天味食品：第三季度收入同比增长10.9%，渠道协同布局逐渐完善

Investment Rating - The investment rating for Tianwei Food (603317.SH) is "Outperform the Market" [1][3][7] Core Views - The company reported a 10.9% year-on-year revenue growth in the third quarter, with total revenue for the first three quarters of 2024 reaching 2.364 billion yuan, a 5.84% increase year-on-year. The net profit attributable to shareholders was 432 million yuan, up 34.96% year-on-year [1][4] - The offline channel growth turned positive, while the online channel maintained high growth, with revenues of 760 million yuan and 140 million yuan respectively in the third quarter, reflecting increases of 6.0% and 55.4% year-on-year [1][4] - The gross profit margin improved significantly, reaching 38.8%, driven by a higher proportion of online sales and lower raw material costs [1][5] - The company is focusing on developing regional specialty products while enhancing its product matrix, leveraging its channel management for better synergy [1][5] Financial Forecasts - The company is expected to achieve total revenues of 3.39 billion, 3.74 billion, and 4.05 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.6%, 10.5%, and 8.3% [2][7] - The net profit attributable to shareholders is projected to be 570 million, 630 million, and 680 million yuan for the same years, reflecting year-on-year growth rates of 25.2%, 11.0%, and 7.7% [2][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.54, 0.60, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 26.5, 23.9, and 22.2 [2][7]