天味食品：公司信息更新报告：2024年股权激励目标达成，利润表现超预期

Investment Rating - The investment rating for Tianwei Foods is "Outperform" (maintained) [1] Core Views - The company's revenue for 2024 is expected to be 3.48 billion yuan, with a year-on-year growth of 10.4%, while the net profit attributable to shareholders is projected to be 630 million yuan, reflecting a year-on-year increase of 37.0% [4][6] - The fourth quarter of 2024 shows a significant improvement in profitability, with a net profit margin increase of 2.5 percentage points to 17.4% [6] - The company is benefiting from a recovery in terminal demand, leading to a decrease in channel inventory to reasonable levels, which supports sales growth [5] Financial Performance Summary - Revenue and net profit for 2024 are forecasted at 3.48 billion yuan and 630 million yuan respectively, with corresponding EPS of 0.59 yuan [4][9] - The projected revenue for 2025 and 2026 is 3.98 billion yuan and 4.57 billion yuan, with net profits of 702 million yuan and 823 million yuan respectively [9] - The company's gross margin is expected to improve to 39.7% in 2024, with a net margin of 18.0% [9] Market Position and Growth Potential - Tianwei Foods is strengthening its position in the C-end channel and making breakthroughs in e-commerce platforms like Douyin and Xiaohongshu [7] - The company is expected to continue benefiting from market share gains and improved channel coverage, which will support steady growth [7]