Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within six months [6]. Core Views - The company is expected to achieve a revenue of 3.48 billion yuan and a net profit of 624.64 million yuan in 2024, representing a year-on-year growth of 10.41% and 36.77% respectively [1]. - The company is focusing on enhancing its online presence and has made strategic acquisitions to strengthen its market position [2][4]. - Profitability has improved significantly, with gross margin and net margin increasing to 39.78% and 18.55% respectively in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 3.48 billion yuan, with a net profit of 624.64 million yuan, marking a growth of 10.41% and 36.77% year-on-year [5]. - The company’s gross margin improved by 1.90 percentage points to 39.78%, while the net margin increased by 3.76 percentage points to 18.55% [3]. - The company plans to distribute a cash dividend of 0.55 yuan per share, which accounts for 97.62% of the annual net profit [3]. Revenue Growth - Revenue growth was driven by strong performance in the southern and western regions, with year-on-year growth rates of 18.23% and 16.53% respectively [2]. - Online sales grew by 51.70% year-on-year, increasing the online revenue share to 17.18% [2]. Strategic Initiatives - The company is implementing a project manager system for key product categories to enhance efficiency and focus on strategic growth areas [1]. - Recent acquisitions, including a 63.84% stake in a company to bolster online operations, are expected to contribute positively to future growth [2][4]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 4.01 billion yuan, 4.48 billion yuan, and 4.95 billion yuan, with corresponding growth rates of 15%, 12%, and 11% [4]. - Net profit is projected to reach 743.43 million yuan, 846.85 million yuan, and 946.18 million yuan over the same period, with growth rates of 19%, 14%, and 12% respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, a year-on-year increase of 10.4%, meeting the employee stock ownership plan's assessment target [4] - The net profit attributable to shareholders reached 625 million yuan, up 36.8% year-on-year, with a non-recurring net profit of 570 million yuan, increasing by 40% [4] - The company plans to distribute a cash dividend of 585 million yuan, resulting in a dividend payout ratio of 97.62% for 2024 [4] Revenue Performance - In Q4 2024, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 21.6%, with a net profit of 190 million yuan, up 41% [4] - The hot pot seasoning revenue for 2024 was 1.265 billion yuan, with a year-on-year growth of 3.5%, while Q4 saw a significant increase of 25.3% [5] - Online channel revenue for 2024 reached 596 million yuan, a year-on-year increase of 51.7%, indicating strong performance in the online segment [5] Profitability and Cost Management - The company's gross margin improved to 39.8% in 2024, up 1.9 percentage points year-on-year, primarily due to a decrease in raw material costs [6] - The selling expense ratio decreased to 13.0% in 2024, down 2.4 percentage points year-on-year, attributed to reduced advertising and marketing expenses [6] - The net profit margin for 2024 was 18.0%, an increase of 3.5 percentage points year-on-year [6] Future Outlook - The company aims for a revenue and net profit growth of no less than 15% in 2025, with plans to expand its market presence and improve operational efficiency [7] - The company has introduced new products and is focusing on enhancing its B-end channel layout [7] - The report projects net profits for 2025 and 2026 to be 708 million yuan and 797 million yuan, respectively, with corresponding EPS of 0.66 yuan and 0.75 yuan [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 3.476 billion yuan in FY 2024, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [2] - The company plans to grow its revenue and net profit by no less than 15% in 2025, with a focus on external mergers and acquisitions [5] - The company has successfully integrated acquisitions, such as acquiring a 63.84% stake in a seasoning company, which has contributed to its online sales growth [5] Summary by Sections Financial Performance - In FY 2024, the company reported total revenue of 3.476 billion yuan, with a net profit of 625 million yuan and a non-recurring net profit of 566 million yuan, reflecting year-on-year increases of 36.77% and 40.00% respectively [2] - For Q4 2024, the company achieved total revenue of 1.112 billion yuan, a year-on-year increase of 21.57%, and a net profit of 192 million yuan, up 41.03% year-on-year [2] Product and Channel Analysis - The company's revenue from various product lines in FY 2024 included 1.264 billion yuan from hot pot seasonings, 1.771 billion yuan from Chinese cuisine seasonings, and 329 million yuan from sausage and cured meat seasonings, with respective year-on-year growth rates of 3.53%, 16.56%, and 10.99% [3] - Online sales channels saw a significant increase of 51.70% year-on-year, attributed to the acquisition of a professional online seasoning company [3] Cost and Profitability Management - The gross margin for FY 2024 was 39.78%, an increase of 1.90 percentage points year-on-year, driven by supply chain management optimization [4] - The company effectively reduced its sales and management expense ratios, contributing to a net profit margin of 17.97% for FY 2024, up 3.46 percentage points year-on-year [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 3.938 billion yuan and 4.375 billion yuan respectively, with EPS estimates raised to 0.67 yuan and 0.77 yuan [6] - The company is expected to maintain a PE ratio of 21 for 2025, decreasing to 18 by 2026 [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [1][9] - The online channel maintained a high growth rate, with online revenue reaching 600 million yuan, a year-on-year increase of 51.7%, driven by the continued expansion of the "Shicui" product line [2][9] - The company's gross profit margin improved by 2.0 percentage points to 39.8% in 2024, attributed to scale effects, business structure optimization, and declining raw material prices [3][12] - The integration of the brand "Jia Dian Zi Wei" is expected to enhance the company's capabilities in the consumer market [3][15] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 34.76 billion yuan, a 10.41% increase year-on-year, and a net profit of 6.25 billion yuan, up 36.77% year-on-year [1][9] - The fourth quarter of 2024 saw revenue of 11.12 billion yuan, a 21.57% increase year-on-year, and a net profit of 1.92 billion yuan, up 41.03% year-on-year [1][9] Channel Performance - Offline and online channel revenues for 2024 were 2.87 billion yuan and 600 million yuan, respectively, with year-on-year growth of 4.4% and 51.7% [2][9] - The "Shicui" product line generated approximately 280 million yuan in revenue in 2024, achieving about 90% of its performance commitment [2][9] Operational Efficiency - The company's selling and administrative expense ratios decreased to 13.0% and 5.3%, respectively, indicating improved operational management efficiency [3][12] - The non-GAAP net profit margin increased by 3.5 percentage points to 16.3% in 2024, reflecting enhanced profitability from acquisitions and improved efficiency across channels [3][12] Future Outlook - The company has slightly raised its profit forecast, expecting revenues of 38.5 billion yuan and 42.2 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 10.8% and 9.5% [4][15] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.66 yuan, 0.73 yuan, and 0.78 yuan, respectively [4][5]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase compared to the previous year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing its product categories, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] Financial Performance - The company forecasts EPS of 0.67, 0.75, and 0.83 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 19, and 17 times [8] - The projected revenue for 2025 is 3.943 billion yuan, reflecting a growth rate of 13.4% [10] - The company expects a net profit of 710 million yuan in 2025, indicating a growth rate of 13.7% [10]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company achieved its 2024 targets smoothly, with significant improvement in profitability [1] - Revenue and net profit for 2024 were reported at 3.48 billion and 630 million yuan, respectively, representing year-on-year growth of 10.4% and 36.8% [4][6] - The company has adjusted its 2025 net profit forecast to 730 million yuan, up from a previous estimate of 700 million yuan, with projected net profits for 2026 and 2027 at 820 million and 930 million yuan, respectively [4][6] Financial Performance - The company's revenue for Q4 2024 was 1.11 billion yuan, with a net profit of 190 million yuan, showing year-on-year increases of 21.6% and 41.0% [4] - The gross margin and net margin for Q4 2024 improved to 39.8% and 18.6%, respectively, due to lower raw material costs and enhanced operational efficiency [6] - The company expects revenue and net profit growth rates of no less than 15% in 2025 [7] Revenue Breakdown - Revenue growth by product category for 2024 included hot pot base (3.5%), Chinese dishes (16.6%), sausages and cured meats (11.0%), and other seasonings (-2.1%) [5] - Q4 2024 revenue growth by product category was particularly strong for hot pot base (25.3%) and Chinese dishes (25.2%) [5] Market Position and Strategy - The company is strengthening its position in the consumer market and has made breakthroughs in e-commerce channels like Douyin and Xiaohongshu [7] - The company is also expanding its presence in small B channels, with ongoing team organization and assessment strategies [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase year-on-year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing new products in the category, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and external acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] - The company is expected to maintain high revenue growth in 2025, driven by new product launches and market penetration strategies [3][4] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 34.76 billion yuan, a 10% increase year-on-year, and a net profit of 6.25 billion yuan, a 37% increase year-on-year [1] - The company maintained a high dividend payout ratio of 98%, distributing a total of 6.10 billion yuan in cash dividends in 2024 [1] Profitability and Cost Management - The gross margin improved to 40.84% in Q4 2024, driven by product structure optimization and a decrease in raw material procurement costs [2] - The company successfully reduced its sales and management expense ratios by 3 and 1 percentage points, respectively, leading to a net profit margin increase of 2 percentage points to 18.00% in Q4 2024 [2] Product Development and Market Strategy - The company is committed to a big single product strategy in hot pot seasonings, with a focus on health and nutrition in new product development for Chinese cuisine seasonings [3] - The company is actively expanding its online and offline sales channels, with online channel revenue increasing by 27% to 203 million yuan in Q4 2024 [4] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.67 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 21, 19, and 17 for the years 2025, 2026, and 2027, respectively [8]

Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - Total revenue for 2024 reached 3.476 billion yuan, a year-on-year increase of 10.4% - Net profit attributable to shareholders was 625 million yuan, up 36.8% - In Q4 alone, revenue was 1.112 billion yuan, reflecting a 21.6% year-on-year growth, while net profit for the quarter was 192 million yuan, increasing by 41.0% [1]. Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 0.55 yuan per share (before tax), resulting in a distribution rate of 93.6% [2]. Product Performance - Revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year, driven by product upgrades and strong performance from food extract products - Hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a 25.2% increase - Revenue from sausage and cured meat seasonings saw a year-on-year increase of 11.0% for the year, but a decline of 3.4% in Q4 [2]. Channel Performance - The food extract segment continued its high growth trajectory, with a 40.8% year-on-year increase in 2024 and a 34% increase in January-February 2025 - Offline revenue grew by 4.4% year-on-year, while online revenue surged by 51.7% - In Q4, online revenue increased by 26.5% to 203 million yuan, while offline revenue rose by 19.4% to 907 million yuan [3]. Regional Performance - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% for 2024 and 41.9% for Q4 - Other regions experienced varied growth, with the western region at 16.5%, eastern at 7.1%, central at 6.2%, and northern region declining by 2.3% for the year [3]. Profitability and Cost Management - Gross margin improved, with 2024 and Q4 margins at 39.8% and 40.8%, respectively, benefiting from lower raw material costs and product structure optimization - Sales expense ratio decreased by 2.39 percentage points for the year, attributed to cost control measures [4]. Tax Impact - The effective tax rate negatively impacted profitability, with net profit margins for 2024 and Q4 at 18.0% and 17.3%, respectively [5]. Strategic Acquisitions - The company completed the acquisition of a 63.84% stake in a brand focused on young consumers, enhancing its online channel network and product offerings [5]. Earnings Forecast - The company projects EPS of 0.67, 0.76, and 0.87 yuan per share for 2025-2027, with a target PE ratio of 20-25 times for 2025, suggesting a reasonable valuation range of 13.31-16.64 yuan [5].

Core Insights - The company reported a revenue of 3.476 billion yuan for 2024, representing a year-on-year increase of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [1] - The company achieved a revenue of 1.112 billion yuan in Q4 2024, reflecting a year-on-year growth of 21.57%, with a net profit of 192 million yuan, an increase of 41.03% year-on-year [1] - The company plans to maintain a revenue and net profit growth target of no less than 15% for the upcoming year, demonstrating strong operational confidence [3] Revenue and Profitability - The company’s gross margin for 2024 was 39.78%, an increase of 1.9 percentage points year-on-year, with Q4 gross margin at 40.84%, up 0.54 percentage points year-on-year [2] - The total expense ratio decreased by 3.13 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective changes of -2.39, -0.96, +0.02, and +0.2 percentage points [2] - The net profit margin for the year reached 18.55%, an increase of 3.77 percentage points year-on-year, driven by significant improvements in gross sales difference [2] Strategic Developments - The company completed the acquisition of a 63.84% stake in a peer company, enhancing its growth momentum and optimizing its product structure [3] - The acquisition is expected to strengthen the company's omnichannel strategy and improve its product offerings, particularly in Western, Japanese, and Korean seasonings [3] - The total dividend for 2024 reached 610 million yuan, with a high payout ratio of 97.62%, reflecting the company's commitment to shareholder returns [3] Future Outlook - The company has revised its profit forecasts for 2025-2026, projecting net profits of 722 million yuan, 811 million yuan, and 907 million yuan for 2025, 2026, and 2027 respectively, indicating year-on-year growth of 16%, 12%, and 12% [3]

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 天味食品（603317）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | | 13.90 | | --- | --- | --- | | 52 周股价波动（元） | | 8.50-15.78 | | 总股本/流通 A 股（百万股） | | 1065/1065 | | 总市值/流通市值（百万元） | | 14805/14803 | | 相关研究 | | | | [Table_ReportInfo] 《营收增速恢复双位数，盈利高增超预期》 | | | | 2024.10.25 | | | | 《Q2 收入短期承压，扣非净利率持续提升》 | | | | 2024.09.01 | | | | 《毛利率持续提升，盈利端表现亮眼》 | | | | 2024.04.30 | | | | 市场表现 | | | | [Table_QuoteInfo] 天味食品 | 海通综指 | | -33.96% -22.96% ...