天味食品：费效比提升，业绩超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 2.364 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 5.84%. The net profit attributable to shareholders reached 432 million RMB, up 34.96% year-on-year, with a non-recurring net profit of 389 million RMB, increasing by 38.1% year-on-year. In Q3 2024, revenue was 897 million RMB, a year-on-year increase of 10.93%, and net profit was 186 million RMB, up 64.79% year-on-year, indicating better-than-expected performance [2][3]. Summary by Sections Performance Analysis - Demand improved during the peak season, leading to a recovery in base material sales. In Q3 2024, sales revenue for hot pot condiments, Chinese-style dishes, and sausage products were 303 million RMB, 385 million RMB, and 186 million RMB, respectively, with year-on-year growth of 1.14%, 18.07%, and 19.68%. The increase in demand was attributed to distributors stocking up as the sales peak approached [2]. - Online and offline revenues in Q3 2024 were 139 million RMB and 756 million RMB, respectively, with year-on-year growth of 55.38% and 5.98%. The offline segment saw a restart in growth due to improved distributor quality and the release of core products, while the online segment continued to grow significantly through various channels [2]. Profitability Improvement - The gross margin in Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, primarily due to lower raw material costs and a higher proportion of high-margin products. The net profit margin was 21.19%, up 7.33 percentage points year-on-year and 8.77 percentage points quarter-on-quarter, indicating a significant improvement in profitability [2]. - The company optimized its sales, management, and R&D expense ratios, with sales expenses decreasing by 7.78 percentage points year-on-year. This was due to the postponement of advertising expenses and some promotional activities offsetting revenue [2]. Future Outlook - The company is expected to benefit from increased penetration rates and an improved competitive landscape. The acquisition of Shicui has positioned the company well in the small B-end market, while leveraging distributor advantages to empower the large B-end market. The company is focused on channel optimization and improving operational efficiency [2][3]. - The profit forecasts for 2024-2026 have been raised by 8%, 9%, and 9%, respectively, with projected net profits of 570 million RMB, 650 million RMB, and 730 million RMB, representing year-on-year growth of 24%, 15%, and 13% [3].