天味食品：24Q4超预期 2024圆满收官

Investment Rating - The investment rating for Tianwei Foods is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 3.48 billion yuan for 2024, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 630 million yuan, up 37.0% year-on-year [7] - The fourth quarter of 2024 saw a revenue of 1.11 billion yuan, a 21.6% increase year-on-year, and a net profit of 190 million yuan, reflecting a 41.7% growth year-on-year, exceeding expectations [7] - The report highlights improvements in cost management and operational efficiency, contributing to an increase in profit margins [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 3.149 billion yuan, with a year-on-year growth rate of 17.0% [6] - The forecast for net profit attributable to shareholders for 2024 is 626 million yuan, with a growth rate of 37.0% [6] - The earnings per share (EPS) for 2024 is estimated at 0.59 yuan, with a projected price-to-earnings (PE) ratio of 23 [6] - The gross profit margin is expected to improve to 39.8% in 2024 [6] Market Data - The closing price of Tianwei Foods on January 21, 2025, was 13.71 yuan, with a market capitalization of 14.598 billion yuan [1] - The stock has a dividend yield of 2.92% based on the most recent dividend announcement [1] - The price-to-book ratio is reported at 3.3 [1]