Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [4] Core Views - Tianwei Foods reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million yuan, up 18.79% year-on-year [2][6] - In Q2 2024, the company achieved a revenue of 614 million yuan, a decrease of 6.80% year-on-year, with a net profit of 71 million yuan, down 10.90% year-on-year [2][6] - The company is focusing on optimizing its product structure and releasing cost benefits, leading to an increase in gross margin by 2.20 percentage points to 33.33% in Q2 2024 [6] - The growth momentum from the food segment is strong, and the continuous release of cost benefits is expected to enhance the company's profits, justifying the "Buy" rating [6] Financial Performance Summary - For H1 2024, Tianwei Foods achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan [2][6] - Q2 2024 revenue was 614 million yuan, with a net profit of 71 million yuan [2][6] - The company’s revenue projections for 2024-2026 are adjusted to 3.354 billion, 3.712 billion, and 4.090 billion yuan, with year-on-year growth rates of 6.53%, 10.67%, and 10.18% respectively [6] - The net profit projections for the same period are 527 million, 599 million, and 679 million yuan, with growth rates of 15.41%, 13.62%, and 13.36% respectively [6] Valuation Metrics - The current market capitalization is approximately 9.798 billion yuan [4] - The price-to-earnings (P/E) ratio for 2024E is 18.6, and the price-to-book (P/B) ratio is 2.2 [7] - The EV/EBITDA ratio for 2024E is 8.0 [7]

Investment Rating - The report has adjusted the investment rating for Tianwei Foods to "Accumulate-A" [4] Core Views - The overall demand in Q2 2024 was weak, but online channels achieved significant growth. The company is focusing on refining its product and channel strategies, which is expected to improve performance in the upcoming peak season [2][3] - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue decreased by 6.80% to 614 million yuan, with a net profit decline of 10.90% to 71 million yuan [2][3] Summary by Sections Financial Performance - For H1 2024, the gross margin was 39.56%, and the net profit margin was 16.8%, reflecting a year-on-year increase of 2.2 percentage points. The company has seen a steady improvement in profitability due to lower raw material costs and more precise expense management [2] - The company’s revenue projections for 2024-2026 are 3.469 billion, 3.845 billion, and 4.306 billion yuan, with year-on-year growth rates of 10.2%, 10.8%, and 12.0% respectively. The net profit is expected to be 526 million, 607 million, and 699 million yuan, with growth rates of 15.2%, 15.4%, and 15.1% [4][5] Product and Channel Development - The company is enhancing its product offerings and channel strategies, including the promotion of large single products and the introduction of new regional flavor seasonings. The focus on B-end and e-commerce channels has also contributed to revenue growth [2][3] - Despite a slowdown in revenue performance in Q2, the company anticipates improved results in the second half of the year due to the peak season for hot pot products and ongoing marketing efforts [2][3] Market Trends - The report indicates that the overall market demand has been weak, influenced by macroeconomic conditions. However, the company is actively adjusting its operational strategies to capture growth opportunities in various channels [3]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company reported a revenue of 1.47 billion and a net profit of 250 million for H1 2024, showing a year-on-year increase of 3.0% and 18.8% respectively. However, Q2 2024 revenue and net profit were 610 million and 70 million, reflecting a year-on-year decline of 6.8% and 10.9% [3][4] - The report anticipates a recovery in revenue performance in H2 2024 due to the sales peak season, with a forecasted double-digit growth for the full year [6] Financial Performance Summary - For H1 2024, the company's revenue from hot pot condiments, Chinese cuisine condiments, and sausage products showed varied performance, with hot pot condiments declining by 10.2% and Chinese cuisine condiments increasing by 11.6% [4] - The gross margin for Q2 2024 was 33.3%, up by 2.2 percentage points year-on-year, primarily due to a decrease in raw material costs [5] - The company expects to optimize its product mix during the peak season, leading to a potential recovery in gross margin compared to Q2 2024 [6] Financial Forecast - The projected revenue for 2024 is 3.477 billion, with a year-on-year growth of 10.4%. The net profit is expected to reach 528 million, reflecting a growth of 15.5% [7] - The earnings per share (EPS) for 2024 is estimated at 0.50, with a P/E ratio of 20.5 times [7]

证券代码：603317 证券简称：天味食品 公告编号：2024-072 四川天味食品集团股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2023/10/28 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 10 月 日~2024 年 10 | 27 | 月 | 26 | 日 | | 预计回购金额 | 2,500 万元~5,000 万元 | | | | | | 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 | | | | | | 累计已回购股数 | 万股 200.08 | | | | | | 累计已回购股数占总股本比例 | 0.1879% | | | | | | 累计已回购金额 | 万元 2,557.64 | | | | | | 实际回购价格区间 ...

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.17 元 天味食品（603317）食品饮料 目标价：——元（6 个月） Q2 淡季收入承压，线上高增势能延续 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营收 14.7 亿元，同比+3%，实现 归母净利润 2.5亿元，同比+18.8%，实现扣非归母净利润 2.1亿元，同比+17.7%； 其中 24Q2 实现营收 6.1 亿元，同比-6.8%，实现归母净利润 0.7 亿元，同比 -10.9%，实现扣非归母净利润 0.6 亿元，同比+6.1%。 中式复调增速稳健，食萃带动线上高增。分产品看，24Q2 火锅底料/中式调料/ 冬调/其他业务收入增速分别为-22.9%/+4.7%/-87.4%/-12.2%；中式复调实现稳 健增长，主要得益于 Q2小龙虾处于销售旺季；火锅底料及冬调增速承压，主要 系淡季叠加 C 端消费需求较为疲软。分渠道看，24Q2 线上/线下渠道实现收入 1.2/4.9 亿元，同比+57.4%/-15.3%；得益于食萃小 B ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12 CNY, while the current price is 10.17 CNY [1]. Core Views - The company reported a revenue of 1.47 billion CNY for the first half of 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 250 million CNY, up 18.8% year-on-year [1]. - In Q2 2024, the company experienced a revenue decline of 6.8% year-on-year, with net profit down 10.9% year-on-year, indicating pressure on revenue due to decreased demand and increased competition [2]. - The online sales channel saw a significant increase of 57.4% year-on-year, while offline sales declined by double digits [2]. - The gross profit margin improved to 33.3% in Q2 2024, up 2.2 percentage points year-on-year, attributed to lower raw material prices and enhanced production efficiency [2]. - The company is expected to face continued revenue pressure in the second half of the year, but profit levels are anticipated to remain strong [2]. Financial Summary - Total revenue for 2023 is projected at 3.149 billion CNY, with a growth rate of 17.0%. For 2024, revenue is expected to reach 3.263 billion CNY, reflecting a growth rate of 3.6% [3]. - The net profit attributable to shareholders is forecasted to be 457 million CNY for 2023, increasing to 506 million CNY in 2024, with a growth rate of 10.8% [3]. - Earnings per share (EPS) is estimated to be 0.43 CNY for 2023, rising to 0.48 CNY in 2024 [3]. Market Performance - The company’s stock performance over the past 12 months shows a decline of 25%, compared to the CSI 300 index [5]. Financial Indicators - The company’s total assets are projected to be 5.274 billion CNY in 2023, with a debt-to-asset ratio of 16.22% [4]. - The projected return on equity (ROE) is expected to be 10.6% for 2023, increasing to 11.5% in 2024 [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 1.468 billion yuan and a net profit of 247 million yuan for the first half of 2024, representing a year-on-year increase of 3.0% and 18.8% respectively [1] - The second quarter saw a decline in hot pot seasoning revenue due to seasonal factors, while the online channel performed well, driven by the growth of the food extract business [1][2] - The company has adjusted its net profit forecasts for 2024-2026 to 532 million, 617 million, and 709 million yuan respectively, reflecting a downward revision of 5.5%, 9.4%, and 13.1% [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenues of 1.491 billion yuan in hot pot seasoning, 887 million yuan in Chinese cuisine seasoning, 33 million yuan in sausage and cured meat seasoning, and 54 million yuan in other products, with year-on-year changes of -10.2%, +11.6%, +21.4%, and -0.4% respectively [1] - The company's gross margin and net profit margin for the first half of 2024 were 39.6% and 16.8%, showing improvements of 3.3 and 2.2 percentage points year-on-year [1] Market Position - The company has a strong brand presence in the compound seasoning industry with brands like "Good People" and "Big Red Robe" [2] - The company is focusing on enhancing its B-end channel layout and expanding its product matrix with new offerings [1][2] Future Outlook - The company anticipates a recovery in its hot pot base material business in the second half of 2024, which is expected to stabilize the hot pot base material segment [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company reported a revenue of 1.468 billion yuan for the first half of 2024, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million yuan, up 18.79% year-on-year [2]. - The second quarter of 2024 saw a revenue of 614 million yuan, a decrease of 6.80% year-on-year, with a net profit of 71 million yuan, down 10.90% year-on-year [2]. - The company is focusing on enhancing its product matrix with new offerings and strengthening its online and offline channel systems [2][3]. Financial Performance - The gross profit margin for the first half of 2024 was 39.56%, with a decrease to 33.33% in Q2, reflecting a year-on-year increase of 3.33 and 2.19 percentage points respectively [3]. - The company achieved a net profit margin of 11.53% in Q2, down 0.53 percentage points year-on-year, while the net profit margin excluding non-recurring items was 10.26%, up 1.24 percentage points [3]. - The projected revenues for 2024-2026 are 3.45 billion, 3.85 billion, and 4.36 billion yuan, with year-on-year growth rates of 9.4%, 11.9%, and 13.1% respectively [3][5]. Market Position and Strategy - The company is leveraging its strengths in the C-end market while continuously enhancing its B-end operations, with a focus on multi-channel development and national expansion [3]. - The company has introduced new products such as tomato sour fish soup and spicy pickled fish to maintain a competitive edge in the market [2][3].

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 [9]. Core Views - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue was 614 million yuan, down 6.80% year-on-year, indicating pressure on demand and increased competition [1][3]. - The company is facing significant growth pressure in its main products, particularly hot pot and Chinese cuisine seasonings, while online channels continue to show high growth [2][3]. - The company has introduced new health-oriented products in H1 2024, which may help improve performance in the second half of the year [2][3]. Summary by Sections Financial Performance - H1 2024 revenue was 1.468 billion yuan, with a net profit of 247 million yuan. Q2 saw a decline in revenue and net profit, with figures of 614 million yuan and 71 million yuan respectively [1]. - The gross margin for Q2 was 33.33%, an increase of 2.19 percentage points year-on-year, attributed to lower raw material prices and product mix optimization [3]. Product and Channel Analysis - In Q2, revenue from hot pot seasonings decreased by 22.94%, while Chinese cuisine seasonings grew by 4.75%. Other products, including sausage and cured meat seasonings, saw a significant decline of 87.36% [2]. - Online sales grew by 57.37% year-on-year in Q2, contrasting with a 15.32% decline in offline sales [2]. Regional Performance - Q2 revenue changes by region showed a decline in the northern region by 29.21%, while the eastern and southern regions experienced smaller declines of 5.77% and 0.42% respectively [2]. Profitability and Cost Management - The company’s net profit margin for Q2 was 11.53%, down 0.53 percentage points year-on-year, while the non-recurring net profit margin increased by 1.24 percentage points to 10.26% [3]. - Cost management improved, with total expense ratios decreasing by 1.22 percentage points in Q2 [3]. Future Outlook - The company anticipates a potential improvement in performance during the second half of 2024, driven by seasonal demand and new product launches [3]. - Profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 545 million yuan, 632 million yuan, and 721 million yuan respectively, reflecting a growth rate of 19%, 16%, and 14% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 31, 2024 [1] Core Views - The company reported a strong performance in its online business, with significant growth potential. The Q2 revenue was 614 million yuan, down 6.8% year-on-year, while the net profit attributable to shareholders was 71 million yuan, down 10.9% year-on-year. The first half of the year showed a revenue increase of 2.95% to 1.468 billion yuan and a net profit increase of 18.79% to 247 million yuan [1] - The report highlights that the hot pot seasoning and Chinese compound seasoning revenues for Q2 were 198 million yuan and 392 million yuan, respectively, with year-on-year changes of -23% and +5%. The performance of hot pot seasoning was affected by seasonal factors, while the growth in Chinese compound seasoning was driven by the consolidation of Shicui [1] - The company is focusing on enhancing its online channels, which saw a revenue decline of 15% year-on-year, while offline channels grew by 57% [1] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan, reflecting an 18.79% increase year-on-year [1] - The gross profit margin for Q2 increased by 2.2 percentage points to 33.33%, driven by lower raw material costs [1] - The report projects that the company will achieve revenues of 3.149 billion yuan, 3.447 billion yuan, 3.863 billion yuan, and 4.296 billion yuan for the years 2024E to 2026E, with year-on-year growth rates of 9.5%, 12.1%, and 11.2% respectively [3][4] Profitability and Valuation Metrics - The net profit attributable to the parent company is expected to be 457 million yuan, 532 million yuan, 600 million yuan, and 677 million yuan for 2024E to 2026E, with corresponding year-on-year growth rates of 16.5%, 12.8%, and 12.8% [3][4] - The report indicates an expected increase in the gross margin from 37.9% in 2023A to 39.5% in 2026E [6] - The P/E ratios for 2024E, 2025E, and 2026E are projected to be 30.56, 20.36, and 18.05 respectively [3][4]