天味食品：Q3业绩增长超预期，期待旺季经营表现

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10] Core Views - The company's Q3 performance exceeded expectations, with revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year [1] - The company is expected to perform well in the upcoming Q4 peak season, driven by improved sales strategies and product offerings [4] Summary by Sections Q3 Performance - In Q3, the company achieved revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [1] - The company’s gross margin improved to 38.83%, an increase of 0.76 percentage points year-on-year, attributed to economies of scale and lower raw material costs [3] Product and Channel Performance - Revenue growth in Q3 for specific products included hot pot condiments (+1%), Chinese cuisine condiments (+18%), and sausage and cured meat condiments (+20%) [2] - Online sales channels saw a significant year-on-year increase of 55%, while offline channels grew by 6% [2] Cost and Profitability - The company experienced a significant reduction in total expense ratios, down 8.04 percentage points year-on-year, with the sales expense ratio declining by 7.78 percentage points [3] - The net profit margin increased by 6.77 percentage points to 20.7% due to improved expense management [3] Future Outlook - The company is expected to continue benefiting from seasonal demand in Q4, particularly for hot pot base products, as well as ongoing growth in the Chinese condiment market [4] - The report projects net profits for 2024-2026 to be 594 million, 699 million, and 801 million yuan respectively, reflecting year-on-year growth rates of 30%, 18%, and 15% [4]