天味食品：2024年半年报点评：淡季需求偏弱，线上势能延续

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].