证券代码：603317 证券简称：天味食品 公告编号：2024-084 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到期赎回的公告 重要内容提示： 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行现金管理的议案》，同意使用不超过 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 年第一次临时股东大会审议通过之日起 12 个月内滚动使用。具体内容详见 2024 年 3 月 8 日刊载于《中国证券报》《上海证券报》《证券时报》《证券日报》 及上海证券交易所网站（www.sse.com.cn）的公司《第五届董事会第二十八次会 议决议公告》（公告编号：2024-012）、《第五届监事会第二十七次会议决议公告》 （公告编号：2024-013）、《关于使用暂时闲置募集资金进行现金管理的公告》 （公告编号：2024-015）及 ...

Investment Rating - The report maintains a "Buy" rating for the company with an expected price increase of over 20% within the next six months [5][12]. Core Views - The company achieved revenue of 2.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% year-on-year [1]. - 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, which is a significant year-on-year growth of 64.79% [1]. - The company is expected to see accelerated growth in performance as it enters the traditional peak season in Q4, particularly in hot pot base material demand [3]. Revenue Growth - Revenue from key product categories in Q3 2024 includes hot pot condiments (303 million yuan), Chinese cuisine condiments (385 million yuan), sausage and cured meat condiments (186 million yuan), and other revenues (22 million yuan), with notable growth in sausage and cured meat condiments at nearly 20% [1]. - Online sales maintained high growth at 55.38% year-on-year, while offline sales showed recovery with a growth of 5.98% [2]. Profitability Improvement - The company's gross margin and net margin improved significantly in Q3 2024, with gross margin increasing by 0.76 percentage points to 38.83% and net margin increasing by 7.33 percentage points to 21.19% [2]. - The reduction in expenses contributed to the notable increase in net margin, with sales expense ratio decreasing by 7.78 percentage points to 7.81% [2]. Financial Forecast - The company is projected to achieve revenues of 3.465 billion yuan, 3.890 billion yuan, and 4.339 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10%, 12%, and 12% [3]. - The net profit attributable to shareholders is expected to be 593 million yuan, 691 million yuan, and 799 million yuan for the same years, reflecting growth rates of 30%, 17%, and 16% [3]. Valuation Metrics - The report provides a projected P/E ratio of 28X, 24X, and 21X for the years 2024, 2025, and 2026, respectively [3].

证券代码：603317 证券简称：天味食品 公告编号：2024-083 四川天味食品集团股份有限公司 二、 对公司的影响 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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： 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行现金管理的议案》，同意使用不超过 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 年第一次临时股东大会审议通过之日起 12 个月内滚动使用。具体内容详见 2024 年 3 月 8 日刊载于《中国证券报》《上海证券报》《证券时报》《证券日报》 及上海证券交易所网站（www.sse.com.cn）的公司《第五届董事会第二十八次会 议决议公告》（公告编号：2024-012）、 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvement in its third-quarter performance, with a notable increase in net profit and revenue growth [2][3] - The compound seasoning industry is expected to gradually recover, and the company is positioned to benefit from both volume and profit growth [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% [2] - In Q3 alone, revenue reached 897 million yuan, reflecting a year-on-year growth of 10.93%, while net profit surged by 64.79% to 186 million yuan [2] Revenue Breakdown - Revenue from Chinese cuisine seasonings and sausage products saw rapid growth, with Q3 revenue growth rates of 1.14%, 18.07%, and 19.68% respectively [3] - Online sales channels continued to show high growth, with a year-on-year increase of 55.38% in Q3, while offline channels grew by 5.98% [3] Profitability Metrics - The gross profit margin improved to 38.83% in Q3, an increase of 0.76 percentage points year-on-year [3] - The net profit margin for Q3 increased by 6.77 percentage points year-on-year, driven by improved gross margins and reduced sales and management expense ratios [3] Future Projections - Revenue forecasts for 2024-2026 are projected at 3.441 billion yuan, 4.012 billion yuan, and 4.624 billion yuan respectively, with net profits expected to be 595 million yuan, 674 million yuan, and 785 million yuan [4] - The report anticipates continued operational improvement as the company enters the peak demand season for seasonings in Q4 [3]

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods, with projected net profits for 2024-2026 expected to be 6.23 billion, 6.94 billion, and 7.54 billion respectively, corresponding to EPS of 0.58, 0.65, and 0.71 [5][7][10]. Core Views - Tianwei Foods achieved a revenue of 2.364 billion yuan for the first nine months of 2024, representing a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year, indicating better-than-expected performance [1][2]. - The company has seen significant growth in its Chinese-style seasoning and sausage products, with revenue from hot pot seasonings, Chinese-style seasonings, and sausage seasonings for the first nine months being 794 million, 1.272 billion, and 219 million yuan respectively [1]. - The online channel revenue increased by 68.98% year-on-year, driven by the acquisition of Shicui, which has enhanced the company's online capabilities [2][5]. Summary by Sections Financial Performance - For Q3 2024, Tianwei Foods 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 [1]. - The gross profit margin for the first nine months was 39.28%, an increase of 2.39 percentage points year-on-year, attributed to a decrease in commodity prices and improved product mix [2][5]. Product Categories - Revenue from hot pot seasonings decreased by 6.15%, while Chinese-style seasonings and sausage seasonings saw increases of 13.50% and 19.95% respectively [1]. - New product launches in the first half of the year contributed to a recovery in revenue growth during the peak season [1]. Channel Performance - Offline and online channel revenues for the first nine months were 1.967 billion and 394 million yuan, respectively, with offline revenue declining by 1.3% and online revenue increasing by 68.98% [2]. - The Q3 performance showed offline revenue growth of 5.98% and online revenue growth of 55.38% [2]. Cost Management - The company experienced a significant reduction in expense ratios, with sales expense ratio and management expense ratio for Q3 being 7.81% and 5.19%, down 7.78 and 0.73 percentage points year-on-year [2][5].

Investment Rating - The investment rating for Tianwei Food (603317.SH) is "Outperform the Market" [1][3][7] Core Views - The company reported a 10.9% year-on-year revenue growth in the third quarter, with total revenue for the first three quarters of 2024 reaching 2.364 billion yuan, a 5.84% increase year-on-year. The net profit attributable to shareholders was 432 million yuan, up 34.96% year-on-year [1][4] - The offline channel growth turned positive, while the online channel maintained high growth, with revenues of 760 million yuan and 140 million yuan respectively in the third quarter, reflecting increases of 6.0% and 55.4% year-on-year [1][4] - The gross profit margin improved significantly, reaching 38.8%, driven by a higher proportion of online sales and lower raw material costs [1][5] - The company is focusing on developing regional specialty products while enhancing its product matrix, leveraging its channel management for better synergy [1][5] Financial Forecasts - The company is expected to achieve total revenues of 3.39 billion, 3.74 billion, and 4.05 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.6%, 10.5%, and 8.3% [2][7] - The net profit attributable to shareholders is projected to be 570 million, 630 million, and 680 million yuan for the same years, reflecting year-on-year growth rates of 25.2%, 11.0%, and 7.7% [2][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.54, 0.60, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 26.5, 23.9, and 22.2 [2][7]

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - The company has shown improved revenue growth quarter-on-quarter, with significant profit increase due to cost control measures [1][2] - The company aims for double-digit revenue growth for the full year, with profit growth expected to exceed revenue growth [2] Revenue Analysis - For the first three quarters, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84% [1] - In Q3 alone, revenue reached 897 million yuan, up 10.93% year-on-year [1] - The revenue breakdown by product shows that hot pot base material has stabilized after adjustments, while Chinese cuisine seasonings and sausage seasonings have seen growth [1][5] - Revenue by market indicates steady performance in the western and central regions, with emerging markets also showing growth [1][5] Profit Analysis - The company reported a net profit margin of 20.70% in Q3, an increase of 6.77 percentage points year-on-year [1] - The gross profit margin was 38.83%, up 0.76 percentage points year-on-year, with a decrease in expense ratio contributing to higher profits [1][2] Future Outlook - The company has set ambitious revenue growth targets of 10% and 15% for 2024 and 2025, respectively [2] - The forecast for revenue from 2024 to 2026 is 3.466 billion, 3.973 billion, and 4.614 billion yuan, with corresponding net profits of 582 million, 669 million, and 785 million yuan [2][3] Valuation - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 26x, 22x, and 19x, respectively, which are lower than the average of comparable companies [9][10] - The company is currently at a historical low in terms of valuation, indicating potential for recovery [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][2]. Core Views - The company reported a significant improvement in profitability and a notable increase in revenue growth margins, with Q3 2024 revenue reaching 897 million yuan, a year-on-year increase of 10.93% [1]. - The net profit attributable to the parent company for Q3 2024 was 186 million yuan, reflecting a year-on-year growth of 64.79% [1]. - The company has shown a strong performance in the first three quarters of 2024, with total revenue of 2.364 billion yuan, up 5.84% year-on-year, and a net profit of 432 million yuan, up 34.96% year-on-year [1]. Revenue and Profitability Analysis - Q3 2024 revenue growth was driven by a recovery in demand, with a notable improvement from a revenue decline of 6.80% in Q2 2024 [1]. - The company’s gross margin for Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, indicating enhanced profitability [1]. - The net profit margin for Q3 2024 was 21.19%, up 7.33 percentage points year-on-year, showcasing significant profitability improvement [1]. Product and Channel Performance - Revenue growth varied by product, with hot pot base materials and Chinese-style seasoning experiencing declines, while online sales surged by 68.98% year-on-year [1]. - The company is focusing on new product launches, including barbecue seasonings and regional specialty flavors, to enhance its market presence [1]. Financial Forecast - The company is projected to achieve revenues of 3.464 billion yuan, 3.885 billion yuan, and 4.373 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.02%, 12.15%, and 12.57% [2][3]. - The net profit attributable to the parent company is expected to reach 584 million yuan, 660 million yuan, and 747 million yuan for the same years, with growth rates of 27.97%, 13.00%, and 13.10% respectively [2][3]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 24.7X for 2024, 21.9X for 2025, and 19.4X for 2026, suggesting a favorable valuation compared to industry peers [2][3].

Investment Rating - The report maintains a "Buy" rating for Tianwei Foods (603317) [1] Core Views - The company's Q3 profitability has significantly improved due to cost optimization and declining expenses, with a notable increase in net profit by 64.8% year-on-year [1][3] - The company achieved a revenue of 2.36 billion yuan in the first three quarters, representing a year-on-year growth of 5.8%, and a net profit of 430 million yuan, up 35% year-on-year [1] - The report highlights strong growth in online sales and a recovery in offline sales, driven by seasonal demand [2][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 900 million yuan, a year-on-year increase of 10.9%, and a net profit of 190 million yuan, up 64.8% [1] - The gross margin for the first three quarters was 39.3%, an increase of 2.4 percentage points year-on-year, while Q3 gross margin was 38.8%, up 0.8 percentage points [3] - The net profit margin in Q3 increased by 7.3 percentage points to 21.2% due to cost reductions and improved product mix [3] Product and Channel Development - The company has launched new products and is focusing on health-oriented offerings, with all C-end products free from preservatives [4] - Online sales grew by 55.4% year-on-year, while offline sales increased by 6%, indicating a strong recovery in the offline channel [2] - The company is enhancing its B-end business through strategic partnerships and acquisitions, which are expected to contribute significantly to revenue growth [4] Future Outlook - The report forecasts earnings per share (EPS) for 2024-2026 to be 0.55 yuan, 0.62 yuan, and 0.70 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 22, and 20 [4]

2024 年 10 月 25 日 公司点评 买入/上调 天味食品(603317) 目标价: 17.08 昨收盘:13.58 天味食品：Q3 收入提速增长，业绩超预期 报告标题 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/10/2524/1/624/3/1924/5/3124/8/1224/10/24 天味食品 沪深300 股票数据 总股本/流通(亿股) 10.65/10.64 总市值/流通(亿元) 144.64/144.47 12 个月内最高/最低价 (元) 15.2/8.5 相关研究报告 <<天味食品：2024Q1 收入符合预期， 盈利水平持续改善>>--2024-04-28 <<天味食品：盈利能力稳步提升，新 颁布员工持股计划稳定信心>>-- 2024-03-29 <<天味食品：营收提速，盈利改善>>- -2023-05-24 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.com 分析师登记编号：S1190523100003 事件：公司 ...