天味食品：公司季报点评：营收增速恢复双位数，盈利高增超预期

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.8%, with a net profit attributable to shareholders of 432 million yuan, up 35.0% year-on-year. In Q3 alone, the revenue reached 897 million yuan, a 10.9% increase year-on-year, and the net profit was 186 million yuan, up 64.8% year-on-year [4][5] - The growth in revenue is driven by a rapid increase in the sales of Chinese-style condiments, which grew by 18.1% year-on-year to 385 million yuan in Q3. The hot pot seasoning segment has shown signs of recovery, with a slight increase of 1.1% year-on-year to 303 million yuan, while the sausage and cured meat segment grew by 19.7% year-on-year to 186 million yuan [4][5] - The online sales channel continued to grow rapidly, with a year-on-year increase of 55.4% to 139 million yuan in Q3, accounting for 15.5% of total revenue, an increase of 4.39 percentage points year-on-year. The offline channel also saw a recovery, with a 6.0% year-on-year increase to 756 million yuan [5] - The company's gross profit margin improved by 0.76 percentage points year-on-year to 38.8% in Q3, benefiting from a decrease in raw material costs and an optimized product mix. The net profit margin for the first three quarters and Q3 was 18.3% and 20.7%, respectively, reflecting an increase of 3.95 percentage points and 6.77 percentage points year-on-year [5][6] - The company expects to achieve its annual revenue growth target of 10% as the peak season for hot pot base materials approaches [4][5] Financial Summary - The company achieved total revenue of 3.149 billion yuan in 2023, with a projected revenue of 3.463 billion yuan in 2024, representing a year-on-year growth of 10.0%. The net profit for 2023 was 457 million yuan, with an expected increase to 597 million yuan in 2024, reflecting a growth rate of 30.7% [6][8] - The earnings per share (EPS) are projected to be 0.56 yuan in 2024, 0.66 yuan in 2025, and 0.77 yuan in 2026 [6][8] - The company maintains a favorable valuation with a projected price-to-earnings (P/E) ratio of 25-30 times for 2024, corresponding to a reasonable value range of 14.01-16.81 yuan [5][6]