天味食品：2024年三季报点评：Q3业绩超预期，盈利能力持续提升

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported Q3 earnings that exceeded expectations, with continuous improvement in profitability [2] - For the first three quarters of 2024, the company achieved revenue of 2.36 billion yuan, a year-on-year increase of 5.8%, and a net profit attributable to the parent company of 430 million yuan, up 35% year-on-year [3][4] - The Q3 revenue reached 900 million yuan, representing a year-on-year growth of 10.9%, with a net profit attributable to the parent company of 190 million yuan, up 64.8% year-on-year [3][4] Revenue Performance - The revenue breakdown for the first three quarters of 2024 includes hot pot condiments at 794 million yuan (down 6.1%), Chinese dish condiments at 1.272 billion yuan (up 13.5%), sausage and cured meat condiments at 219 million yuan (up 19.9%), and others at 76 million yuan (down 1.2%) [3] - The online channel revenue grew significantly by 69% year-on-year, reaching 394 million yuan, driven mainly by the growth in the food extract business [3][4] Profitability Metrics - The gross margin for the first three quarters of 2024 was 39.3%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 18.3%, up 4 percentage points year-on-year [4] - In Q3 2024, the gross margin was 38.8%, and the net profit margin was 20.7%, reflecting improvements in cost management and product structure optimization [4] Future Outlook - The company is expected to perform well in Q4 due to seasonal demand and inventory replenishment by distributors, with a focus on expanding its product matrix and channel layout [4][5] - The long-term growth potential remains strong as the company aims to increase its market share in the compound seasoning industry through continuous product innovation and channel penetration [4][5]