天味食品：2024年三季报点评：业绩大超预期，成长势能强劲

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q3 2024, with total revenue reaching 2.36 billion yuan, a year-on-year increase of 5.8%, and net profit attributable to shareholders at 430 million yuan, up 35% year-on-year. The Q3 revenue was 897 million yuan, reflecting a 10.9% year-on-year growth, while net profit for the quarter surged by 65% to 186 million yuan [1][2] - The company experienced rapid growth in its product categories, with hot pot base materials, Chinese-style condiments, and winter seasonings showing year-on-year revenue growth rates of 1.1%, 18.1%, and 19.7%, respectively. The positive performance in hot pot base materials is attributed to strong channel replenishment and new product launches [2] - Online sales showed remarkable growth, with a year-on-year increase of 55%, while offline sales grew by 6%. The company is enhancing its online product and channel strategy, leveraging e-commerce for new product promotions [2] - The company improved its cost structure and control measures, leading to a significant enhancement in net profit margin. The gross margin increased by 0.76 percentage points year-on-year, driven by product mix optimization and sustained cost benefits [2] - The company anticipates strong growth momentum for Q4 2024, supported by healthy channel inventory and increased demand during the peak season [2] Financial Forecasts - The revenue forecasts for 2024-2026 have been adjusted to 3.42 billion, 3.77 billion, and 4.19 billion yuan, respectively, reflecting year-on-year growth rates of 9%, 10%, and 11%. The net profit forecasts have been raised to 590 million, 660 million, and 750 million yuan, with corresponding year-on-year growth rates of 30%, 12%, and 13% [2]