天味食品：公司事件点评报告：业绩超预期，并购发挥渠道协同优势

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4][6] Core Views - The company reported better-than-expected performance, with revenue for 2024 projected at 3.476 billion yuan, a 10% increase year-on-year, and net profit expected to reach 626 million yuan, a 37% increase [2] - The company is focusing on a big product strategy and leveraging acquisitions to enhance channel synergies, particularly through the acquisition of "Jia Dian Zi Wei" [3] Summary by Sections Performance Overview - Tianwei Food's 2024 revenue is expected to be 3.476 billion yuan, with a 10% growth compared to the previous year. The net profit is projected at 626 million yuan, reflecting a 37% increase, while the non-recurring net profit is expected to be 567 million yuan, up 40% [2][10] Product and Channel Strategy - The company is developing a product matrix centered around major products, particularly expanding the hot pot series. It aims for health and nutrition upgrades while enhancing channel control through distributor reforms [3] - The acquisition of "Jia Dian Zi Wei" is expected to fill the company's online channel gaps and improve offline penetration through existing distribution channels [3] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 0.59, 0.65, and 0.73 yuan respectively, with corresponding price-to-earnings (PE) ratios of 23, 21, and 19 times [4][10]