天味食品：收入增速环比改善，降本控费利润大增

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - The company has shown improved revenue growth quarter-on-quarter, with significant profit increase due to cost control measures [1][2] - The company aims for double-digit revenue growth for the full year, with profit growth expected to exceed revenue growth [2] Revenue Analysis - For the first three quarters, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84% [1] - In Q3 alone, revenue reached 897 million yuan, up 10.93% year-on-year [1] - The revenue breakdown by product shows that hot pot base material has stabilized after adjustments, while Chinese cuisine seasonings and sausage seasonings have seen growth [1][5] - Revenue by market indicates steady performance in the western and central regions, with emerging markets also showing growth [1][5] Profit Analysis - The company reported a net profit margin of 20.70% in Q3, an increase of 6.77 percentage points year-on-year [1] - The gross profit margin was 38.83%, up 0.76 percentage points year-on-year, with a decrease in expense ratio contributing to higher profits [1][2] Future Outlook - The company has set ambitious revenue growth targets of 10% and 15% for 2024 and 2025, respectively [2] - The forecast for revenue from 2024 to 2026 is 3.466 billion, 3.973 billion, and 4.614 billion yuan, with corresponding net profits of 582 million, 669 million, and 785 million yuan [2][3] Valuation - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 26x, 22x, and 19x, respectively, which are lower than the average of comparable companies [9][10] - The company is currently at a historical low in terms of valuation, indicating potential for recovery [9]