天味食品：2024年三季报点评报告：收入增长边际改善，盈利能力显著提升

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1][2]. Core Views - The company reported a significant improvement in profitability and a notable increase in revenue growth margins, with Q3 2024 revenue reaching 897 million yuan, a year-on-year increase of 10.93% [1]. - The net profit attributable to the parent company for Q3 2024 was 186 million yuan, reflecting a year-on-year growth of 64.79% [1]. - The company has shown a strong performance in the first three quarters of 2024, with total revenue of 2.364 billion yuan, up 5.84% year-on-year, and a net profit of 432 million yuan, up 34.96% year-on-year [1]. Revenue and Profitability Analysis - Q3 2024 revenue growth was driven by a recovery in demand, with a notable improvement from a revenue decline of 6.80% in Q2 2024 [1]. - The company’s gross margin for Q3 2024 was 38.83%, an increase of 0.76 percentage points year-on-year, indicating enhanced profitability [1]. - The net profit margin for Q3 2024 was 21.19%, up 7.33 percentage points year-on-year, showcasing significant profitability improvement [1]. Product and Channel Performance - Revenue growth varied by product, with hot pot base materials and Chinese-style seasoning experiencing declines, while online sales surged by 68.98% year-on-year [1]. - The company is focusing on new product launches, including barbecue seasonings and regional specialty flavors, to enhance its market presence [1]. Financial Forecast - The company is projected to achieve revenues of 3.464 billion yuan, 3.885 billion yuan, and 4.373 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.02%, 12.15%, and 12.57% [2][3]. - The net profit attributable to the parent company is expected to reach 584 million yuan, 660 million yuan, and 747 million yuan for the same years, with growth rates of 27.97%, 13.00%, and 13.10% respectively [2][3]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 24.7X for 2024, 21.9X for 2025, and 19.4X for 2026, suggesting a favorable valuation compared to industry peers [2][3].