公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,691 3,149 3,375 3,843 4,280 增长率 yoy% 33% 17% 7% 14% 11% 归母净利润（百万元） 342 457 588 686 780 增长率 yoy% 85% 34% 29% 17% 14% 每股收益（元） 0.45 0.43 0.55 0.64 0.73 每股现金流量 0.51 0.57 0.52 0.69 0.79 净资产收益率 8% 10% 12% 13% 13% P/E 43.3 32.4 25.2 21.6 19.0 P/B 3.7 3.4 3.1 2.9 2.6 备注：股价截止自2024 年 10 月 24 日收盘价，每股指标按照最新股本数全面摊薄 天味食品（603317.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 24 日 评级： 买入（维持） 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Ema ...

[Table_Profit] 天味食品（ [Table_StockNameRptType] 603317） 公司点评 销售费用节省致净利润大增 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company's performance exceeded expectations, with a significant trend of structural optimization [1] - The long-term excess returns are anticipated due to product structure improvements driving profitability [7] Financial Summary - For Q3 2024, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% [7] - The Q3 single-quarter revenue was 897 million yuan, reflecting a year-on-year growth of 10.93%, with a net profit of 186 million yuan, up 64.79% [7] - The gross margin for Q3 2024 improved by 0.77 percentage points to 38.83%, while the net margin reached 21.19%, an increase of 7.33 percentage points [7] Product and Channel Performance - In Q3 2024, revenue from hot pot base, Chinese cuisine seasonings, and sausage and cured meat seasonings grew by 1.1%, 18.1%, and 19.7% year-on-year, respectively [7] - Online channel revenue surged by 55.4% year-on-year, driven by the growth of the 2B brand "Shicui," while offline channels saw a 6% increase, indicating a recovery trend [7] Future Earnings Forecast - The EPS forecast for 2024 has been raised to 0.55 yuan, a year-on-year increase of 28% [7] - The target price remains at 21.90 yuan, with adjustments made to the EPS forecasts for 2025 and 2026 [7] Market Position - The company is positioned to benefit from the increasing penetration of the seasoning industry, with a focus on health-oriented and regional products for the consumer market [7]

证券代码：603317 证券简称：天味食品 公告编号：2024-082 四川天味食品集团股份有限公司 2024 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》的相 关规定，现将四川天味食品集团股份有限公司 2024 年第三季度主要经营数据（未经 审计）公告如下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 渠道 | 2024 年 | 1-9 月 | 2023 年 1-9 | 月 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 线下渠道 | 196,742.80 | | 199,326.47 | | -1.30 | | 线上渠道 | 39,360.06 | | 23,292.15 | | 68.98 | | 小计 | 236,102.86 | | 222,618.62 | | 6.06 | 2、主要产品收入变动情况： 单位：人民币万元 | 产品 | 年 2024 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥896,666,676.42, representing a year-on-year increase of 10.93%[2] - Net profit attributable to shareholders for Q3 2024 was ¥185,597,532.92, a significant increase of 64.79% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥178,765,881.84, up 73.44% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.1757, reflecting a growth of 64.21% compared to the previous year[2] - The company reported a year-to-date net profit attributable to shareholders of ¥432,430,553.98, which is a 34.96% increase compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 2,364,317,975.10, an increase of 5.85% compared to CNY 2,233,909,638.88 in the same period of 2023[12] - Operating profit for the period was CNY 518,490,671.07, up from CNY 378,892,522.87, reflecting a growth of 37.0%[13] - Net profit for the first three quarters of 2024 was CNY 444,558,921.61, compared to CNY 319,667,278.01 in 2023, marking an increase of 39.1%[13] - The net profit attributable to shareholders of the parent company for Q3 2024 was approximately CNY 432.43 million, an increase from CNY 320.41 million in Q3 2023, representing a growth of 35%[15] - The total comprehensive income for Q3 2024 reached approximately CNY 444.56 million, compared to CNY 319.67 million in the same period last year, marking a 39% increase[15] Assets and Liabilities - The total assets of the company at the end of Q3 2024 amounted to ¥5,442,928,487.60, an increase of 3.21% from the end of the previous year[3] - Total assets increased to CNY 5,442,928,487.60 from CNY 5,273,690,813.13, representing a growth of 3.2%[12] - The total liabilities of the company amounted to CNY 990,593,500.81, compared to CNY 872,155,327.25, an increase of 13.6%[12] - Non-current liabilities rose to CNY 10,854,922.92, up from CNY 5,713,936.22, indicating an increase of 90.5%[12] - The company's total equity reached CNY 4,452,334,986.79, up from CNY 4,401,535,485.88, indicating a growth of 1.2%[12] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥599,192,002.72, showing a growth of 16.01% year-on-year[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 599.19 million, compared to CNY 516.48 million in the same period of 2023, indicating an increase of 16%[16] - The net cash flow from investment activities for the first three quarters of 2024 was approximately -CNY 345.68 million, slightly worse than -CNY 345.48 million in the same period last year[17] - The net cash flow from financing activities for Q3 2024 was CNY 462.40 million, compared to CNY 251.01 million in Q3 2023, showing an increase of 84.2%[17] - The cash and cash equivalents at the end of Q3 2024 were approximately CNY 287.84 million, down from CNY 369.03 million at the end of Q3 2023, a decrease of 22%[17] Shareholder Information - The company reported a total of 39,011 common shareholders at the end of the reporting period[8] - The largest shareholder, Deng Wen, holds approximately 58.9% of the shares, totaling 627,303,020 shares[7] - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending activities[9] Operational Efficiency - The company experienced a decrease in material procurement costs, contributing to the overall profit growth[6] - Research and development expenses for the period were CNY 32,905,550.27, compared to CNY 26,725,635.47 in the previous year, reflecting a growth of 22.9%[13] - The company reported a decrease in sales expenses to CNY 280,974,773.61 from CNY 315,039,655.36, a reduction of 10.8%[13] Current Assets - As of September 30, 2024, the total current assets amounted to approximately RMB 3.54 billion, an increase from RMB 3.39 billion at the end of 2023, reflecting a growth of about 4.4%[10] - The cash and cash equivalents decreased to approximately RMB 293.70 million from RMB 466.66 million, representing a decline of about 37.0%[10] - Accounts receivable increased significantly to approximately RMB 78.25 million from RMB 19.57 million, marking an increase of approximately 300.5%[10] - Inventory decreased to approximately RMB 148.08 million from RMB 159.27 million, a reduction of about 7.0%[10] - The total amount of trading financial assets increased to approximately RMB 2.67 billion from RMB 2.60 billion, reflecting a growth of about 2.6%[10] - The long-term equity investment slightly increased to approximately RMB 315.53 million from RMB 311.34 million, showing a growth of about 1.0%[10] Strategic Developments - The company has not disclosed any new strategies or significant developments in product or technology during this reporting period[9]

证券代码：603317 证券简称：天味食品 公告编号：2024-081 四川天味食品集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 25 日（星期五）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo. com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 18 日（星期五）至 10 月 24 日（星期四）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dsh@teway.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 四川天味食品集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 10 月 25 日 1 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-080 四川天味食品集团股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2023/10/28 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 10 月 年 | 27 | 日~2024 | 10 | 月 26 | 日 | | 预计回购金额 | 万元~5,000 万元 2,500 | | | | | | | 回购价格上限 | 17.6 元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 200.08 万股 | | | | | | | 实际回购股数占总股本比例 | 0.1879% | | | | | | | 实际回购金额 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 委托理财受托方：中国银行股份有限公司双流分行 证券代码：603317 证券简称：天味食品 公告编号：2024-079 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本次委托理财金额：1.8 亿元 委托理财产品名称：（四川）对公结构性存款 202414895、（四川）对公 结构性存款 202414896 一、 本次委托理财概况 （一）委托理财目的 为提高募集资金的使用效率和收益，合理利用暂时闲置募集资金，在保证不 影响募集资金项目建设和募集资金正常使用的情况下，为公司和股东谋取较好的 投资回报。 （二）资金来源 1. 本次委托理财的资金来源为公司非公开发行股票暂时闲置募集资金。 2. 经中国证券监督管理委员会《关于核准四川天味食品集团股份有限公司非 公开发行股票的批复》（证监许可[2020]2135）核准，公司获准非公开发行股票 不超过 10,000 万股。公司本次非公开发行股票实际发行 28,596,491 股，募集资金 总额为人民币 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-078 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 公司在确保募集资金投资项目和日常经营所需资金、保证募集资金安全的 前提下进行的，不影响公司资金正常周转需要，不影响募集资金项目的正常运 转，不会影响公司主营业务的正常发展。通过进行适度的低风险理财，有利于 提高资金使用效率，增加收益，进一步提升公司整体业绩水平，为公司股东谋 求更多的投资回报。 一、 本次赎回理财产品情况 公司于 2024 年 6 月 27 日与中信证券股份有限公司签署《信智锐盈系列 【122】期收益凭证产品说明书》，并于 2024 年 9 月 26 日赎回，公司收回本金 1.8 亿元，获得收益 113.4 万元。具体情况如下： | 受托 | 产品所属类 | 产品 | 理财金额 | 起息日 | 到期日 | 年化收 益率 | 获得收益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 人 | 型 | 收益类型 | （万元） | | | | （万元） | | | | | | | | （%） ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 09 月 17 日 [Table_Title] 线上渠道高增，盈利能力提升 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|-----------| | | | | | | [Table_DataInfo] | 评级： 买入 股票代码： | | 603317 | | 上次评级： 买入 | | 52 周最高价/最低价： | 15.2/8.53 | | | 目标价格： 总市值(亿 | ) | 91.17 | | 最新收盘价： | 8.56 | 自由流通市值(亿 ) | 91.06 | | | | 自由流通股数(百万 ) | 1,063.83 | [Table_Summary] 事件概述 公司 24H1 实现营收 14.68 亿元，同比+3.0%，实现归母净利润 2.47 亿元，同比+18.8%，扣非归母净利润 2.10 亿元，同比+17.7%。据此推算，公司 24Q2 实现营收 6.14 亿元，同比-6.8 ...