天味食品：三季报点评：三季度经营改善，归母净利润增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvement in its third-quarter performance, with a notable increase in net profit and revenue growth [2][3] - The compound seasoning industry is expected to gradually recover, and the company is positioned to benefit from both volume and profit growth [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% [2] - In Q3 alone, revenue reached 897 million yuan, reflecting a year-on-year growth of 10.93%, while net profit surged by 64.79% to 186 million yuan [2] Revenue Breakdown - Revenue from Chinese cuisine seasonings and sausage products saw rapid growth, with Q3 revenue growth rates of 1.14%, 18.07%, and 19.68% respectively [3] - Online sales channels continued to show high growth, with a year-on-year increase of 55.38% in Q3, while offline channels grew by 5.98% [3] Profitability Metrics - The gross profit margin improved to 38.83% in Q3, an increase of 0.76 percentage points year-on-year [3] - The net profit margin for Q3 increased by 6.77 percentage points year-on-year, driven by improved gross margins and reduced sales and management expense ratios [3] Future Projections - Revenue forecasts for 2024-2026 are projected at 3.441 billion yuan, 4.012 billion yuan, and 4.624 billion yuan respectively, with net profits expected to be 595 million yuan, 674 million yuan, and 785 million yuan [4] - The report anticipates continued operational improvement as the company enters the peak demand season for seasonings in Q4 [3]