元，预计24 年股份支付率97.62%，高分红政策延续。2024 年11 月底公司收购杭州加点滋 味63.84%股份，加点滋味及其控股子公司姜姜文化自2024 年12 月31 日起并表，未来随着产品创新及渠 道开拓协同效应释放，公司收入有望稳健增长。 盈利预测与投资评级：24 年业绩符合预期，我们调整25-26 年收入预期为38.5/42.3 亿元（此前25-26 年 预期为37.7/41.9 亿元），并新增27 年收入预期为46.7 亿元，25-27 年收入同比+11%/+10%/+11%；调整 25-26年归 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 天味食品（603317） 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 周韵 执业证书：S0600524080009 2024 年报点评：24 年顺利收官，内延外拓势 能延续 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3149 | 3476 | 3845 | 4226 | 4672 | | 同比（%） | 17.02 | 10.41 | 10.60 | 9.92 | 10.55 | | 归母净利润（百万元） | 456.70 | 624.64 | 707.22 | 778.58 | 864.28 | | 同比（%） | 33.65 | 36.77 | 13.22 | 10.09 | 11.01 | | EPS-最新摊薄（元/股） | 0.43 | 0.59 | 0.66 | 0.73 | 0.81 | | P ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - In 2024, the company generated a total revenue of 3.48 billion yuan, with a net profit of 630 million yuan and a non-deducted net profit of 570 million yuan, reflecting increases of 36.8% and 40.0% respectively [1][2]. - Q4 2024 saw a significant improvement in profitability, with a gross margin of 40.8% and a net profit margin of 17.3%, both showing year-on-year increases [3]. Product and Channel Analysis - Revenue from hot pot base materials reached 1.26 billion yuan, with a year-on-year increase in volume of 7.9% but a price decrease of 4.1% due to policy adjustments [2]. - Online sales grew significantly by 51.7% year-on-year, contributing to a total of 600 million yuan in revenue, while offline sales increased by 4.4% [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.99 billion yuan in 2025, 4.40 billion yuan in 2026, and 4.83 billion yuan in 2027, representing year-on-year growth rates of 14.6%, 10.3%, and 9.9% respectively [4][5]. - The company aims to enhance its product offerings in the hot pot and fresh soup categories while expanding its market presence [3].

天味食品（603317.SH）2024 年年报点评 目标如期达成，内生外延并进 2025 年 03 月 29 日 ➢ 事件：公司发布 2024 年年报，24 年实现营业收入 34.8 亿元，同比+10.4%； 实现归母净利润 6.3 亿元，同比+36.8%；实现扣非净利润 5.7 亿元，同比+40.0%。 单季度看，24Q4 实现营业收入 11.1 亿元，同比+21.6%；实现归母净利润 1.9 亿元，同比+41.0%；实现扣非净利润 1.8 亿元，同比+44.4%。 ➢ 备货前置 Q4 营收提速，全年股权激励目标如期达成。24 年公司顺利达成 收入+10%目标，Q4 在冬调、新品做好铺市的前提下聚焦资源于火锅，叠加春节 前置、渠道备货提前，单 Q4 收入提速至 21.6%。全年拆分来看，1）分产品： 24 年火锅底料实现收入 12.6 亿元，收入/量/价同比+3.5%/+7.9%/-4.1%，单 价下滑预计主因公司调整费用政策，改为货折扣减收入；中式菜品调料实现收入 17.7 亿元，收入/量/价同比+16.6%/+16.7%/-0.1%；香肠腊肉调料实现收入 3.3 亿元，收入/量/价同比+11.0%/+2 ...

3月28日，四川天味食品（603317）集团股份有限公司(以下简称"天味食品")披露2024年年报。公司在 去年实现营业收入34.76亿元，同比增长10.41%，归属于上市公司股东的净利润为6.25亿元，同比增长 36.77%，公司的营业收入、净利润水平双双创下了历史新高。 天味食品同时披露的年度利润分配预案显示，公司拟向全体股东每股派发现金红利0.55元(含税)，以参 与权益分派的总股本10.63亿股为基数，拟派发现金红利5.85亿元(含税)。 线上渠道收入同比增长超五成 天味食品是我国复合调味品领域的龙头企业，主营复合调味料的研发、生产和销售，公司产品包括火锅 调料、中式菜品调料、香肠腊肉调料、香辣酱等100多个品种。2024年，公司聚焦降本增效；推进营销 多元化布局，持续精耕渠道；实现战略品类创新升级，助力品牌破圈；增强研发创新能力；强化数字化 运营支撑能力，上述工作的顺利开展助力公司业绩实现了显著增长。 从主营业务来看，天味食品的线上渠道业务快速发展。2024年，公司线下渠道、线上渠道分别实现主营 业务收入28.74亿元、5.96亿元，同比增速分别达到4.42%和51.7%。同时，公司的主要产品实现良 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [6] - The company plans to achieve a revenue and net profit growth of no less than 15% in 2025 [6] - The company has improved its operational efficiency and strategic planning since its listing, transitioning from a rough operational model to a more refined one [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.972 billion yuan, with a year-on-year growth rate of 14.3% [5] - Net profit attributable to shareholders is projected to be 722 million yuan in 2025, with a year-on-year growth of 15.5% [5] - The company’s gross margin is expected to improve, reaching 39.9% in 2025 [5] Revenue Breakdown - In 2024, the company’s revenue from hot pot base reached 1.265 billion yuan, growing 3.53% year-on-year, while the revenue from Chinese cuisine seasonings was 1.771 billion yuan, up 16.56% year-on-year [6] - Online sales grew significantly, with a revenue of 596 million yuan, a year-on-year increase of 51.70% [6] Cost and Profitability - The gross margin for 2024 was 39.78%, an increase of 1.9 percentage points year-on-year [6] - The sales expense ratio decreased to 12.98%, down 2.39 percentage points year-on-year, indicating improved cost management [6]

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods (603317) with a target price of 16 CNY [1][5]. Core Views - The company achieved a total revenue of 3.476 billion CNY in 2024, representing a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 625 million CNY, with a significant increase of 36.8% year-on-year [5][6]. - For 2025, the company plans to achieve a revenue and net profit growth of no less than 15% [5]. - The company proposed a cash dividend of 5.5 CNY per 10 shares (before tax), totaling 585 million CNY in cash dividends [5]. - The fourth quarter of 2024 saw a revenue of 1.112 billion CNY, up 21.5% year-on-year, and a net profit of 192 million CNY, increasing by 41.2% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by both internal and external contributions, alongside a high dividend payout ratio [5][6]. Financial Summary - **Revenue Forecast**: - 2024A: 3,476 million CNY - 2025E: 3,858 million CNY (11.0% growth) - 2026E: 4,199 million CNY (8.8% growth) - 2027E: 4,543 million CNY (8.2% growth) [1][5] - **Net Profit Forecast**: - 2024A: 625 million CNY - 2025E: 701 million CNY (12.2% growth) - 2026E: 766 million CNY (9.3% growth) - 2027E: 839 million CNY (9.5% growth) [1][5] - **Earnings Per Share (EPS)**: - 2024A: 0.59 CNY - 2025E: 0.66 CNY - 2026E: 0.72 CNY - 2027E: 0.79 CNY [1][5] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 24 times [5]. - Price-to-Book (P/B) ratio for 2025 is projected at 3 times [5]. Market Performance - The company’s stock price has shown a significant increase, with a current price of 13.56 CNY, compared to a 12-month high of 15.58 CNY and a low of 8.56 CNY [2][5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth and strong financial performance in the coming years, supported by strategic initiatives and market demand [5][6].

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods (603317) with a target price of 16 yuan [1][5]. Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 625 million yuan, up 36.8% year-on-year [5][6]. - For 2025, the company plans to achieve a revenue and net profit growth of no less than 15% [5]. - The company proposed a cash dividend of 5.5 yuan per 10 shares (before tax), totaling 585 million yuan [5]. - The fourth quarter of 2024 saw a significant revenue acceleration due to pre-holiday stocking, with a revenue of 1.112 billion yuan, up 21.5% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by new product launches and potential acquisitions [5]. Financial Summary - **Revenue Forecasts**: - 2024: 3,476 million yuan - 2025: 3,858 million yuan (11.0% growth) - 2026: 4,199 million yuan (8.8% growth) - 2027: 4,543 million yuan (8.2% growth) [1][5]. - **Net Profit Forecasts**: - 2024: 625 million yuan - 2025: 701 million yuan (12.2% growth) - 2026: 766 million yuan (9.3% growth) - 2027: 839 million yuan (9.5% growth) [1][5]. - **Earnings Per Share (EPS)**: - 2024: 0.59 yuan - 2025: 0.66 yuan - 2026: 0.72 yuan - 2027: 0.79 yuan [1][5]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 24 times [5]. - Price-to-Book (P/B) ratio for 2025 is projected at 3 times [5]. Market Performance - The company’s stock price has shown a significant increase, with a current price of 13.56 yuan, compared to a 12-month high of 15.58 yuan and a low of 8.56 yuan [2][5]. Product and Regional Performance - The hot pot base material revenue grew by 3.5% year-on-year, while the Chinese compound seasoning benefited from the food extract segment, achieving a 16.6% year-on-year growth [5]. - Revenue growth varied by region, with the southern region showing an 18.1% increase, while the northern region experienced a decline of 2.3% [5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth driven by strategic initiatives and market demand [5].