天味食品2024年三季报点评：三季报业绩增35%，内功修炼显成效

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [5]. 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 5.84%. The net profit attributable to shareholders reached 432 million yuan, up 34.96% year-on-year [1][3]. - In Q3 2024, the company achieved total revenue of 897 million yuan, a year-on-year increase of 10.93%, with a net profit of 186 million yuan, reflecting a significant growth of 64.79% year-on-year [1][2]. Summary by Relevant Sections Revenue Growth - The company’s main product categories, including hot pot condiments, Chinese dish seasonings, and sausage and cured meat seasonings, all experienced growth, with the latter two categories showing particularly strong performance [2]. - Online sales channels saw rapid growth, with online revenue increasing by 68.98% year-on-year for the first three quarters of 2024, while offline revenue decreased by 1.30% [2]. Regional Performance - Revenue growth was notable in the western, central, and southern regions, with the western region achieving a year-on-year increase of 13.44% for the first three quarters of 2024 [2]. Profitability Improvement - The company’s net profit margin and gross margin improved in Q3 2024, with net profit margin at 20.70% and gross margin at 38.83%, reflecting a year-on-year increase of 6.77% and 0.77 percentage points, respectively [2]. - The overall expense ratio decreased by 8.04 percentage points year-on-year, contributing to enhanced profitability [2]. Financial Forecast - The company is projected to achieve net profits of 589 million yuan, 661 million yuan, and 753 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 29.06%, 12.08%, and 14.03% [3][4].