天味食品：食萃激发增长动能，盈利能力进一步提升

Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [4] Core Views - Tianwei Foods reported a revenue of 1.468 billion yuan for H1 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][6] - In Q2 2024, the company achieved 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][6] - The company is focusing on optimizing its product structure and releasing cost benefits, leading to an increase in gross margin by 2.20 percentage points to 33.33% in Q2 2024 [6] - The growth momentum from the food segment is strong, and the continuous release of cost benefits is expected to enhance the company's profits, justifying the "Buy" rating [6] Financial Performance Summary - For H1 2024, Tianwei Foods achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan [2][6] - Q2 2024 revenue was 614 million yuan, with a net profit of 71 million yuan [2][6] - The company’s revenue projections for 2024-2026 are adjusted to 3.354 billion, 3.712 billion, and 4.090 billion yuan, with year-on-year growth rates of 6.53%, 10.67%, and 10.18% respectively [6] - The net profit projections for the same period are 527 million, 599 million, and 679 million yuan, with growth rates of 15.41%, 13.62%, and 13.36% respectively [6] Valuation Metrics - The current market capitalization is approximately 9.798 billion yuan [4] - The price-to-earnings (P/E) ratio for 2024E is 18.6, and the price-to-book (P/B) ratio is 2.2 [7] - The EV/EBITDA ratio for 2024E is 8.0 [7]