天味食品：超预期，结构优化，费效提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has exceeded expectations with structural optimization and improved cost efficiency [1] - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit attributable to shareholders of 186 million yuan, up 64.79% year-on-year [2][3] - The company anticipates continued double-digit revenue growth and sustained high efficiency in cost management [3] Revenue Summary - Q3 revenue showed a quarter-on-quarter improvement, driven by increased sales of sausage and cured meat seasonings, with significant structural improvements [3] - Revenue growth by product category in Q3 2024: hot pot seasonings +1.14%, Chinese cuisine seasonings +18.07%, sausage and cured meat seasonings +19.68%, and other products -2.96% [3] Profit Summary - The gross profit margin for Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, with a net profit margin of 21.19%, up 7.33 percentage points year-on-year [3] - The improvement in gross profit margin is attributed to a favorable cost environment and an increased proportion of high-margin sausage and cured meat seasonings [3] Financial Forecast - The company is expected to achieve revenues of 3.49 billion yuan in 2024, 3.97 billion yuan in 2025, and 4.46 billion yuan in 2026, with year-on-year growth rates of 10.90%, 13.82%, and 12.16% respectively [4] - The forecasted net profit attributable to shareholders is 608 million yuan in 2024, 714 million yuan in 2025, and 803 million yuan in 2026, with growth rates of 33.23%, 17.33%, and 12.54% respectively [4] Valuation Metrics - The expected EPS for 2024, 2025, and 2026 is 0.57 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 24.33x, 20.74x, and 18.43x [4]