证 券 研 究 报 告 天味食品（603317）2023 年报点评 推荐（维持） 盈利延续改善，分红超出预期 目标价：15.6 元 事项： 公司发布 2023 年年报，23 全年实现营业总收入 31.5 亿元，同比+17.0%；归 母净利润 4.6 亿元，同比+33.7%。单 Q4 实现营业总收入 9.2 亿元，同比+17.0%； 归母净利润 1.4 亿元，同比+39.9%。与此前业绩快报基本一致。 公司拟推出 2024 年员工持股计划，范围包括副总裁、董秘、财务总监等 6 名 高管，及 114 名中高层管理人员、核心技术骨干等，业绩考核目标为以 23 年 营收为基准，24 年/25 年营业收入增长率不低于 10％/26.5％，同时兼有个人层 面绩效考核（划分 ABCDE 五个等级）。 公司拟每 10 股派 4.0 元（含税），对应股息率约 3.01％，超出此前预期。 评论： 主业内生增长 12.3％，加上食萃并表贡献约 1.3 亿，最终全年收入同比+17.0%。 23 年营收同比+17.0%，符合我们三季报点评预期，其中食萃并表贡献收入 1.27 亿（23 年 5 月起并表），扣除后主业同比+12.3%左右 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.44 CNY for the next six months, indicating an expected return exceeding 15% compared to the CSI 300 index [8][11]. Core Views - The company has shown a significant increase in revenue and profit margins, with a reported revenue of 3.149 billion CNY in 2023, a year-on-year increase of 17.02%, and a net profit of 456.7 million CNY, up 33.65% year-on-year [7][11]. - The company plans to achieve a revenue growth of no less than 15% in 2024, with a net profit growth target of at least 20% [11]. - The implementation of an employee stock ownership plan aims to bind core employees and promote long-term development [2][23]. Financial Performance - In 2023, the company achieved a gross profit margin of 34.2%, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and product upgrades [6][22]. - The company reported a net profit margin of 14.5% in 2023, up 1.8 percentage points year-on-year, with a significant increase in the fourth quarter [6][7]. - The revenue breakdown for 2023 shows that the hot pot base, Chinese dish seasonings, and sausage seasonings contributed significantly to the overall revenue, with respective year-on-year growth rates of 2.0%, 28.6%, and 47.7% [5][6]. Revenue and Profit Forecast - The company forecasts revenues of 3.631 billion CNY, 4.249 billion CNY, and 4.966 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.5 billion CNY, 6.5 billion CNY, and 7.6 billion CNY [11][12]. - The projected earnings per share (EPS) for 2024 is 0.51 CNY, with a price-to-earnings (P/E) ratio of 24.1 [12][29]. Market Position and Strategy - The company is focusing on expanding its product offerings in the hot pot segment and enhancing its market presence in the Chinese seasoning market, leveraging its recent product upgrades and pricing adjustments [5][11]. - The company has seen a strong recovery in customized meal seasonings, with a revenue increase of 61.6% year-on-year in Q4 2023 [5][6].

Executive Compensation and Governance - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 6.3028 million yuan (after tax) [5] - The remuneration plans for directors and supervisors were approved at the 2022 annual general meeting, while senior management remuneration was approved at the 14th meeting of the fifth board [5] - The remuneration decision-making process for directors and supervisors involves shareholder approval, while senior management remuneration is decided by the board [5] - The total pre-tax remuneration received by the board members during the reporting period amounted to 824.12 thousand yuan [12] - The company is committed to maintaining transparency in executive compensation and shareholding changes, reflecting good governance practices [12] - The company plans to enhance training for directors and supervisors on legal regulations to improve governance standards [27] - The company has established a comprehensive evaluation mechanism for senior management based on annual performance and management capabilities [186] - The internal control system has been effectively implemented and evaluated, with the board of directors responsible for its oversight [186] Compliance and Regulatory Issues - The company faced regulatory scrutiny due to a former director's excessive share reduction, involving 7,250 shares and approximately 339,300 yuan [6] - The company has implemented measures to enhance compliance with stock trading regulations to prevent future violations [6] - The company has not faced any penalties from securities regulatory authorities in the last three years, aside from the previously mentioned incident [6] - The company has implemented measures to ensure the independence of its assets, personnel, and operations, with no significant changes affecting its independence reported [28] - The company has revised its articles of association and independent director system to further standardize operations during the reporting period [27] - The company has not experienced any abnormal stock price fluctuations due to insider information leaks, maintaining fair information disclosure principles [27] Market and Business Strategy - The company aims for a revenue growth of no less than 15% year-on-year for 2024, with a net profit growth target of no less than 20% [19] - The company plans to implement a comprehensive GTM process to enhance product lifecycle management and improve collaboration between brand marketing and sales [19] - The company is focusing on cost optimization projects across the entire supply chain to enhance efficiency and reduce costs [19] - The company has established a project management system to ensure strategic execution and achieve business objectives [19] - The company plans to continue expanding its market presence and investing in new product development to drive future growth [60] - The management highlighted a focus on enhancing operational efficiency and exploring strategic acquisitions to strengthen its competitive position [60] - The company plans to achieve external growth through mergers and acquisitions, focusing on business synergy and enhancing its strategic objectives [38] Financial Performance - The company's operating revenue for 2023 reached RMB 3,148,561,102.73, representing a 17.02% increase compared to RMB 2,690,710,152.71 in 2022 [56] - The net profit attributable to shareholders for 2023 was RMB 456,697,459.03, a 33.65% increase from RMB 341,704,673.06 in the previous year [56] - The net profit after deducting non-recurring gains and losses was RMB 404,371,618.92, up 38.63% from RMB 291,700,764.65 in 2022 [57] - The net cash flow from operating activities for 2023 was RMB 602,633,193.74, reflecting a 10.34% increase from RMB 546,143,778.18 in 2022 [57] - The total assets at the end of 2023 amounted to RMB 5,273,690,813.13, a 9.37% increase from RMB 4,821,728,151.31 at the end of 2022 [57] - The net assets attributable to shareholders increased to RMB 4,327,039,744.56, representing a 7.63% growth from RMB 4,020,108,495.73 in 2022 [57] - The company reported a significant increase in trading financial assets, rising from RMB 2,500,000,000.00 at the beginning of the year to RMB 2,599,999,000.00 at the end of the year [61] Risk Management - The company faces risks related to food quality safety, including potential issues in raw material procurement and production processes [20] - The company is exposed to price volatility risks of key raw materials, which can impact gross margins and profitability [21] - The company experiences seasonal sales fluctuations, with the second half of the year being the peak sales period [21] - The company is at risk of intensified market competition as new entrants and existing players expand their production capabilities [21] - The company has strong technical capabilities but faces risks related to the uncertainty of ongoing production process improvements and technology innovations [21] - The company has outlined potential risks in its future development discussions, indicating a proactive approach to risk management [143] Product Development and Innovation - The company did not disclose any new product developments or technological advancements in the recent reports [6] - The company launched new products such as the third-generation hot pot base and spicy grilled fish, achieving the highest flavor advantage rate in five years, while also eliminating preservatives across its C-end product line [64] - The speed of product innovation is accelerating, focusing on user-oriented development and enhancing product usage frequency and efficiency [35] - The company applied for 63 invention patents, of which 25 have been authorized, and added 13 new authorized inventions in 2023 [122] - The company is focusing on the development of the green food industry, with a goal to strengthen the industry chain and enhance core capabilities by 2025 [135] Environmental and Social Responsibility - The company invested 3.03 million yuan in environmental protection funds during the reporting period [190] - The concentration of COD emissions was maintained between 80-220 mg/L, with no instances of exceeding discharge limits in 2023 [192] - The company achieved a noise level of 47-53 dB(A) at night and 53-63 dB(A) during the day, complying with the relevant environmental noise standards [192] - The company has been certified under the ISO14001 environmental management system, with the latest certification valid until June 2025 [192] - The company has established emergency response plans for environmental incidents, with all plans filed with local environmental authorities [192] - The company has maintained compliance with air pollutant discharge standards, with no exceedances reported in 2023 [192] Shareholder and Capital Management - A cash dividend of CNY 4 per 10 shares is proposed, totaling CNY 423.12 million, which represents 92.74% of the net profit attributable to shareholders for the year [48] - The company implemented a cash dividend policy, distributing a cash dividend of 3.2 CNY per 10 shares and a stock bonus of 4 shares for every 10 shares, totaling 242,473,250.88 CNY in cash dividends and 303,091,564 shares in stock bonuses [182] - The total share capital increased to 763,384,090 shares following the completion of the registration of the 2022 restricted stock incentive plan [184] - The company repurchased and canceled 81,074 shares of restricted stock, reducing the total share capital to 1,065,574,914 shares [184] - The company approved the repurchase and cancellation of 8,120 shares of restricted stock from 6 incentive recipients, further reducing the total share capital to 1,065,493,714 shares [185]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [2]. Core Insights - The company reported a revenue of 3.15 billion yuan for 2023, a year-on-year increase of 17%, and a net profit attributable to shareholders of 460 million yuan, up 33.65% year-on-year. The fourth quarter of 2023 saw a revenue of 915 million yuan, also a 17% increase year-on-year, with a net profit of 136 million yuan, reflecting a 39.9% growth [2][3]. - The company plans to implement an employee stock ownership plan in 2024, aiming to enhance long-term value sharing among employees [8]. - The company has set ambitious targets for 2024, aiming for revenue and net profit growth of no less than 15% and 20%, respectively [2]. Revenue and Profitability Summary - In 2023, the company achieved a gross margin of 37.9%, an increase of 3.66 percentage points year-on-year, attributed to reduced promotional efforts and lower raw material costs [2]. - The breakdown of revenue by product categories for 2023 includes: 1. Hot pot base material: 1.22 billion yuan, a 2% increase year-on-year 2. Chinese-style seasoning: 1.52 billion yuan, a 28.6% increase year-on-year 3. Sausages and cured meats: 296 million yuan, a 47.7% increase year-on-year [2][3]. - The company’s operating profit for 2023 was 534 million yuan, with a net profit margin of 14.5%, up 1.8 percentage points year-on-year [11]. Future Projections - The company forecasts net profits of 560 million yuan, 660 million yuan, and 780 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 22%, 18%, and 18% [2][3]. - The report anticipates continued improvement in profitability for 2024, driven by a decline in costs and enhanced production efficiency [2]. Market Strategy - The company is focusing on optimizing its product matrix and expanding its B-end market presence, particularly through the acquisition of a subsidiary that strengthens its online and small B channel capabilities [7]. - The strategy includes enhancing traditional products and introducing new seasonal items, with a balanced growth approach between C-end and B-end markets expected to emerge [7].

报 司 2024 年 03 月 28 日 证券研究报告 告 研 究 / 华 中 / 华 东 / 西 北 / 华 北 / 东 北 / 华 南 / 出口分别为 9.91/5.08/7.59/2.00/3.33/1.36/1.83/0.35 亿元，分别同 比 34%/13%/14%/-8%/20%/-1%/9%/7%。 公司作为复调赛道龙头，通过产品推新不断夯实火锅底料与 中式复调竞争力，同时依托食萃补齐中小 B 端客户短板，随 着内生外延双轮驱动，有望充分获取市场份额。根据年报， 预计 2024-2026 年 EPS 分别为 0.52/0.65/0.77 元，当前股价 对应 PE 分别为 24/19/16 倍，维持"买入"投资评级。 ▌ 风险提示 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 3 ▌ 食品饮料组介绍 廖望州：香港中文大学硕士，CFA，3 年食品饮料行业研究经验，覆盖啤酒、卤 味、徽酒领域。 行业投资评级说明： | --- | --- | --- | |-------|-------|-------------------------------------------------| | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 3.149 billion with a year-on-year growth of 17.02% and a net profit of 457 million, reflecting a growth of 33.65% [7] - The dividend payout ratio significantly increased to 92.74% from 70.96% in the previous year [7] - The company is expected to achieve a revenue of 3.635 billion in 2024, representing a growth of 15.4% [10] Financial Performance Summary - Revenue and Net Profit Forecast: - 2023: Revenue 3.149 billion, Net Profit 457 million - 2024E: Revenue 3.635 billion, Net Profit 549 million - 2025E: Revenue 4.184 billion, Net Profit 659 million - 2026E: Revenue 4.755 billion, Net Profit 775 million [10][17] - Profitability Metrics: - Gross Margin: 37.9% in 2023, expected to be 36.6% in 2024E - Net Margin: 14.5% in 2023, expected to be 15.1% in 2024E [17] - Earnings Per Share (EPS) Forecast: - 2023: 0.43 - 2024E: 0.52 - 2025E: 0.62 - 2026E: 0.73 [17] Business Strategy and Growth Drivers - The company is focusing on dual drivers for growth: product innovation and channel expansion, particularly in the B-end business [7] - New product launches include the third generation of hot pot base and zero-additive soup, enhancing the product matrix [7] - The employee stock ownership plan aims to promote long-term growth, with a target revenue growth of no less than 10% for 2024 and 15% for 2025 [7]

| --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|-----------------------------| | | [Table_Header] 公司点评●调味发酵品Ⅱ 2024 年 03 月 28 日 | | | | | [Table_Title] | [Table_StockCode] | ...

| 중국 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | | in the 北京市东城区朝阳门北大街 联系由法 员会十所医去小分 8 导营 华大厨 A 座 9 层 rtified public accountants 关于四川天味食品集团股份有限公司 四川天味食品集团股份有限公司 2023 年度 非经营性资金占用及其他关联资金往来的 2023 年度非经营性资金占用及其他关联资金往来的专项说明 专项说明 XYZH/2024CDAA1F0022 四川天味食品集团股份有限公司 四川天味食品集团股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了四川天味食品集团股份有限公司(以下简 称"天味食品公司")2023年度财务报表,包括 2023年 12月 31日的合并及母公司资产 负债表、2023年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股 东 权 益 变 动 表 以 及 财 务 报 表 附 注,并 于 2024 年 3 月 26 日 出 具 了 XYZH/2024CDAA1B0043 号无保留意见的审计报告。 根据中 ...

四川天味食品集团股份有限公司 2023 年度 募 集 资 金 年 度 存 放 与 使 用 情 况 鉴 证 报 告 | 蒙引 | 页码 | | --- | --- | | 募集资金年度存放与使用情况鉴证报告 | 1-2 | | 募集资金 2023 年度存放与使用情况的专项报告 | 1-19 | t with the state 信永中和会计师事务所 北京市东城区朝阳门北大街 l 所之由汗 +86(010)6554 2288 +86(010)6554 2288 8号官华大厦A座9层 Q/F Block A Fu Hua Mansion certified public accountants 募集资金年度存放与使用情况鉴证报告 XYZH/2024CDAA1F0023 我们认为,天味食品公司上述募集资金年度存放与使用情况专项报告已经按照上海证 券交易所相关规定编制,在所有重大方面如实反映了天味食品公司 2023年度募集资金的 实际存放与使用情况。 鉴证报告(续) XYZH/2024CDAA1F0023 四川天味食品集团股份有限公司 四川天味食品集团股份有限公司 四川天味食品集团股份有限公司全体股东: 我们对后附的四 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-035 四川天味食品集团股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2023 年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 4 月 19 日 13 点 30 分 召开地点：成都市双流区西航港街道腾飞一路 333 号会议室 (五)网络投票的系统、起止日期和投票时间。 不适用。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | | | | | A 股股东 | | | 非累积投票议案 | | | | 1 | 关于《2023 年度董事会工作报告》的议案 | | √ | | 2 | 关于《2023 ...