Investment Rating - The investment rating for Tianwei Food (603317.SH) is "Outperform the Market" [1][3][7] Core Views - The company reported a 10.9% year-on-year revenue growth in the third quarter, with total revenue for the first three quarters of 2024 reaching 2.364 billion yuan, a 5.84% increase year-on-year. The net profit attributable to shareholders was 432 million yuan, up 34.96% year-on-year [1][4] - The offline channel growth turned positive, while the online channel maintained high growth, with revenues of 760 million yuan and 140 million yuan respectively in the third quarter, reflecting increases of 6.0% and 55.4% year-on-year [1][4] - The gross profit margin improved significantly, reaching 38.8%, driven by a higher proportion of online sales and lower raw material costs [1][5] - The company is focusing on developing regional specialty products while enhancing its product matrix, leveraging its channel management for better synergy [1][5] Financial Forecasts - The company is expected to achieve total revenues of 3.39 billion, 3.74 billion, and 4.05 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.6%, 10.5%, and 8.3% [2][7] - The net profit attributable to shareholders is projected to be 570 million, 630 million, and 680 million yuan for the same years, reflecting year-on-year growth rates of 25.2%, 11.0%, and 7.7% [2][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.54, 0.60, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 26.5, 23.9, and 22.2 [2][7]

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - The company has shown improved revenue growth quarter-on-quarter, with significant profit increase due to cost control measures [1][2] - The company aims for double-digit revenue growth for the full year, with profit growth expected to exceed revenue growth [2] Revenue Analysis - For the first three quarters, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84% [1] - In Q3 alone, revenue reached 897 million yuan, up 10.93% year-on-year [1] - The revenue breakdown by product shows that hot pot base material has stabilized after adjustments, while Chinese cuisine seasonings and sausage seasonings have seen growth [1][5] - Revenue by market indicates steady performance in the western and central regions, with emerging markets also showing growth [1][5] Profit Analysis - The company reported a net profit margin of 20.70% in Q3, an increase of 6.77 percentage points year-on-year [1] - The gross profit margin was 38.83%, up 0.76 percentage points year-on-year, with a decrease in expense ratio contributing to higher profits [1][2] Future Outlook - The company has set ambitious revenue growth targets of 10% and 15% for 2024 and 2025, respectively [2] - The forecast for revenue from 2024 to 2026 is 3.466 billion, 3.973 billion, and 4.614 billion yuan, with corresponding net profits of 582 million, 669 million, and 785 million yuan [2][3] Valuation - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 26x, 22x, and 19x, respectively, which are lower than the average of comparable companies [9][10] - The company is currently at a historical low in terms of valuation, indicating potential for recovery [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][2]. Core Views - The company reported a significant improvement in profitability and a notable increase in revenue growth margins, with Q3 2024 revenue reaching 897 million yuan, a year-on-year increase of 10.93% [1]. - The net profit attributable to the parent company for Q3 2024 was 186 million yuan, reflecting a year-on-year growth of 64.79% [1]. - The company has shown a strong performance in the first three quarters of 2024, with total revenue of 2.364 billion yuan, up 5.84% year-on-year, and a net profit of 432 million yuan, up 34.96% year-on-year [1]. Revenue and Profitability Analysis - Q3 2024 revenue growth was driven by a recovery in demand, with a notable improvement from a revenue decline of 6.80% in Q2 2024 [1]. - The company’s gross margin for Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, indicating enhanced profitability [1]. - The net profit margin for Q3 2024 was 21.19%, up 7.33 percentage points year-on-year, showcasing significant profitability improvement [1]. Product and Channel Performance - Revenue growth varied by product, with hot pot base materials and Chinese-style seasoning experiencing declines, while online sales surged by 68.98% year-on-year [1]. - The company is focusing on new product launches, including barbecue seasonings and regional specialty flavors, to enhance its market presence [1]. Financial Forecast - The company is projected to achieve revenues of 3.464 billion yuan, 3.885 billion yuan, and 4.373 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.02%, 12.15%, and 12.57% [2][3]. - The net profit attributable to the parent company is expected to reach 584 million yuan, 660 million yuan, and 747 million yuan for the same years, with growth rates of 27.97%, 13.00%, and 13.10% respectively [2][3]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 24.7X for 2024, 21.9X for 2025, and 19.4X for 2026, suggesting a favorable valuation compared to industry peers [2][3].

[ T able_StockInfo] 2024 年 10 月 25 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：13.90 元 天味食品（603317）食品饮料 目标价：——元（6 个月） 费用优化叠加成本下行，Q3 盈利能力显著提升 [Table_Summary 事件：公司发布] 2024 年三季报，前三季度实现营收 23.6 亿元，同比+5.8%， 实现归母净利润4.3亿元，同比+35%；其中 24Q3实现营收 9亿元，同比+10.9%， 实现归母净利润 1.9 亿元，同比+64.8%；公司业绩超市场预期。 川调与冬调实现高增，食萃带动线上高增。分产品看，24Q3 火锅底料/中式调 料/冬调/其他业务收入增速分别为+1.1%/+18.1%/+19.7%/-3%；中式复调重回高 速增长，主要系食翠表现良好所致；香肠腊肉调料实现高增，主要系天气转冷 旺季将至前渠道补货动作前置。分渠道看，24Q3线上/线下渠道实现收入 1.4/7.6 亿元，同比+55.4%/+6%；得益于食萃小 B 客户拓展情况良好，线上渠道环比维 持高速增长；线下渠道得益于旺季来临恢复稳健增速。分区域看，24Q3 东 ...

2024 年 10 月 25 日 公司点评 买入/上调 天味食品(603317) 目标价: 17.08 昨收盘:13.58 天味食品：Q3 收入提速增长，业绩超预期 报告标题 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/10/2524/1/624/3/1924/5/3124/8/1224/10/24 天味食品 沪深300 股票数据 总股本/流通(亿股) 10.65/10.64 总市值/流通(亿元) 144.64/144.47 12 个月内最高/最低价 (元) 15.2/8.5 相关研究报告 <<天味食品：2024Q1 收入符合预期， 盈利水平持续改善>>--2024-04-28 <<天味食品：盈利能力稳步提升，新 颁布员工持股计划稳定信心>>-- 2024-03-29 <<天味食品：营收提速，盈利改善>>- -2023-05-24 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.com 分析师登记编号：S1190523100003 事件：公司 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported its Q3 2024 results, with revenue meeting expectations and profit slightly exceeding expectations. For the first three quarters of 2024, the company achieved revenue and net profit attributable to shareholders of 236.4 million and 43.2 million yuan, respectively, representing year-on-year growth of 5.84% and 34.96% [3] - The report anticipates a slight increase in profit forecasts for 2024-2026, with net profit attributable to shareholders projected at 57 million (+0.4 million), 64 million (+0.1 million), and 75 million (+0.1 million) yuan, reflecting year-on-year growth of 24.0%, 13.4%, and 17.1% respectively [3] - The report maintains an "Outperform" rating, considering the expected recovery in revenue during the second half of the year [3] Summary by Sections Financial Performance - In Q3 2024, the company experienced double-digit revenue growth, with online channel revenue increasing significantly by 55.38%. The revenue from offline channels grew by 5.98% [4] - The company's gross margin and net margin improved year-on-year by 0.77 percentage points and 7.33 percentage points, reaching 38.83% and 21.19%, respectively [5] - The report projects a full-year revenue growth of double digits, with expectations for improved profitability in Q4 2024 [6] Revenue Breakdown - For Q3 2024, revenue from various product lines showed growth: base ingredients increased by 1.14%, Sichuan seasoning by 18.07%, and winter seasoning by 19.68%. The report expects accelerated growth in base ingredient revenue in Q4 due to seasonal sales strategies [4] - Regionally, Q3 2024 revenue growth was observed in southern, central, western, and eastern regions, with year-on-year increases of 17.07%, 14.95%, 12.80%, and 8.93%, respectively [4] Financial Projections - The company’s projected revenue for 2024 is 347.7 million yuan, with a year-on-year growth of 10.4%. The net profit attributable to shareholders is expected to reach 56.6 million yuan, reflecting a year-on-year increase of 24.0% [7] - The report includes a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with EPS projected to rise from 0.53 yuan in 2024 to 0.71 yuan in 2026 [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported Q3 earnings that exceeded expectations, with continuous improvement in profitability [2] - For the first three quarters of 2024, the company achieved revenue of 2.36 billion yuan, a year-on-year increase of 5.8%, and a net profit attributable to the parent company of 430 million yuan, up 35% year-on-year [3][4] - The Q3 revenue reached 900 million yuan, representing a year-on-year growth of 10.9%, with a net profit attributable to the parent company of 190 million yuan, up 64.8% year-on-year [3][4] Revenue Performance - The revenue breakdown for the first three quarters of 2024 includes hot pot condiments at 794 million yuan (down 6.1%), Chinese dish condiments at 1.272 billion yuan (up 13.5%), sausage and cured meat condiments at 219 million yuan (up 19.9%), and others at 76 million yuan (down 1.2%) [3] - The online channel revenue grew significantly by 69% year-on-year, reaching 394 million yuan, driven mainly by the growth in the food extract business [3][4] Profitability Metrics - The gross margin for the first three quarters of 2024 was 39.3%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 18.3%, up 4 percentage points year-on-year [4] - In Q3 2024, the gross margin was 38.8%, and the net profit margin was 20.7%, reflecting improvements in cost management and product structure optimization [4] Future Outlook - The company is expected to perform well in Q4 due to seasonal demand and inventory replenishment by distributors, with a focus on expanding its product matrix and channel layout [4][5] - The long-term growth potential remains strong as the company aims to increase its market share in the compound seasoning industry through continuous product innovation and channel penetration [4][5]

Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [4] Core Views - Tianwei Foods reported a revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.84%. The net profit attributable to shareholders reached 432 million yuan, up 34.96% year-on-year. In Q3 2024 alone, revenue was 897 million yuan, a year-on-year increase of 10.93%, with net profit at 186 million yuan, up 64.79% year-on-year [2][6] - The company has optimized sales expenses significantly, leading to impressive profit performance. The gross margin increased by 0.77 percentage points to 38.83% in Q3 2024. The sales expense ratio and management expense ratio decreased by 7.78 and 0.73 percentage points, respectively, to 7.81% and 5.19% [6] - The growth momentum for compound seasoning products is strong, and cost reduction and efficiency improvement are progressing steadily. The projected revenues for 2024-2026 are 3.465 billion, 3.991 billion, and 4.449 billion yuan, with year-on-year growth rates of 10.06%, 15.18%, and 11.46%, respectively [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Tianwei Foods achieved a revenue of 2.364 billion yuan, a 5.84% increase year-on-year, and a net profit of 432 million yuan, up 34.96% year-on-year. In Q3 2024, revenue was 897 million yuan, a 10.93% increase, with a net profit of 186 million yuan, a 64.79% increase [2][6] - The company’s gross margin improved to 38.83% in Q3 2024, with a significant reduction in sales and management expenses [6] Product and Channel Performance - In Q3 2024, the revenue from hot pot condiments was 303 million yuan, a 1.14% increase, while the revenue from Chinese dish seasonings was 385 million yuan, an 18.07% increase. The sausage and cured meat segment saw a 19.68% increase to 186 million yuan [6] - Online sales channels grew by 55.38% year-on-year, while offline channels increased by 5.98% [6] Future Projections - The company is expected to maintain strong growth in the compound seasoning market, with projected revenues of 3.465 billion yuan in 2024, 3.991 billion yuan in 2025, and 4.449 billion yuan in 2026. The net profit for these years is projected to be 596 million, 693 million, and 775 million yuan, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [5]. Core Views - The company reported a total revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.84%. The net profit attributable to shareholders reached 432 million yuan, up 34.96% year-on-year [1][3]. - In Q3 2024, the company achieved total revenue of 897 million yuan, a year-on-year increase of 10.93%, with a net profit of 186 million yuan, reflecting a significant growth of 64.79% year-on-year [1][2]. Summary by Relevant Sections Revenue Growth - The company’s main product categories, including hot pot condiments, Chinese dish seasonings, and sausage and cured meat seasonings, all experienced growth, with the latter two categories showing particularly strong performance [2]. - Online sales channels saw rapid growth, with online revenue increasing by 68.98% year-on-year for the first three quarters of 2024, while offline revenue decreased by 1.30% [2]. Regional Performance - Revenue growth was notable in the western, central, and southern regions, with the western region achieving a year-on-year increase of 13.44% for the first three quarters of 2024 [2]. Profitability Improvement - The company’s net profit margin and gross margin improved in Q3 2024, with net profit margin at 20.70% and gross margin at 38.83%, reflecting a year-on-year increase of 6.77% and 0.77 percentage points, respectively [2]. - The overall expense ratio decreased by 8.04 percentage points year-on-year, contributing to enhanced profitability [2]. Financial Forecast - The company is projected to achieve net profits of 589 million yuan, 661 million yuan, and 753 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 29.06%, 12.08%, and 14.03% [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4] Core Views - The company reported a significant improvement in Q3 earnings, with a revenue of 8.97 billion yuan, up 10.93% year-on-year, and a net profit of 1.86 billion yuan, up 64.79% year-on-year [2] - The growth in revenue is attributed to the recovery of hot pot base sales, strong performance in Chinese condiments and winter season products, and continued high growth in online sales [2] - The gross profit margin improved significantly, with a gross margin of 39.28% for the first three quarters and 38.83% for Q3, reflecting a year-on-year increase of 2.39 and 0.76 percentage points respectively [2] - The company is expected to see further revenue improvement in Q4 due to pre-holiday stocking for the upcoming Spring Festival in 2025 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 23.64 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 4.32 billion yuan, up 34.96% year-on-year [2] - The projected revenues for 2024-2026 are 34.7 billion, 38.9 billion, and 43.7 billion yuan, with year-on-year growth rates of 10.1%, 12.1%, and 12.5% respectively [2][5] - The net profit for the same period is expected to be 5.9 billion, 6.6 billion, and 7.5 billion yuan, with growth rates of 29.5%, 11.2%, and 13.8% respectively [2][5] - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 24, 22, and 19 for the years 2024, 2025, and 2026 respectively [2][5]