Investment Rating - The report maintains an "Outperform the Market" rating for Tianwei Foods [18][13]. Core Views - The company achieved a total revenue of 3.149 billion yuan in 2023, representing a year-on-year increase of 17.0%, and a net profit of 457 million yuan, up 33.7% year-on-year. The Q4 revenue was 915 million yuan, also up 17.0% year-on-year, with a net profit of 136 million yuan, increasing by 39.9% year-on-year [20][10]. - The company has launched an employee stock ownership plan, aiming to enhance employee motivation, with a target revenue growth rate of no less than 15% for 2024 [5][9]. - The gross profit margin for 2023 was 37.9%, an increase of 3.66 percentage points year-on-year, driven by lower raw material costs and product upgrades [11][10]. Financial Summary - Revenue (in million yuan): - 2022: 2,691 - 2023: 3,149 - 2024E: 3,664 - 2025E: 4,215 - 2026E: 4,828 - Year-on-year growth rates: 2023: 17.0%, 2024E: 16.4%, 2025E: 15.1%, 2026E: 14.5% [4][24]. - Net Profit (in million yuan): - 2022: 342 - 2023: 457 - 2024E: 565 - 2025E: 680 - 2026E: 792 - Year-on-year growth rates: 2023: 33.7%, 2024E: 23.8%, 2025E: 20.3%, 2026E: 16.5% [4][24]. - Gross Margin: - 2023: 37.9% - 2024E: 38.3% - 2025E: 38.5% - 2026E: 38.7% [4][24]. Product Performance - The Chinese cuisine seasoning business saw a revenue increase of 28.6% in 2023, benefiting from product upgrades and the consolidation of Shicui Foods [10][11]. - The company’s product matrix continues to optimize, with successful new product launches such as the spicy grilled fish [10][11]. - The revenue from the sausage and cured meat seasoning increased by 47.7%, attributed to the decline in pork prices [10][11]. Market Positioning - The company aims for a revenue growth target of 15% for 2024 and a net profit growth target of 20% [5][9]. - The report suggests that the company is well-positioned to benefit from ongoing product innovation and market expansion strategies [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 20% in the next six months [8][14]. Core Insights - The company achieved a total revenue of 3.149 billion yuan in 2023, representing a year-on-year growth of 17.02%, with a net profit attributable to shareholders of 457 million yuan, up 33.65% year-on-year [14]. - The company’s main product categories showed strong performance, with Chinese cuisine condiments leading the growth, achieving sales of 1.519 billion yuan, a year-on-year increase of 28.58% [14]. - The company is focusing on enhancing its B2B channels and online business, with significant growth in customized meal condiments and e-commerce channels, which saw revenue increases of 32.24% and 92.99% respectively [14]. - The company’s profitability improved, with a net profit margin of 14.78% and a gross margin of 37.88% for the year, reflecting an increase in both metrics compared to the previous year [14]. Financial Summary - The company’s revenue forecast for 2024, 2025, and 2026 is projected to be 3.658 billion yuan, 4.193 billion yuan, and 4.760 billion yuan respectively, with corresponding growth rates of 16.18%, 14.61%, and 13.53% [9]. - The net profit attributable to shareholders is expected to reach 551 million yuan, 664 million yuan, and 781 million yuan for the years 2024, 2025, and 2026, with growth rates of 20.68%, 20.40%, and 17.63% respectively [14]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 39.85 in 2023 to 17.45 in 2026, indicating an improving valuation over time [9][14].

研究报 免责声明 本报告仅供国泰君安证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为本公司 的当然客户。本报告仅在相关法律许可的情况下发放，并仅为提供信息而发放，概不构成任何广告。 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|--------------|----------|---------------------------------------| | 评级说明 | | 评级 | 说明 | | | | 增持 | 相对沪深 300 指数涨幅 15%以上 | | 投资建议的比较标准 | | 谨慎增持 | 相对沪深 300 指数涨幅介于 5%～15%之间 | | 投资评级分为股票评级和行业评级。 | 股票投资评级 | 中性 | 相对沪深 300 指数涨幅介于-5%～5% | | 以报告发布后的 12 个月内的市场表现为 比较标准，报告发布日后的 12 个月内的 | | 减持 | 相对沪深 300 指数下跌 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][2]. Core Insights - The company has a rich product matrix and strong brand recognition in the C-end market, with recent efforts to leverage R&D advantages in the B-end market. The acquisition of Shicui in 2023 is expected to accelerate B-end expansion [2][7]. - The company reported a revenue of 3.149 billion yuan in 2023, a year-on-year increase of 17.02%, and a net profit attributable to shareholders of 457 million yuan, up 33.65% year-on-year [3][4]. - The company’s gross margin improved to 37.88% in 2023, an increase of 3.66 percentage points year-on-year, driven by lower raw material prices and product structure upgrades [16]. Financial Performance - The company’s earnings per share (EPS) are projected to be 0.51 yuan in 2024, 0.59 yuan in 2025, and 0.68 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 25X, 22X, and 19X respectively [2][34]. - The company achieved a net profit margin of 14.51% in 2023, reflecting a year-on-year increase of 1.81 percentage points [16]. - The revenue growth rate is expected to be 15% in 2024, 13% in 2025, and 13% in 2026, while the profit growth rate is projected at 18%, 16%, and 15% for the same years [34]. Market Position and Strategy - The company is focusing on health trends by launching new products such as the third-generation thick hot pot and non-spicy soups to meet consumer demand for higher quality [7]. - The company is enhancing its C-end advantages while leveraging the acquisition of Shicui to empower B-end development, aiming for resource and business synergy across production, products, and channels [7][16]. - The company has optimized its distribution channels, reducing the number of distributors to 3,165 by the end of 2023 while achieving an 8.81% year-on-year revenue growth in the distribution channel [4][7].

证券代码：603317 证券简称：天味食品 公告编号：2024-037 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： 委托理财受托方：中国银行股份有限公司双流分行、中信证券股份有限公 司 本次委托理财总金额：8.25 亿元 委托理财产品名称：（四川）对公结构性存款 202404828、（四川）对公结 构性存款 202404829、（四川）对公结构性存款 202404830、（四川）对公结构性存 款 202404831、（四川）对公结构性存款 202404850、（四川）对公结构性存款 202404851、中信证券股份有限公司固收增利系列【1056】期收益凭证 委托理财期限：62、63、124、125、266、267、90 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 ...

完成可期 [Table_Title] 天味食品（603317.SH） 2023 顺利收官，分红回报再提升 [Table_Summary] 核心观点： 元，同比增长 15.76%/15.75%/15.42%；归母净利润 5.63/6.63/7.80 亿 元，同比增长 23.24%/17.82%/17.64%；对应 PE 估值 23/20/17 倍。 参考可比公司估值，考虑行业高景气度及股权激励费用影响，给予公司 2024 年 28 倍 PE 估值，对应合理价值 14.79 元/股，维持买入评级。 风险提示。行业景气度不及预期。新品不及预期。渠道扩张不及预期。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2691 | 3149 | 3645 | 4219 | 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 15% compared to the benchmark in the next six months [4][16]. Core Insights - The company reported a strong performance in 2023, with revenue of 3.15 billion yuan, a year-on-year increase of 17%, and a net profit of 456.7 million yuan, up 33.7% year-on-year [17][18]. - The company has introduced an employee stock ownership plan and has significantly increased its dividend payout ratio to 92.74%, enhancing shareholder confidence [19]. Summary by Sections Financial Performance - In 2023, the company's revenue from hot pot base materials, mid-season products, and winter products grew by 2%, 29%, and 48% year-on-year, respectively. However, Q4 saw a decline in base material revenue by 6% due to weak demand [2]. - The gross margin improved significantly in 2023, with an increase of 3.7 percentage points year-on-year, attributed to reduced promotional efforts and lower raw material costs [3]. - The company adjusted its revenue forecasts for 2024-2026 to 3.63 billion, 4.28 billion, and 5.07 billion yuan, reflecting year-on-year growth of 15%, 18%, and 18% respectively [4]. Sales Channels - The company experienced robust growth in its sales channels, with e-commerce revenue increasing by 93% year-on-year, and the distributor channel growing by 9% [18]. Shareholder Returns - The company plans to raise up to 37.61 million yuan through its employee stock ownership plan, with a target revenue growth of over 15% for 2024 [19]. - In 2023, the total cash dividend amounted to 424 million yuan, with a dividend yield of 3.2% based on the current stock price [19].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 3.149 billion RMB in 2023, representing a year-on-year growth of 17.02%. The net profit attributable to shareholders was 457 million RMB, up 33.65% year-on-year [2] - The company announced an employee stock ownership plan for 2024, with performance targets based on revenue growth rates of no less than 10% and 26.5% for 2024 and 2025, respectively [2] - The report highlights the company's strong performance in the e-commerce channel, which saw a sales increase of 93% year-on-year, contributing 200 million RMB to the overall revenue [2] Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 915 million RMB, a 16.95% increase year-on-year, and a net profit of 136 million RMB, which is a 39.90% increase year-on-year [2] - The company’s gross margin improved to 37.9% for the year and 40.3% for Q4, reflecting a year-on-year increase of 3.6 percentage points and 2.2 percentage points, respectively [2] Business Analysis - The report notes a mixed performance across product categories, with hot pot condiments and Chinese-style seasonings showing varied growth rates [2] - The company is focusing on product innovation and expanding its distribution channels to meet the diversified consumer demand [2] Financial Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 550 million RMB, 652 million RMB, and 767 million RMB, respectively, with year-on-year growth rates of 20.53%, 18.36%, and 17.70% [2] - The report estimates the price-to-earnings (P/E) ratios for the next three years to be 24x, 20x, and 17x, respectively [2]

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].