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]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [1][8]. Core Insights - The company achieved a revenue of 3.149 billion yuan in 2023, representing a year-on-year growth of 17.0%, with a net profit of 457 million yuan, up 33.7% year-on-year [2][4]. - The fourth quarter of 2023 saw a revenue of 915 million yuan, a 16.95% increase year-on-year, and a net profit of 136 million yuan, growing by 39.9% year-on-year [2][4]. - The company plans to implement an employee stock ownership plan in 2024, targeting revenue growth of no less than 10.0% and 26.5% for 2024 and 2025, respectively [2][4]. Financial Performance - The gross margin improved to 37.9% in 2023, up 3.7 percentage points year-on-year, driven by lower raw material costs and product structure upgrades [1][4]. - The net profit margin for 2023 was 14.5%, an increase of 1.8 percentage points year-on-year [1][4]. - The company expects continued improvement in profitability in 2024 due to favorable raw material costs and reduced equity incentive expenses [1][4]. Revenue Breakdown - In 2023, the main business revenue grew approximately 12.3%, with contributions from the newly consolidated subsidiary, Shicui, amounting to about 130 million yuan [4]. - Revenue by product category in 2023 included hot pot base (1.222 billion yuan), Chinese cuisine condiments (1.519 billion yuan), sausage and cured meat condiments (296 million yuan), chicken essence (47 million yuan), and spicy sauce (37 million yuan) [4]. - The company’s distribution channels saw revenue from distributors, customized meal condiments, and e-commerce channels of 2.356 billion yuan, 319 million yuan, and 393 million yuan, respectively, with significant growth in customized meal condiments and e-commerce [4]. Future Outlook - The company aims to enhance its product and channel strategies, focusing on a large product matrix and expanding its small B-end business [5][7]. - Revenue projections for 2024-2026 are 3.626 billion yuan, 4.138 billion yuan, and 4.712 billion yuan, with expected growth rates of 15.2%, 14.1%, and 13.9%, respectively [8]. - The net profit forecasts for the same period are 560 million yuan, 674 million yuan, and 795 million yuan, with growth rates of 22.6%, 20.3%, and 18.1% [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.78 CNY [18]. Core Insights - The company has shown significant improvement in gross and net profit margins due to a decrease in raw material costs and an increase in the proportion of high-margin products [1]. - The introduction of an employee stock ownership plan is expected to enhance team motivation and contribute to long-term development [2]. - The company is focusing on expanding its product matrix and enhancing its small B-end business, which is anticipated to drive growth in the next 3-5 years [13]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.15 billion CNY, a year-on-year increase of 17%, and a net profit of 457 million CNY, up 33.7% [19]. - The gross margin for 2023 was 37.88%, with a net profit margin of 14.78% for the fourth quarter [1]. - The company’s revenue growth rate is projected to be 15.23% in 2024 and 14.32% in 2025, with net profit growth rates of 23.22% and 21.01% respectively [16]. Product and Channel Performance - The company’s product categories, including hot pot seasonings and sausage seasonings, have shown strong revenue growth, particularly in the sausage seasoning segment, which increased by 47.73% [20]. - Online sales channels have rapidly increased, with e-commerce revenue growing by 92.99% in 2023 [20]. Future Outlook - The company has set ambitious revenue growth targets for the employee stock ownership plan, aiming for a minimum of 10% growth in 2024 and 26.5% in 2025 [2]. - The introduction of new products, such as the "fresh tomato" soup base, is expected to enhance market competitiveness and customer response [13].