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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross profit margin continues to improve, reaching 38.83% in Q3 2024, an increase of 0.77 percentage points year-on-year, driven by lower raw material costs, product structure upgrades, and strong growth in high-margin products [2][3][4] - The company achieved a revenue of 2.364 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% year-on-year [3][4] - The report anticipates strong performance in Q4 2024 and the full year, supported by product upgrades and channel optimization [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [3][4] - The company expects revenues of 3.464 billion yuan in 2024, with a growth rate of 10%, and net profits of 573 million yuan, reflecting a 25% increase [7][9] Product and Market Analysis - The company’s performance in Chinese condiments and winter seasonings was strong, with online sales growing by 55% year-on-year in Q3 2024 [4][6] - The report notes that the company has successfully launched new products and upgraded existing ones to align with current consumer trends, contributing to high-quality growth [4][6] Future Outlook - The company is projected to achieve revenues of 3.881 billion yuan in 2025 and 4.301 billion yuan in 2026, with corresponding net profits of 663 million yuan and 750 million yuan, respectively [7][9] - The report maintains a positive outlook for the company, expecting continued growth driven by product innovation and channel efficiency improvements [6][9]

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]

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 [10] Core Views - The company's Q3 performance exceeded expectations, with revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year [1] - The company is expected to perform well in the upcoming Q4 peak season, driven by improved sales strategies and product offerings [4] Summary by Sections Q3 Performance - In Q3, the company achieved revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [1] - The company’s gross margin improved to 38.83%, an increase of 0.76 percentage points year-on-year, attributed to economies of scale and lower raw material costs [3] Product and Channel Performance - Revenue growth in Q3 for specific products included hot pot condiments (+1%), Chinese cuisine condiments (+18%), and sausage and cured meat condiments (+20%) [2] - Online sales channels saw a significant year-on-year increase of 55%, while offline channels grew by 6% [2] Cost and Profitability - The company experienced a significant reduction in total expense ratios, down 8.04 percentage points year-on-year, with the sales expense ratio declining by 7.78 percentage points [3] - The net profit margin increased by 6.77 percentage points to 20.7% due to improved expense management [3] Future Outlook - The company is expected to continue benefiting from seasonal demand in Q4, particularly for hot pot base products, as well as ongoing growth in the Chinese condiment market [4] - The report projects net profits for 2024-2026 to be 594 million, 699 million, and 801 million yuan respectively, reflecting year-on-year growth rates of 30%, 18%, and 15% [4]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q3 2024, with total revenue reaching 2.36 billion yuan, a year-on-year increase of 5.8%, and net profit attributable to shareholders at 430 million yuan, up 35% year-on-year. The Q3 revenue was 897 million yuan, reflecting a 10.9% year-on-year growth, while net profit for the quarter surged by 65% to 186 million yuan [1][2] - The company experienced rapid growth in its product categories, with hot pot base materials, Chinese-style condiments, and winter seasonings showing year-on-year revenue growth rates of 1.1%, 18.1%, and 19.7%, respectively. The positive performance in hot pot base materials is attributed to strong channel replenishment and new product launches [2] - Online sales showed remarkable growth, with a year-on-year increase of 55%, while offline sales grew by 6%. The company is enhancing its online product and channel strategy, leveraging e-commerce for new product promotions [2] - The company improved its cost structure and control measures, leading to a significant enhancement in net profit margin. The gross margin increased by 0.76 percentage points year-on-year, driven by product mix optimization and sustained cost benefits [2] - The company anticipates strong growth momentum for Q4 2024, supported by healthy channel inventory and increased demand during the peak season [2] Financial Forecasts - The revenue forecasts for 2024-2026 have been adjusted to 3.42 billion, 3.77 billion, and 4.19 billion yuan, respectively, reflecting year-on-year growth rates of 9%, 10%, and 11%. The net profit forecasts have been raised to 590 million, 660 million, and 750 million yuan, with corresponding year-on-year growth rates of 30%, 12%, and 13% [2]

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][5]. Core Insights - The company achieved a revenue of 2.364 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 5.84%. The net profit attributable to the parent company reached 432 million yuan, up 34.96% year-on-year [2]. - In Q3 2024, the company reported a 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 [2]. - The company’s gross margin improved by 0.77 percentage points to 38.83% in Q3 2024, driven by a substantial decrease in sales expenses [2]. - The report projects revenue for 2024-2026 to be 3.375 billion, 3.843 billion, and 4.280 billion yuan respectively, with net profits of 588 million, 686 million, and 780 million yuan [2][4]. Financial Forecast and Valuation - The company’s earnings per share (EPS) are forecasted to be 0.55 yuan in 2024, 0.64 yuan in 2025, and 0.73 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 25.2, 21.6, and 19.0 [2][4]. - The net asset return rate is expected to increase from 10% in 2023 to 13% by 2026 [2][4]. - The report highlights a significant reduction in sales expenses, which is expected to enhance profitability [2]. Revenue and Profitability Trends - The company’s revenue growth rate is projected to stabilize at 7% in 2024, followed by 14% and 11% in 2025 and 2026 respectively [2][4]. - The report indicates that the company’s net profit margin is expected to improve significantly, reaching 20.70% in Q3 2024, up 6.77 percentage points year-on-year [2]. Market Performance - The company’s stock price as of October 24, 2024, is 13.90 yuan, with a market capitalization of approximately 14.8 billion yuan [2]. - The report emphasizes the company's strong performance in the online sales channel, which grew by 55.38% year-on-year in Q3 2024 [2]. Product and Regional Performance - In Q3 2024, the company’s hot pot seasoning, Chinese dish seasoning, and sausage and cured meat seasoning generated revenues of 303 million, 385 million, and 186 million yuan respectively, with growth rates of 1.14%, 18.07%, and 19.68% [2]. - Revenue growth varied by region, with the eastern region showing an increase of 8.93% [2].