四川天味食品集团股份有限公司 投资者调研活动记录表 证券代码：603317 证券简称：天味食品 R特定对象调研R分析师会议媒体采访£业绩说明会新闻发布会 活动类型 路演活动£现场参观R电话通讯£其他 接待对象 R机构£个人其他 类型 参与单位 AZ Investment、Pinpoint ASSET、Samsung Asset、博时基金、财通证券、 名称及人 长城财富资管、长江证券、长信基金、淡水泉投资、东海基金、东吴证 员姓名 券、东兴证券、富国基金、工银瑞信基金、广发基金、国都证券、国海 富兰克林基金、国君证券、国联证券、国盛证券、国泰基金、国投安 信、国投瑞银基金、国投证券、国元证券、海富通基金、海通国际、海 通证券、华安基金、华安证券、华宝基金、华创证券、华福证券、华富 ...

中式调料增长亮眼 渠道补充成效明显 ——天味食品（603317.SH）年报点评 食品饮料/调味发酵品 公司发布 2023 年度年报，全年营业收入 31.49 亿元、同比+17.02%，归母净 利 润 4.57 亿 元 、 同 比 +33.65% ， 扣 非 归 母 净 利 润 4.04 亿 元 、 同 比 +38.63%。其中 Q4 营收 9.15 亿元、同比+16.95%，归母净利润 1.36 亿元、 同比+39.90%，扣非归母净利润 1.23 亿元、同比+64.39%。全年收入增速略 低于、归母净利润增速高于我们此前预期。 投资摘要： 中式菜品调料贡献主要增量，主要品类价格实现提升。全年火锅调料/中式菜 品调料/香肠腊肉调料营收分别+1.97%/+28.58%/+47.73%、占公司产品收入 比例为 38.85%/48.30%/9.42%。公司中式菜品调料凭借其赛道和品牌优势贡 献主要营收增量，持续深耕和扩展鱼类和小龙虾品类产品。冬调销售受益猪 肉低价和公司下半年渠道布局节奏向好、增速亮眼。火锅调料/中式菜品调料/ 香肠腊肉调料单位价格分别提升 5.56%/5.06%/28.57%，预计主要为年内推 出 ...

Investment Rating - The report maintains a "Buy" rating for Tianwei Foods (603317) with a current price of 12.40 CNY and a target price not specified for the next six months [2]. Core Views - The company reported a revenue of 3.15 billion CNY for 2023, representing a year-on-year growth of 17%, and a net profit attributable to the parent company of 456.7 million CNY, up 33.7% year-on-year [2]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, with a payout ratio of 92.6% [2]. - The company is launching an employee stock ownership plan for 120 middle and senior management personnel, with performance targets based on revenue growth of no less than 10% for 2024 and 26.5% for 2025 [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 3.15 billion CNY in 2023 to 4.86 billion CNY by 2026, with growth rates of 17.02%, 15.97%, 15.65%, and 15.10% for the respective years [1][14]. - Net profit attributable to the parent company is expected to increase from 456.7 million CNY in 2023 to 815.67 million CNY in 2026, with growth rates of 33.65%, 20.89%, 21.49%, and 21.60% [1][14]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.43 CNY in 2023 to 0.77 CNY in 2026 [1][14]. - **Return on Equity (ROE)**: - ROE is expected to improve from 10.58% in 2023 to 14.84% in 2026 [1][14]. - **Valuation Metrics**: - The price-to-earnings (PE) ratio is projected to decrease from 29 in 2024 to 16 in 2026, while the price-to-book (PB) ratio is expected to decline from 3.00 to 2.36 over the same period [1][14]. Business Segment Performance - The company’s B-end business showed strong performance, with significant growth in customized meal seasonings and e-commerce channels [2]. - Product growth rates for 2023 include: - Hot pot base: +2% - Chinese seasonings: +28.6% - Winter seasonings: +47.7% - Chicken essence: +14.8% - Spicy sauce: -18.5% [2]. - Revenue growth by channel for 2023: - Distributors: +8.8% - Customized meal seasonings: +32.2% - E-commerce: +93% [2]. Strategic Initiatives - The company is focusing on optimizing product structure and reducing costs to improve profitability, with a gross margin of 37.9% in 2023, up 3.7 percentage points year-on-year [2]. - The company aims to enhance its channel operations and expand its customer base in the B-end market, particularly in the restaurant sector [2].

证券代码：603317 证券简称：天味食品 公告编号：2024-039 公司于 2023 年 10 月 27 日召开第五届董事会第二十三次会议、第五届监事 会第二十二次会议，审议通过《关于以集中竞价交易方式回购股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司股份不低于 2,000,000 股且 不超过 4,000,000 股，用于后续实施员工持股计划或股权激励计划。具体内容详 见公司于上海证券交易所网站（www.sse.com.cn）及《中国证券报》《上海证券 报》《证券时报》《证券日报》上刊登的《关于以集中竞价交易方式回购股份方 案的公告》（公告编号：2023-123）和《关于以集中竞价交易方式回购股份的回 购报告书》（公告编号：2023-124）。 二、实施回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，回购期间，公司应在每个月的前 3 个交易日内 公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2024 年 3 月，公司未实施回购。截至 2024 年 3 月 31 日，公司通过上海证 券交易所交易系统 ...

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证券代码：603317 证券简称：天味食品 公告编号：2024-038 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： 委托理财产品名称：（四川）对公结构性存款 202404852、（四川）对公结 构性存款 202404853、（四川）对公结构性存款 202404848、（四川）对公结构性存 款 202404849、（四川）对公结构性存款 202404859、（四川）对公结构性存款 202404860、（四川）对公结构性存款 202404861、（四川）对公结构性存款 202404862 委托理财期限：263、264、269、270、262、263、265、266 天 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"）于 2024 年 3 月 7 日召开第五届董事会第二十八次会议和第五届监事会第二十七次 会议，并于 2024 年 3 月 25 日召开 2024 年第一次临时股东大会，会议审议通过 《关于使用暂时闲置募集资金进 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7][24]. Core Insights - The company's profitability has significantly improved due to business structure upgrades and raw material price improvements, with a gross margin of 37.88% for the year 2023, up 3.66 percentage points year-on-year, and a Q4 gross margin of 40.3%, up 6.32 percentage points year-on-year [1]. - The company achieved a net profit of 457 million yuan in 2023, representing a year-on-year increase of 33.65%, with Q4 net profit reaching 136 million yuan, up 39.9% year-on-year [6]. - The report highlights strong performance in the C-end market and recovery in the B-end market, contributing to growth momentum [1]. Financial Performance Summary - The company reported total revenue of 3.149 billion yuan in 2023, a year-on-year increase of 17.02%, with Q4 revenue of 915 million yuan, up 16.95% year-on-year [6]. - The gross profit margin for 2023 was 37.88%, with a net profit margin of 14.5%, reflecting an increase of 1.81 percentage points year-on-year [1]. - The report projects revenue growth for 2024-2026, with expected revenues of 3.800 billion yuan, 4.482 billion yuan, and 5.187 billion yuan, respectively, indicating growth rates of 21%, 18%, and 16% [22]. Market and Product Insights - The company experienced varied performance across product lines in Q4, with hot pot condiments declining by 6.01%, while Chinese-style condiments and sausage seasonings saw increases of 35.78% and 85.62%, respectively [20]. - The report notes that the company is optimizing its distributor structure, focusing on larger distributors, and has reduced the number of distributors by 249 compared to the previous year [20]. - Regional performance showed strong growth in the Southwest and Central China markets, with revenue increases of 33.58% and 13.49%, respectively [20]. Future Outlook - The report anticipates continued strong performance driven by internal and external growth strategies, with an upward revision of net profit forecasts for 2024-2026 [11]. - The target price for the stock is set at 15.82 yuan per share, based on a 30 times price-to-earnings ratio for 2024 [11][21].

＃investSuggestion＃ 公 司 研 究 增持 ( 维持 ） 公 司 点 评 报 告 | --- | --- | |--------------------|--------------------------------| | | | | 日期 | 2024-3-27 | | 收盘价（元） | 12.40 | | 总股本（百万股） | 1065.37 | | 流通股本（百万股） | 1059.34 | | 净资产（百万元） | 4327.04 | | 总资产（百万元） | 5273.69 | | 每股净资产（元） | 4.06 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 分析师： 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 事件：1）公司公告 2023 年报，2023 年公司实现营收/归母净利润/扣非归母净利润 31.49/4.57/4.04 亿元，同比+17.02%/+33.65%/+38.91%。23Q4 公司实现营收/归母净利润/扣非归母净利润 9.15/1.36/1.23 亿元，同比+16.95%/+39.90%/+64.3 ...

全年业绩稳健增长，员工持股计划激发信心 吨价提升显著，中式菜品调料快速增长。2023 公司火锅调料/中式菜品调 料/香肠腊肉调料/鸡精/香辣酱收入 12.22/15.19/2.96/0.47/0.37 亿元（同比 +1.97%/+28.58%/+47.73%/+14.75%/-18.46%），销量同增-3.40%/22.38%/16.1 7%/13.31%/-22.13%，吨价同增 5.56%/5.06%/27.16%/1.27%/4.70%，预计主要 系 22 年底对部分产品提价 8%-20%。其中 23Q4 公司火锅调料/中式菜品调 料/香肠腊肉调料/鸡精/香辣酱收入同比-6.01%/+35.78%/+85.62%/+134.6 6%/-41.08%。中式菜品调料增长显著。 利润率改善明显，费用率有所增加。23Q4 公司毛利率/净利率分别同增 6.32/3.55 个百分点至 40.30%/15.95%；销售费用率/管理费用率分别同增 4.03/-1.06 个百分点至 18.47%/5.55%。全年管理费用率同增 0.72pct，主要 系 1）薪酬总额增加；2）股权激励计划摊销费用；3）GDR 项目终止以及 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's profitability is steadily improving, supported by a newly announced employee stock ownership plan that stabilizes confidence [2][10] - The company achieved a revenue of 31.5 billion yuan in 2023, representing a year-on-year growth of 17.2%, with a net profit of 4.6 billion yuan, up 33.7% year-on-year [10] - The company aims for a revenue growth target of 15% and a profit growth target of 20% for 2024, indicating a stable and robust growth strategy [13] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 36.5 billion yuan, 42.3 billion yuan, and 49.7 billion yuan, respectively, with year-on-year growth rates of 15.8%, 16.1%, and 17.5% [13] - Expected net profits for the same years are 5.5 billion yuan, 6.5 billion yuan, and 7.5 billion yuan, with growth rates of 20.2%, 17.9%, and 16.2% [13] - The company reported a gross margin of 37.9% in 2023, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [10][13] - The diluted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.52 yuan, 0.61 yuan, and 0.71 yuan, respectively [3]