天味食品(603317)：Q2步入改善 利润超出预期

Core Viewpoint - The company reported a decline in total revenue and net profit for H1 2025, but showed strong growth in Q2 2025, indicating a recovery in business performance driven by improved sales and new product contributions [1][4]. Financial Performance - H1 2025 total revenue was 1.39 billion, down 5.2% year-on-year, with a net profit of 190 million, down 23.0% [1]. - Q2 2025 revenue reached 749 million, up 21.9% year-on-year, and net profit was 115 million, up 62.7% [1]. Business Segments - The main business saw a significant recovery in Q2, with hot pot base and recipe-style condiments growing by 29.0% and 17.8% year-on-year, respectively [2]. - Online and offline channel revenues increased by 66.7% and 9.5% year-on-year, with online growth driven by contributions from new acquisitions [2]. - Regional performance varied, with Eastern and Southern regions showing strong growth of 52.1% and 22.1%, while the Central region declined by 8.6% [2]. Profitability - Q2 2025 gross margin improved to 37.0%, up 3.6 percentage points year-on-year, attributed to revenue recovery and better product mix [3]. - The company managed to reduce sales, management, and R&D expense ratios, leading to a net profit margin of 15.4%, up 3.9 percentage points year-on-year [3]. Future Outlook - The company anticipates continued growth in revenue for the full year 2025, supported by new product launches and the integration of acquired businesses [4]. - Despite potential pressures on the main business due to external demand, the new business segments are expected to maintain growth [4]. Investment Perspective - The company is viewed positively with a "strong buy" rating, as Q2 showed improvement and profitability exceeded expectations [5]. - EPS forecasts for 2025-2027 have been adjusted slightly, with a target price of 16, corresponding to a PE ratio of 27.6 for 2025 [5].