天味食品：2024年中报点评：Q2淡季调料业务承压，食萃业务持续增长

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]