天味食品(603317)：收入利润短期承压 期待并购协同效应释放

Core Viewpoint - The company reported Q1 2025 earnings that fell short of expectations, with revenue and net profit declining significantly year-on-year, leading to a slight downward revision of profit forecasts for 2025-2027 [1][2]. Group 1: Financial Performance - Q1 2025 revenue and net profit were 640 million and 70 million yuan, respectively, representing year-on-year declines of 24.8% and 57.5% [1]. - The revenue drop was attributed to early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [1]. - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year [2]. Group 2: Cost and Expense Analysis - The company experienced an increase in expense ratios across sales, management, finance, and R&D, primarily due to a decrease in revenue volume while maintaining stable absolute expense values [2]. - The company is expected to control expenses effectively throughout 2025, particularly by reducing spending in traditional supermarket channels and increasing investment in small B channels [3]. Group 3: Strategic Outlook - The company is focusing on strengthening its position in the C-end channel and has made breakthroughs in e-commerce platforms like Douyin and Xiaohongshu [3]. - The completion of acquisitions such as Shicui and Jiadian Zhiwei is anticipated to enhance the company's channel capabilities and support long-term growth [3]. - The company is actively preparing for seasonal products, such as crayfish seasoning, which is expected to drive revenue recovery in Q2 2025 [1].