天味食品：业绩稳增长，全力冲刺股权激励目标

Investment Rating - The report maintains a "Buy" rating for the company with an expected price increase of over 20% within the next six months [5][12]. Core Views - The company achieved revenue of 2.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% year-on-year [1]. - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, which is a significant year-on-year growth of 64.79% [1]. - The company is expected to see accelerated growth in performance as it enters the traditional peak season in Q4, particularly in hot pot base material demand [3]. Revenue Growth - Revenue from key product categories in Q3 2024 includes hot pot condiments (303 million yuan), Chinese cuisine condiments (385 million yuan), sausage and cured meat condiments (186 million yuan), and other revenues (22 million yuan), with notable growth in sausage and cured meat condiments at nearly 20% [1]. - Online sales maintained high growth at 55.38% year-on-year, while offline sales showed recovery with a growth of 5.98% [2]. Profitability Improvement - The company's gross margin and net margin improved significantly in Q3 2024, with gross margin increasing by 0.76 percentage points to 38.83% and net margin increasing by 7.33 percentage points to 21.19% [2]. - The reduction in expenses contributed to the notable increase in net margin, with sales expense ratio decreasing by 7.78 percentage points to 7.81% [2]. Financial Forecast - The company is projected to achieve revenues of 3.465 billion yuan, 3.890 billion yuan, and 4.339 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10%, 12%, and 12% [3]. - The net profit attributable to shareholders is expected to be 593 million yuan, 691 million yuan, and 799 million yuan for the same years, reflecting growth rates of 30%, 17%, and 16% [3]. Valuation Metrics - The report provides a projected P/E ratio of 28X, 24X, and 21X for the years 2024, 2025, and 2026, respectively [3].