Investment Rating - The report maintains a "Buy" investment rating for Tianwei Foods (603317.SH) [1][2] Core Views - The company's profitability has been boosted by cost optimization, and the food segment continues to show high growth [1] - Revenue for Q1-Q3 2024 reached 2.364 billion yuan, a year-on-year increase of 6%, with net profit attributable to shareholders reaching 432 million yuan, up 35% year-on-year [1] - The third quarter of 2024 saw revenue of 897 million yuan, an 11% year-on-year increase, driven by inventory replenishment [1] Summary by Sections Financial Performance - The company achieved a gross profit margin increase of 1 percentage point to 38.83% in Q3 2024, attributed to changes in product/channel structure [1] - Selling and administrative expense ratios decreased by 8 percentage points and 1 percentage point to 7.81% and 5.19%, respectively, due to direct discounts on manual series products and a reduction in equity incentive expenses [1] - The net profit margin increased by 7 percentage points to 21.19% [1] Market Position - The market share of hot pot condiments continues to rise, with Q3 2024 revenue from hot pot seasonings at 303 million yuan, a 1% year-on-year increase [1] - The company is focusing on flavor enhancement and high-end brand positioning during the industry's consolidation phase [1] - Revenue from Chinese-style condiments in Q3 2024 was 385 million yuan, an 18% year-on-year increase, with a focus on regional new product development [1] Channel Performance - Offline channel revenue in Q3 2024 was 756 million yuan, a 6% year-on-year increase, while online channel revenue reached 139 million yuan, a 55% year-on-year increase [1] - The company has 3,129 distributors as of the end of Q3 2024, a net decrease of 36 from the beginning of the year [1] - The food segment's strategy remains focused on online channels, with successful new product launches and improved performance [1] Earnings Forecast - The company is expected to maintain its leadership in the condiment sector, with projected EPS of 0.49, 0.56, and 0.60 yuan for 2024, 2025, and 2026, respectively [4][5] - The current stock price corresponds to a PE ratio of 28/24/23 for the respective years [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 2.364 billion RMB 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 RMB, up 34.96% year-on-year, with a non-recurring net profit of 389 million RMB, increasing by 38.1% year-on-year. In Q3 2024, revenue was 897 million RMB, a year-on-year increase of 10.93%, and net profit was 186 million RMB, up 64.79% year-on-year, indicating better-than-expected performance [2][3]. Summary by Sections Performance Analysis - Demand improved during the peak season, leading to a recovery in base material sales. In Q3 2024, sales revenue for hot pot condiments, Chinese-style dishes, and sausage products were 303 million RMB, 385 million RMB, and 186 million RMB, respectively, with year-on-year growth of 1.14%, 18.07%, and 19.68%. The increase in demand was attributed to distributors stocking up as the sales peak approached [2]. - Online and offline revenues in Q3 2024 were 139 million RMB and 756 million RMB, respectively, with year-on-year growth of 55.38% and 5.98%. The offline segment saw a restart in growth due to improved distributor quality and the release of core products, while the online segment continued to grow significantly through various channels [2]. Profitability Improvement - The gross margin in Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, primarily due to lower raw material costs and a higher proportion of high-margin products. The net profit margin was 21.19%, up 7.33 percentage points year-on-year and 8.77 percentage points quarter-on-quarter, indicating a significant improvement in profitability [2]. - The company optimized its sales, management, and R&D expense ratios, with sales expenses decreasing by 7.78 percentage points year-on-year. This was due to the postponement of advertising expenses and some promotional activities offsetting revenue [2]. Future Outlook - The company is expected to benefit from increased penetration rates and an improved competitive landscape. The acquisition of Shicui has positioned the company well in the small B-end market, while leveraging distributor advantages to empower the large B-end market. The company is focused on channel optimization and improving operational efficiency [2][3]. - The profit forecasts for 2024-2026 have been raised by 8%, 9%, and 9%, respectively, with projected net profits of 570 million RMB, 650 million RMB, and 730 million RMB, representing year-on-year growth of 24%, 15%, and 13% [3].

| --- | --- | --- | --- | |--------------|-------|--------|----------------------------------| | | 2024 | 年 10 | 月 25 日 | | 研究所： | | | | | 证券分析师： | | 刘洁铭 | S0350521110006 liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 | S0350523120001 qinyf@ghzq.com.cn | | 联系人 | ： | 景皓 | S0350124030009 jingh@ghzq.com.cn | 公司研究 评级：增持(维持) 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/24 \n12M | | 天味食品 | 50.4% | 36.7% | 12.9% | | 沪深 300 | 17.2% | ...

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods (603317) with a target price of 16 yuan [1][3]. Core Insights - The company's performance exceeded expectations, driven by channel replenishment and seasonal policies, with a revenue increase of 35.0% year-on-year for the first three quarters of 2024 [1][3]. - The net profit for Q3 reached 1.86 billion yuan, a year-on-year increase of 64.8% [1][3]. - The report emphasizes the importance of monitoring the new product cycle as a key driver for future growth [1][3]. Financial Performance Summary - **Revenue**: - Q3 revenue was 8.97 billion yuan, up 10.9% year-on-year, with a total revenue of 23.64 billion yuan for the first three quarters, reflecting a 35.0% increase [1][3]. - **Net Profit**: - The net profit for Q3 was 1.86 billion yuan, with a year-on-year growth of 64.8% [1][3]. - **Gross Margin**: - Q3 gross margin improved significantly, with a gross profit margin of 20.7%, up 6.8 percentage points year-on-year [1][3]. - **Cost Management**: - The report notes a reduction in sales expenses due to a shift in sales strategy, contributing to improved profitability [1][3]. - **Future Projections**: - Revenue is projected to reach 3.375 billion yuan in 2024, with a year-on-year growth rate of 7.2% [6][1]. Product and Market Dynamics - The report highlights a recovery in revenue driven by channel replenishment and the introduction of new products, which are crucial for enhancing market penetration [1][3]. - The company has launched several new products, including various sauces and seasonings, which are expected to contribute to future growth [1][3]. Valuation Metrics - The report provides earnings per share (EPS) forecasts of 0.53, 0.58, and 0.64 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 26, 24, and 22 [6][1]. - The report also indicates a projected price-to-book (P/B) ratio of approximately 3.3 for 2024 [6][1]. Conclusion - The report concludes that Tianwei Foods is well-positioned for growth, with a focus on new product development and market expansion, while maintaining a positive outlook on its financial performance [1][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has exceeded expectations with structural optimization and improved cost efficiency [1] - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit attributable to shareholders of 186 million yuan, up 64.79% year-on-year [2][3] - The company anticipates continued double-digit revenue growth and sustained high efficiency in cost management [3] Revenue Summary - Q3 revenue showed a quarter-on-quarter improvement, driven by increased sales of sausage and cured meat seasonings, with significant structural improvements [3] - Revenue growth by product category in Q3 2024: hot pot seasonings +1.14%, Chinese cuisine seasonings +18.07%, sausage and cured meat seasonings +19.68%, and other products -2.96% [3] Profit Summary - The gross profit margin for Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, with a net profit margin of 21.19%, up 7.33 percentage points year-on-year [3] - The improvement in gross profit margin is attributed to a favorable cost environment and an increased proportion of high-margin sausage and cured meat seasonings [3] Financial Forecast - The company is expected to achieve revenues of 3.49 billion yuan in 2024, 3.97 billion yuan in 2025, and 4.46 billion yuan in 2026, with year-on-year growth rates of 10.90%, 13.82%, and 12.16% respectively [4] - The forecasted net profit attributable to shareholders is 608 million yuan in 2024, 714 million yuan in 2025, and 803 million yuan in 2026, with growth rates of 33.23%, 17.33%, and 12.54% respectively [4] Valuation Metrics - The expected EPS for 2024, 2025, and 2026 is 0.57 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 24.33x, 20.74x, and 18.43x [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] 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 5.8%, with a net profit attributable to shareholders of 432 million yuan, up 35.0% year-on-year. In Q3 alone, the revenue reached 897 million yuan, a 10.9% increase year-on-year, and the net profit was 186 million yuan, up 64.8% year-on-year [4][5] - The growth in revenue is driven by a rapid increase in the sales of Chinese-style condiments, which grew by 18.1% year-on-year to 385 million yuan in Q3. The hot pot seasoning segment has shown signs of recovery, with a slight increase of 1.1% year-on-year to 303 million yuan, while the sausage and cured meat segment grew by 19.7% year-on-year to 186 million yuan [4][5] - The online sales channel continued to grow rapidly, with a year-on-year increase of 55.4% to 139 million yuan in Q3, accounting for 15.5% of total revenue, an increase of 4.39 percentage points year-on-year. The offline channel also saw a recovery, with a 6.0% year-on-year increase to 756 million yuan [5] - The company's gross profit margin improved by 0.76 percentage points year-on-year to 38.8% in Q3, benefiting from a decrease in raw material costs and an optimized product mix. The net profit margin for the first three quarters and Q3 was 18.3% and 20.7%, respectively, reflecting an increase of 3.95 percentage points and 6.77 percentage points year-on-year [5][6] - The company expects to achieve its annual revenue growth target of 10% as the peak season for hot pot base materials approaches [4][5] Financial Summary - The company achieved total revenue of 3.149 billion yuan in 2023, with a projected revenue of 3.463 billion yuan in 2024, representing a year-on-year growth of 10.0%. The net profit for 2023 was 457 million yuan, with an expected increase to 597 million yuan in 2024, reflecting a growth rate of 30.7% [6][8] - The earnings per share (EPS) are projected to be 0.56 yuan in 2024, 0.66 yuan in 2025, and 0.77 yuan in 2026 [6][8] - The company maintains a favorable valuation with a projected price-to-earnings (P/E) ratio of 25-30 times for 2024, corresponding to a reasonable value range of 14.01-16.81 yuan [5][6]

华福证券 天味食品（603317.SH） Q3 业绩增长超预期，期待旺季经营表现 事件：公司披露 2024 年 Q3 业绩公告：24 年 Q1-3 公司实现营收 23.64 亿 元，同比+5.84%；归母净利润 4.32 亿元，同比+34.96%；扣非归母净利润 3.89 亿元，同比+38.1%。其中，24 年 Q3 公司实现营收 8.97 亿元，同比 +10.93%；归母净利润 1.86 亿元，同比+64.79%；扣非归母净利润 1.79 亿 元，同比+73.44%。 旺季等催化下，主业营收环比提速，线上渠道保持高增 分产品，Q3 火锅调料、中式菜品调料、香肠腊肉调料营收分别同比 +1%/+18%/+20%，其中火锅底料在旺季等催化下营收增速转正，同样中式菜 调进一步提速到双位数水准。分渠道看，Q3 公司线下（经销商&定制餐调 等）、线上渠道营收分别同比+6%/+55%，其中线上渠道延续快增，预计系 食萃在小 B 渠道持续增长贡献。分区域看，Q3 东部、南部、西部、北部、 中部地区营收分别同比+8.93%/+17.07%/+12.8%/-5.91%/+14.95%；相应地， Q3 末东部、南部、西部、北部、 ...

分析师登记编码：S0130522070002 24/4/25 23/10/26 24/1/25 24/7/25 24/10/24 24Q3 盈利显著改善,期待旺季动销回暖 2024年三季度业绩点评 核心观点 ● ● 事件:10月24日,公司发布公告,2024年前三季度实现营收23.6亿元,同 比+5.8%;归母净利润 4.3 亿元,同比+35.0%;扣非归母净利润 3.9 亿元,同 比+38.1%。其中 24Q3 营收 9.0 亿元,同比+10.9%;归母净利润 1.9 亿元, 同比+64.8%;扣非归母净利润 1.8 亿元,同比+73.4%。 24Q3 收入垂回双位数增长,中式菜调与冬调表现亮眼。24Q3收入端回归 双位数增长,环比Q2 明显改善,我们认为主要系前期库存去化后旺季渠道开 始备货,叠加产品升级。分品类,24Q3 火锅调料/中式菜品调料/香肠腊肉调 料/其他收入分别同比+1.1%/+18.1%/+19.7%/-3.0%,中式菜品调料增速较高 得益于公司持续推出新品以及小 B 端保持高增,香肠腊肉调料表现较好主要 系区域扩张以及产品升级。分渠道,24Q3 线下/线上渠道收入分别同比+6.0%/ 5 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 天味食品（603317） 2024 年三季报点评：业绩大超预期，成长势 能强劲 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2691 | 3149 | 3417 | 3766 | 4190 | | 同比（ % ） | 32.84 | 17.02 | 8.51 | 10.23 | 11.25 | | 归母净利润（百万元） | 341.71 | 456.70 | 591.86 | 661.56 | 746.49 | | 同比（ % ） | 85.11 | 33.65 | 29.60 | 11.78 | 12.84 | | EPS- 最新摊薄（元 / 股） | 0.32 | 0.43 | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company reported Q3 earnings that exceeded expectations, with a revenue of 896 million yuan, a year-on-year increase of 10.9%, and a net profit of 186 million yuan, a year-on-year increase of 65% [4] - The company has improved its cost structure and expense management, leading to an upward revision of profit forecasts for 2024-2026 [4] - The company is transitioning from a broad operational model to a more refined approach, enhancing its strategic planning and operational efficiency [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.36 billion yuan, a year-on-year increase of 5.8%, and a net profit of 432 million yuan, a year-on-year increase of 35% [5] - The projected net profits for 2024-2026 are 590 million yuan, 670 million yuan, and 760 million yuan, representing year-on-year growth rates of 28.5%, 13.4%, and 14% respectively [4] - The company's gross margin for Q3 2024 was 38.8%, an increase of 0.8 percentage points year-on-year, driven by improved cost pressures and a favorable product mix [5] Revenue Breakdown - In Q3 2024, the company’s revenue from offline and online channels was 760 million yuan and 140 million yuan, respectively, with year-on-year growth rates of 6% and 55.4% [5] - The revenue contributions from key product categories in Q3 2024 were 300 million yuan from hot pot condiments, 390 million yuan from Chinese cuisine condiments, and 190 million yuan from sausages and cured meats, with respective year-on-year growth rates of 1.1%, 18%, and 19.7% [5] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue decreased significantly, with selling expenses down by 7.8 percentage points year-on-year [5] - The net profit margin for Q3 2024 was 20.7%, an increase of 6.8 percentage points year-on-year, reflecting effective cost management and operational efficiency [5]