天味食品：销售费用大幅优化，利润表现亮眼

Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [4] Core Views - Tianwei Foods reported a revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.84%. The net profit attributable to shareholders reached 432 million yuan, up 34.96% year-on-year. In Q3 2024 alone, revenue was 897 million yuan, a year-on-year increase of 10.93%, with net profit at 186 million yuan, up 64.79% year-on-year [2][6] - The company has optimized sales expenses significantly, leading to impressive profit performance. The gross margin increased by 0.77 percentage points to 38.83% in Q3 2024. The sales expense ratio and management expense ratio decreased by 7.78 and 0.73 percentage points, respectively, to 7.81% and 5.19% [6] - The growth momentum for compound seasoning products is strong, and cost reduction and efficiency improvement are progressing steadily. The projected revenues for 2024-2026 are 3.465 billion, 3.991 billion, and 4.449 billion yuan, with year-on-year growth rates of 10.06%, 15.18%, and 11.46%, respectively [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Tianwei Foods achieved a revenue of 2.364 billion yuan, a 5.84% increase year-on-year, and a net profit of 432 million yuan, up 34.96% year-on-year. In Q3 2024, revenue was 897 million yuan, a 10.93% increase, with a net profit of 186 million yuan, a 64.79% increase [2][6] - The company’s gross margin improved to 38.83% in Q3 2024, with a significant reduction in sales and management expenses [6] Product and Channel Performance - In Q3 2024, the revenue from hot pot condiments was 303 million yuan, a 1.14% increase, while the revenue from Chinese dish seasonings was 385 million yuan, an 18.07% increase. The sausage and cured meat segment saw a 19.68% increase to 186 million yuan [6] - Online sales channels grew by 55.38% year-on-year, while offline channels increased by 5.98% [6] Future Projections - The company is expected to maintain strong growth in the compound seasoning market, with projected revenues of 3.465 billion yuan in 2024, 3.991 billion yuan in 2025, and 4.449 billion yuan in 2026. The net profit for these years is projected to be 596 million, 693 million, and 775 million yuan, respectively [6][7]