Sichuan Teway Food (603317) 国信证券·2025-01-23 07:00Investment Rating - The investment rating for Tianwei Foods (603317.SH) is "Outperform the Market" [5][13]. Core Views - The company is expected to achieve a revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a net profit of 626 million yuan, up 36.99% year-on-year [1][7]. - The fourth quarter of 2024 is projected to show significant growth, with revenue expected to reach 1.112 billion yuan, a 21.57% increase year-on-year, and a net profit of 193 million yuan, up 41.75% year-on-year [1][7]. - The increase in revenue is attributed to several factors, including early stocking by distributors due to the earlier Chinese New Year in 2025, successful sales of new products, and strong performance in online channels [1][8]. Summary by Sections Financial Performance - In 2024, the company is projected to achieve a net profit margin of 16.3%, an increase of 3.5 percentage points year-on-year, driven by revenue growth, lower raw material costs, and improved operational efficiency [2][8]. - The company has completed its equity incentive targets by the end of November 2024, enhancing its market position [2][8]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 34.8 billion yuan, 38.4 billion yuan, and 41.6 billion yuan respectively, with year-on-year growth rates of 10.4%, 10.5%, and 8.3% [3][13]. - The net profit forecast for the same period is 6.3 billion yuan, 6.8 billion yuan, and 7.3 billion yuan, with growth rates of 37.0%, 8.3%, and 7.7% respectively [3][13]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 23.6, 21.8, and 20.3 respectively, indicating a favorable valuation compared to peers [3][15].