Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.8%, with a net profit attributable to shareholders of 432 million yuan, up 35.0% year-on-year. In Q3 alone, the revenue reached 897 million yuan, a 10.9% increase year-on-year, and the net profit was 186 million yuan, up 64.8% year-on-year [4][5] - The growth in revenue is driven by a rapid increase in the sales of Chinese-style condiments, which grew by 18.1% year-on-year to 385 million yuan in Q3. The hot pot seasoning segment has shown signs of recovery, with a slight increase of 1.1% year-on-year to 303 million yuan, while the sausage and cured meat segment grew by 19.7% year-on-year to 186 million yuan [4][5] - The online sales channel continued to grow rapidly, with a year-on-year increase of 55.4% to 139 million yuan in Q3, accounting for 15.5% of total revenue, an increase of 4.39 percentage points year-on-year. The offline channel also saw a recovery, with a 6.0% year-on-year increase to 756 million yuan [5] - The company's gross profit margin improved by 0.76 percentage points year-on-year to 38.8% in Q3, benefiting from a decrease in raw material costs and an optimized product mix. The net profit margin for the first three quarters and Q3 was 18.3% and 20.7%, respectively, reflecting an increase of 3.95 percentage points and 6.77 percentage points year-on-year [5][6] - The company expects to achieve its annual revenue growth target of 10% as the peak season for hot pot base materials approaches [4][5] Financial Summary - The company achieved total revenue of 3.149 billion yuan in 2023, with a projected revenue of 3.463 billion yuan in 2024, representing a year-on-year growth of 10.0%. The net profit for 2023 was 457 million yuan, with an expected increase to 597 million yuan in 2024, reflecting a growth rate of 30.7% [6][8] - The earnings per share (EPS) are projected to be 0.56 yuan in 2024, 0.66 yuan in 2025, and 0.77 yuan in 2026 [6][8] - The company maintains a favorable valuation with a projected price-to-earnings (P/E) ratio of 25-30 times for 2024, corresponding to a reasonable value range of 14.01-16.81 yuan [5][6]

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 [10] Core Views - The company's Q3 performance exceeded expectations, with revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year [1] - The company is expected to perform well in the upcoming Q4 peak season, driven by improved sales strategies and product offerings [4] Summary by Sections Q3 Performance - In Q3, the company achieved 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 company’s gross margin improved to 38.83%, an increase of 0.76 percentage points year-on-year, attributed to economies of scale and lower raw material costs [3] Product and Channel Performance - Revenue growth in Q3 for specific products included hot pot condiments (+1%), Chinese cuisine condiments (+18%), and sausage and cured meat condiments (+20%) [2] - Online sales channels saw a significant year-on-year increase of 55%, while offline channels grew by 6% [2] Cost and Profitability - The company experienced a significant reduction in total expense ratios, down 8.04 percentage points year-on-year, with the sales expense ratio declining by 7.78 percentage points [3] - The net profit margin increased by 6.77 percentage points to 20.7% due to improved expense management [3] Future Outlook - The company is expected to continue benefiting from seasonal demand in Q4, particularly for hot pot base products, as well as ongoing growth in the Chinese condiment market [4] - The report projects net profits for 2024-2026 to be 594 million, 699 million, and 801 million yuan respectively, reflecting year-on-year growth rates of 30%, 18%, and 15% [4]

分析师登记编码：S0130522070002 24/4/25 23/10/26 24/1/25 24/7/25 24/10/24 24Q3 盈利显著改善,期待旺季动销回暖 2024年三季度业绩点评 核心观点 ● ● 事件:10月24日,公司发布公告,2024年前三季度实现营收23.6亿元,同 比+5.8%;归母净利润 4.3 亿元,同比+35.0%;扣非归母净利润 3.9 亿元,同 比+38.1%。其中 24Q3 营收 9.0 亿元,同比+10.9%;归母净利润 1.9 亿元, 同比+64.8%;扣非归母净利润 1.8 亿元,同比+73.4%。 24Q3 收入垂回双位数增长,中式菜调与冬调表现亮眼。24Q3收入端回归 双位数增长,环比Q2 明显改善,我们认为主要系前期库存去化后旺季渠道开 始备货,叠加产品升级。分品类,24Q3 火锅调料/中式菜品调料/香肠腊肉调 料/其他收入分别同比+1.1%/+18.1%/+19.7%/-3.0%,中式菜品调料增速较高 得益于公司持续推出新品以及小 B 端保持高增,香肠腊肉调料表现较好主要 系区域扩张以及产品升级。分渠道,24Q3 线下/线上渠道收入分别同比+6.0%/ 5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q3 2024, with total revenue reaching 2.36 billion yuan, a year-on-year increase of 5.8%, and net profit attributable to shareholders at 430 million yuan, up 35% year-on-year. The Q3 revenue was 897 million yuan, reflecting a 10.9% year-on-year growth, while net profit for the quarter surged by 65% to 186 million yuan [1][2] - The company experienced rapid growth in its product categories, with hot pot base materials, Chinese-style condiments, and winter seasonings showing year-on-year revenue growth rates of 1.1%, 18.1%, and 19.7%, respectively. The positive performance in hot pot base materials is attributed to strong channel replenishment and new product launches [2] - Online sales showed remarkable growth, with a year-on-year increase of 55%, while offline sales grew by 6%. The company is enhancing its online product and channel strategy, leveraging e-commerce for new product promotions [2] - The company improved its cost structure and control measures, leading to a significant enhancement in net profit margin. The gross margin increased by 0.76 percentage points year-on-year, driven by product mix optimization and sustained cost benefits [2] - The company anticipates strong growth momentum for Q4 2024, supported by healthy channel inventory and increased demand during the peak season [2] Financial Forecasts - The revenue forecasts for 2024-2026 have been adjusted to 3.42 billion, 3.77 billion, and 4.19 billion yuan, respectively, reflecting year-on-year growth rates of 9%, 10%, and 11%. The net profit forecasts have been raised to 590 million, 660 million, and 750 million yuan, with corresponding year-on-year growth rates of 30%, 12%, and 13% [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company reported Q3 earnings that exceeded expectations, with a revenue of 896 million yuan, a year-on-year increase of 10.9%, and a net profit of 186 million yuan, a year-on-year increase of 65% [4] - The company has improved its cost structure and expense management, leading to an upward revision of profit forecasts for 2024-2026 [4] - The company is transitioning from a broad operational model to a more refined approach, enhancing its strategic planning and operational efficiency [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.36 billion yuan, a year-on-year increase of 5.8%, and a net profit of 432 million yuan, a year-on-year increase of 35% [5] - The projected net profits for 2024-2026 are 590 million yuan, 670 million yuan, and 760 million yuan, representing year-on-year growth rates of 28.5%, 13.4%, and 14% respectively [4] - The company's gross margin for Q3 2024 was 38.8%, an increase of 0.8 percentage points year-on-year, driven by improved cost pressures and a favorable product mix [5] Revenue Breakdown - In Q3 2024, the company’s revenue from offline and online channels was 760 million yuan and 140 million yuan, respectively, with year-on-year growth rates of 6% and 55.4% [5] - The revenue contributions from key product categories in Q3 2024 were 300 million yuan from hot pot condiments, 390 million yuan from Chinese cuisine condiments, and 190 million yuan from sausages and cured meats, with respective year-on-year growth rates of 1.1%, 18%, and 19.7% [5] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue decreased significantly, with selling expenses down by 7.8 percentage points year-on-year [5] - The net profit margin for Q3 2024 was 20.7%, an increase of 6.8 percentage points year-on-year, reflecting effective cost management and operational efficiency [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][5]. Core Insights - The company achieved a revenue of 2.364 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 5.84%. The net profit attributable to the parent company reached 432 million yuan, up 34.96% year-on-year [2]. - In Q3 2024, the company reported a revenue of 897 million yuan, a year-on-year increase of 10.93%, with a net profit of 186 million yuan, reflecting a significant growth of 64.79% year-on-year [2]. - The company’s gross margin improved by 0.77 percentage points to 38.83% in Q3 2024, driven by a substantial decrease in sales expenses [2]. - The report projects revenue for 2024-2026 to be 3.375 billion, 3.843 billion, and 4.280 billion yuan respectively, with net profits of 588 million, 686 million, and 780 million yuan [2][4]. Financial Forecast and Valuation - The company’s earnings per share (EPS) are forecasted to be 0.55 yuan in 2024, 0.64 yuan in 2025, and 0.73 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 25.2, 21.6, and 19.0 [2][4]. - The net asset return rate is expected to increase from 10% in 2023 to 13% by 2026 [2][4]. - The report highlights a significant reduction in sales expenses, which is expected to enhance profitability [2]. Revenue and Profitability Trends - The company’s revenue growth rate is projected to stabilize at 7% in 2024, followed by 14% and 11% in 2025 and 2026 respectively [2][4]. - The report indicates that the company’s net profit margin is expected to improve significantly, reaching 20.70% in Q3 2024, up 6.77 percentage points year-on-year [2]. Market Performance - The company’s stock price as of October 24, 2024, is 13.90 yuan, with a market capitalization of approximately 14.8 billion yuan [2]. - The report emphasizes the company's strong performance in the online sales channel, which grew by 55.38% year-on-year in Q3 2024 [2]. Product and Regional Performance - In Q3 2024, the company’s hot pot seasoning, Chinese dish seasoning, and sausage and cured meat seasoning generated revenues of 303 million, 385 million, and 186 million yuan respectively, with growth rates of 1.14%, 18.07%, and 19.68% [2]. - Revenue growth varied by region, with the eastern region showing an increase of 8.93% [2].

[Table_Profit] 天味食品（ [Table_StockNameRptType] 603317） 公司点评 销售费用节省致净利润大增 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company's performance exceeded expectations, with a significant trend of structural optimization [1] - The long-term excess returns are anticipated due to product structure improvements driving profitability [7] Financial Summary - For Q3 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% [7] - The Q3 single-quarter revenue was 897 million yuan, reflecting a year-on-year growth of 10.93%, with a net profit of 186 million yuan, up 64.79% [7] - The gross margin for Q3 2024 improved by 0.77 percentage points to 38.83%, while the net margin reached 21.19%, an increase of 7.33 percentage points [7] Product and Channel Performance - In Q3 2024, revenue from hot pot base, Chinese cuisine seasonings, and sausage and cured meat seasonings grew by 1.1%, 18.1%, and 19.7% year-on-year, respectively [7] - Online channel revenue surged by 55.4% year-on-year, driven by the growth of the 2B brand "Shicui," while offline channels saw a 6% increase, indicating a recovery trend [7] Future Earnings Forecast - The EPS forecast for 2024 has been raised to 0.55 yuan, a year-on-year increase of 28% [7] - The target price remains at 21.90 yuan, with adjustments made to the EPS forecasts for 2025 and 2026 [7] Market Position - The company is positioned to benefit from the increasing penetration of the seasoning industry, with a focus on health-oriented and regional products for the consumer market [7]

证券代码：603317 证券简称：天味食品 公告编号：2024-082 四川天味食品集团股份有限公司 2024 年第三季度主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》的相 关规定，现将四川天味食品集团股份有限公司 2024 年第三季度主要经营数据（未经 审计）公告如下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 渠道 | 2024 年 | 1-9 月 | 2023 年 1-9 | 月 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 线下渠道 | 196,742.80 | | 199,326.47 | | -1.30 | | 线上渠道 | 39,360.06 | | 23,292.15 | | 68.98 | | 小计 | 236,102.86 | | 222,618.62 | | 6.06 | 2、主要产品收入变动情况： 单位：人民币万元 | 产品 | 年 2024 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥896,666,676.42, representing a year-on-year increase of 10.93%[2] - Net profit attributable to shareholders for Q3 2024 was ¥185,597,532.92, a significant increase of 64.79% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥178,765,881.84, up 73.44% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.1757, reflecting a growth of 64.21% compared to the previous year[2] - The company reported a year-to-date net profit attributable to shareholders of ¥432,430,553.98, which is a 34.96% increase compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 2,364,317,975.10, an increase of 5.85% compared to CNY 2,233,909,638.88 in the same period of 2023[12] - Operating profit for the period was CNY 518,490,671.07, up from CNY 378,892,522.87, reflecting a growth of 37.0%[13] - Net profit for the first three quarters of 2024 was CNY 444,558,921.61, compared to CNY 319,667,278.01 in 2023, marking an increase of 39.1%[13] - The net profit attributable to shareholders of the parent company for Q3 2024 was approximately CNY 432.43 million, an increase from CNY 320.41 million in Q3 2023, representing a growth of 35%[15] - The total comprehensive income for Q3 2024 reached approximately CNY 444.56 million, compared to CNY 319.67 million in the same period last year, marking a 39% increase[15] Assets and Liabilities - The total assets of the company at the end of Q3 2024 amounted to ¥5,442,928,487.60, an increase of 3.21% from the end of the previous year[3] - Total assets increased to CNY 5,442,928,487.60 from CNY 5,273,690,813.13, representing a growth of 3.2%[12] - The total liabilities of the company amounted to CNY 990,593,500.81, compared to CNY 872,155,327.25, an increase of 13.6%[12] - Non-current liabilities rose to CNY 10,854,922.92, up from CNY 5,713,936.22, indicating an increase of 90.5%[12] - The company's total equity reached CNY 4,452,334,986.79, up from CNY 4,401,535,485.88, indicating a growth of 1.2%[12] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥599,192,002.72, showing a growth of 16.01% year-on-year[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 599.19 million, compared to CNY 516.48 million in the same period of 2023, indicating an increase of 16%[16] - The net cash flow from investment activities for the first three quarters of 2024 was approximately -CNY 345.68 million, slightly worse than -CNY 345.48 million in the same period last year[17] - The net cash flow from financing activities for Q3 2024 was CNY 462.40 million, compared to CNY 251.01 million in Q3 2023, showing an increase of 84.2%[17] - The cash and cash equivalents at the end of Q3 2024 were approximately CNY 287.84 million, down from CNY 369.03 million at the end of Q3 2023, a decrease of 22%[17] Shareholder Information - The company reported a total of 39,011 common shareholders at the end of the reporting period[8] - The largest shareholder, Deng Wen, holds approximately 58.9% of the shares, totaling 627,303,020 shares[7] - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending activities[9] Operational Efficiency - The company experienced a decrease in material procurement costs, contributing to the overall profit growth[6] - Research and development expenses for the period were CNY 32,905,550.27, compared to CNY 26,725,635.47 in the previous year, reflecting a growth of 22.9%[13] - The company reported a decrease in sales expenses to CNY 280,974,773.61 from CNY 315,039,655.36, a reduction of 10.8%[13] Current Assets - As of September 30, 2024, the total current assets amounted to approximately RMB 3.54 billion, an increase from RMB 3.39 billion at the end of 2023, reflecting a growth of about 4.4%[10] - The cash and cash equivalents decreased to approximately RMB 293.70 million from RMB 466.66 million, representing a decline of about 37.0%[10] - Accounts receivable increased significantly to approximately RMB 78.25 million from RMB 19.57 million, marking an increase of approximately 300.5%[10] - Inventory decreased to approximately RMB 148.08 million from RMB 159.27 million, a reduction of about 7.0%[10] - The total amount of trading financial assets increased to approximately RMB 2.67 billion from RMB 2.60 billion, reflecting a growth of about 2.6%[10] - The long-term equity investment slightly increased to approximately RMB 315.53 million from RMB 311.34 million, showing a growth of about 1.0%[10] Strategic Developments - The company has not disclosed any new strategies or significant developments in product or technology during this reporting period[9]