天味食品：2024年三季报点评：营收环比改善，Q3盈利显著提升

Investment Rating - The report maintains a "Recommended" rating for the company [2][4] Core Views - The company reported a significant improvement in Q3 earnings, with a revenue of 8.97 billion yuan, up 10.93% year-on-year, and a net profit of 1.86 billion yuan, up 64.79% year-on-year [2] - The growth in revenue is attributed to the recovery of hot pot base sales, strong performance in Chinese condiments and winter season products, and continued high growth in online sales [2] - The gross profit margin improved significantly, with a gross margin of 39.28% for the first three quarters and 38.83% for Q3, reflecting a year-on-year increase of 2.39 and 0.76 percentage points respectively [2] - The company is expected to see further revenue improvement in Q4 due to pre-holiday stocking for the upcoming Spring Festival in 2025 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 23.64 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 4.32 billion yuan, up 34.96% year-on-year [2] - The projected revenues for 2024-2026 are 34.7 billion, 38.9 billion, and 43.7 billion yuan, with year-on-year growth rates of 10.1%, 12.1%, and 12.5% respectively [2][5] - The net profit for the same period is expected to be 5.9 billion, 6.6 billion, and 7.5 billion yuan, with growth rates of 29.5%, 11.2%, and 13.8% respectively [2][5] - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 24, 22, and 19 for the years 2024, 2025, and 2026 respectively [2][5]