Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12 CNY, while the current price is 10.17 CNY [1]. Core Views - The company reported a revenue of 1.47 billion CNY for the first half of 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 250 million CNY, up 18.8% year-on-year [1]. - In Q2 2024, the company experienced a revenue decline of 6.8% year-on-year, with net profit down 10.9% year-on-year, indicating pressure on revenue due to decreased demand and increased competition [2]. - The online sales channel saw a significant increase of 57.4% year-on-year, while offline sales declined by double digits [2]. - The gross profit margin improved to 33.3% in Q2 2024, up 2.2 percentage points year-on-year, attributed to lower raw material prices and enhanced production efficiency [2]. - The company is expected to face continued revenue pressure in the second half of the year, but profit levels are anticipated to remain strong [2]. Financial Summary - Total revenue for 2023 is projected at 3.149 billion CNY, with a growth rate of 17.0%. For 2024, revenue is expected to reach 3.263 billion CNY, reflecting a growth rate of 3.6% [3]. - The net profit attributable to shareholders is forecasted to be 457 million CNY for 2023, increasing to 506 million CNY in 2024, with a growth rate of 10.8% [3]. - Earnings per share (EPS) is estimated to be 0.43 CNY for 2023, rising to 0.48 CNY in 2024 [3]. Market Performance - The company’s stock performance over the past 12 months shows a decline of 25%, compared to the CSI 300 index [5]. Financial Indicators - The company’s total assets are projected to be 5.274 billion CNY in 2023, with a debt-to-asset ratio of 16.22% [4]. - The projected return on equity (ROE) is expected to be 10.6% for 2023, increasing to 11.5% in 2024 [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 1.468 billion yuan and a net profit of 247 million yuan for the first half of 2024, representing a year-on-year increase of 3.0% and 18.8% respectively [1] - The second quarter saw a decline in hot pot seasoning revenue due to seasonal factors, while the online channel performed well, driven by the growth of the food extract business [1][2] - The company has adjusted its net profit forecasts for 2024-2026 to 532 million, 617 million, and 709 million yuan respectively, reflecting a downward revision of 5.5%, 9.4%, and 13.1% [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenues of 1.491 billion yuan in hot pot seasoning, 887 million yuan in Chinese cuisine seasoning, 33 million yuan in sausage and cured meat seasoning, and 54 million yuan in other products, with year-on-year changes of -10.2%, +11.6%, +21.4%, and -0.4% respectively [1] - The company's gross margin and net profit margin for the first half of 2024 were 39.6% and 16.8%, showing improvements of 3.3 and 2.2 percentage points year-on-year [1] Market Position - The company has a strong brand presence in the compound seasoning industry with brands like "Good People" and "Big Red Robe" [2] - The company is focusing on enhancing its B-end channel layout and expanding its product matrix with new offerings [1][2] Future Outlook - The company anticipates a recovery in its hot pot base material business in the second half of 2024, which is expected to stabilize the hot pot base material segment [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company reported a revenue of 1.468 billion yuan for the first half of 2024, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million yuan, up 18.79% year-on-year [2]. - The second quarter of 2024 saw a revenue of 614 million yuan, a decrease of 6.80% year-on-year, with a net profit of 71 million yuan, down 10.90% year-on-year [2]. - The company is focusing on enhancing its product matrix with new offerings and strengthening its online and offline channel systems [2][3]. Financial Performance - The gross profit margin for the first half of 2024 was 39.56%, with a decrease to 33.33% in Q2, reflecting a year-on-year increase of 3.33 and 2.19 percentage points respectively [3]. - The company achieved a net profit margin of 11.53% in Q2, down 0.53 percentage points year-on-year, while the net profit margin excluding non-recurring items was 10.26%, up 1.24 percentage points [3]. - The projected revenues for 2024-2026 are 3.45 billion, 3.85 billion, and 4.36 billion yuan, with year-on-year growth rates of 9.4%, 11.9%, and 13.1% respectively [3][5]. Market Position and Strategy - The company is leveraging its strengths in the C-end market while continuously enhancing its B-end operations, with a focus on multi-channel development and national expansion [3]. - The company has introduced new products such as tomato sour fish soup and spicy pickled fish to maintain a competitive edge in the market [2][3].

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 [9]. Core Views - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue was 614 million yuan, down 6.80% year-on-year, indicating pressure on demand and increased competition [1][3]. - The company is facing significant growth pressure in its main products, particularly hot pot and Chinese cuisine seasonings, while online channels continue to show high growth [2][3]. - The company has introduced new health-oriented products in H1 2024, which may help improve performance in the second half of the year [2][3]. Summary by Sections Financial Performance - H1 2024 revenue was 1.468 billion yuan, with a net profit of 247 million yuan. Q2 saw a decline in revenue and net profit, with figures of 614 million yuan and 71 million yuan respectively [1]. - The gross margin for Q2 was 33.33%, an increase of 2.19 percentage points year-on-year, attributed to lower raw material prices and product mix optimization [3]. Product and Channel Analysis - In Q2, revenue from hot pot seasonings decreased by 22.94%, while Chinese cuisine seasonings grew by 4.75%. Other products, including sausage and cured meat seasonings, saw a significant decline of 87.36% [2]. - Online sales grew by 57.37% year-on-year in Q2, contrasting with a 15.32% decline in offline sales [2]. Regional Performance - Q2 revenue changes by region showed a decline in the northern region by 29.21%, while the eastern and southern regions experienced smaller declines of 5.77% and 0.42% respectively [2]. Profitability and Cost Management - The company’s net profit margin for Q2 was 11.53%, down 0.53 percentage points year-on-year, while the non-recurring net profit margin increased by 1.24 percentage points to 10.26% [3]. - Cost management improved, with total expense ratios decreasing by 1.22 percentage points in Q2 [3]. Future Outlook - The company anticipates a potential improvement in performance during the second half of 2024, driven by seasonal demand and new product launches [3]. - Profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 545 million yuan, 632 million yuan, and 721 million yuan respectively, reflecting a growth rate of 19%, 16%, and 14% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 31, 2024 [1] Core Views - The company reported a strong performance in its online business, with significant growth potential. The Q2 revenue was 614 million yuan, down 6.8% year-on-year, while the net profit attributable to shareholders was 71 million yuan, down 10.9% year-on-year. The first half of the year showed a revenue increase of 2.95% to 1.468 billion yuan and a net profit increase of 18.79% to 247 million yuan [1] - The report highlights that the hot pot seasoning and Chinese compound seasoning revenues for Q2 were 198 million yuan and 392 million yuan, respectively, with year-on-year changes of -23% and +5%. The performance of hot pot seasoning was affected by seasonal factors, while the growth in Chinese compound seasoning was driven by the consolidation of Shicui [1] - The company is focusing on enhancing its online channels, which saw a revenue decline of 15% year-on-year, while offline channels grew by 57% [1] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan, reflecting an 18.79% increase year-on-year [1] - The gross profit margin for Q2 increased by 2.2 percentage points to 33.33%, driven by lower raw material costs [1] - The report projects that the company will achieve revenues of 3.149 billion yuan, 3.447 billion yuan, 3.863 billion yuan, and 4.296 billion yuan for the years 2024E to 2026E, with year-on-year growth rates of 9.5%, 12.1%, and 11.2% respectively [3][4] Profitability and Valuation Metrics - The net profit attributable to the parent company is expected to be 457 million yuan, 532 million yuan, 600 million yuan, and 677 million yuan for 2024E to 2026E, with corresponding year-on-year growth rates of 16.5%, 12.8%, and 12.8% [3][4] - The report indicates an expected increase in the gross margin from 37.9% in 2023A to 39.5% in 2026E [6] - The P/E ratios for 2024E, 2025E, and 2026E are projected to be 30.56, 20.36, and 18.05 respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 1.468 billion RMB in H1 2024, representing a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million RMB, up 18.79% year-on-year [1]. - The report highlights that the demand in the off-season is under pressure, but the online segment continues to contribute growth, particularly through the "Shicui" brand [1]. - The company is expected to stabilize and recover its performance in the second half of the year, driven by its leading position in the hot pot base market [1]. Summary by Sections Performance Overview - In Q2 2024, the company reported a revenue of 614 million RMB, down 6.8% year-on-year, and a net profit of 71 million RMB, down 10.9% year-on-year [1]. - The adjusted net profit for Q2 was 63 million RMB, reflecting a year-on-year increase of 6.07% [1]. Operational Analysis - The hot pot base product faced significant demand pressure during the off-season, while the lobster base product performed well due to seasonal sales [1]. - Online sales grew significantly by 57.37% in Q2, while offline sales decreased by 15.32% [1]. - The company added 33 distributors in Q2, bringing the total to 3,183, with a focus on quality over speed in expansion [1]. Profitability Improvement - The gross margin in Q2 was 33.33%, an increase of 2.0 percentage points year-on-year, attributed to lower raw material costs and reduced promotional activities [1]. - The report notes a decrease in sales and management expense ratios, with advertising expenses rising by 29% year-on-year [1]. - Investment income decreased by 59% year-on-year in Q2, but the adjusted net profit margin showed a slight increase [1]. Profit Forecast and Valuation - The report lowers the profit forecast for 2024 by 6% to 10% due to demand pressures, projecting net profits of 520 million RMB, 600 million RMB, and 670 million RMB for 2024-2026, respectively [1]. - The corresponding price-to-earnings ratios are projected at 21x, 18x, and 16x for the same period [1].

证券代码：603317 证券简称：天味食品 公告编号：2024-071 四川天味食品集团股份有限公司（以下简称"公司"）于2024年8月30日召开 第五届董事会第三十三次会议和第五届监事会第三十二次会议，审议通过《关于 部分募投项目延期的议案》，经综合考量项目实际建设情况并谨慎研究论证，公 司拟对2020年非公开募集资金投资项目"食品、调味品产业化生产基地扩建项目" 达到预定可使用状态的时间进行调整。具体内容公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准四川天味食品集团股份有限公司非公 开发行股票的批复》（证监许可[2020]2135）核准，公司获准非公开发行股票不 超过 10,000 万股。公司本次非公开发行股票实际发行 28,596,491 股，募集资金 总额为人民币 1,629,999,987.00 元，扣除各项发行费用人民币 8,309,996.69 元（不 含增值税），实际募集资金净额为人民币 1,621,689,990.31 元。上述募集资金已 于 2020 年 11 月 13 日到位，经信永中和会计师事务所（特殊普通合伙）进行审 验，并出具《XYZH/2020CDA4001 ...

四川天味食品集团股份有限公司 第五届董事会第三十三次会议决议公告 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。 四川天味食品集团股份有限公司（以下简称"公司"）第五届董事会第三十三 次会议于 2024 年 8 月 30 日以通讯表决方式召开。会议通知于 2024 年 8 月 20 日 以微信方式发出。会议应出席董事 9 人，实际出席董事 9 人。本次会议的召开符 合《公司法》和《公司章程》等有关法律法规的规定。本次会议由董事长邓文先 生召集并主持，全体与会董事经认真审议和表决，形成以下决议： 证券代码：603317 证券简称：天味食品 公告编号：2024-066 具体内容详见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《2024 年半年度募集资金存放与实 际使用情况的专项报告》（公告编号：2024-070）。 表决结果：9 票同意、0 票反对、0 票弃权。 三、审议通过《关于部分募投项目延期的议案》 根据 2020 年非公开募集资金投资项目"食品、调味品产 ...

东兴证券股份有限公司 关于四川天味食品集团股份有限公司部分募集资金投资项目延 期的核查意见 | 项目名称 | 募集资金承诺投资金 | 截至期末投入 截至期末累计投 | 进度（%） | 项目达到预定可使 | | --- | --- | --- | --- | --- | | | 额（1） | 入金额（2） | （3）=（2）/ | 用状态日期 | | | | | （1） | | | 食品、调味品产 | | | | 原计划为 2024 年 12 | | 业化生产基地扩 | 58,694.34 | 32,832.55 | 55.94 | 月，现调整为 2027 | | 建项目 | | | | 年 12 月 | | 营销服务网络及 | 16,212.95 | 5,244.61 | 32.35 | 2025 年 12 月 | | 数字化升级建设 | | | | | 1 | 项目 | | | | | | --- | --- | --- | --- | --- | | 双流生产基地综 合技改建设项目 | 12,179.17 | 1,802.47 | 14.80 | 2025 年 12 月 | | 家园生产基地综 合技改建设 ...

四川天味食品集团股份有限公司 证券代码：603317 证券简称：天味食品 公告编号：2024-067 第五届监事会第三十二次会议决议公告 本公司监事会及全体监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。 四川天味食品集团股份有限公司（以下简称"公司"）第五届监事会第三十二次 会议于 2024 年 8 月 30 日以通讯表决方式召开，会议通知于 2024 年 8 月 20 日以 微信方式发出。会议应出席监事 3 人，实际出席监事 3 人。会议的召开符合《公司 法》和《公司章程》的规定。会议由监事会主席周小利女士召集并主持，全体与会 监事经认真审议和表决，形成以下决议： 一、审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审核，监事会认为公司 2024 年半年度报告的编制和审议程序符合法律、行 政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见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 ...