Sichuan Teway Food (603317) 光大证券·2025-01-23 12:57Investment Rating - The report maintains a "Buy" rating for Tianwei Foods, with a current price of 13.71 CNY and a projected PE of 20x for 2025 [5][3]. Core Insights - Tianwei Foods reported a revenue of 3.476 billion CNY for 2024, representing a year-on-year growth of 10.41%, and a net profit of 626 million CNY, up 36.99% year-on-year [1][3]. - The company experienced a strong performance in Q4 2024, with revenue reaching 1.112 billion CNY, a 21.6% increase year-on-year, and a net profit of 193 million CNY, up 41.7% year-on-year [1]. - The improvement in profitability is attributed to a decrease in raw material costs and enhanced operational efficiency, with a net profit margin of 18.0% for 2024, up 3.5 percentage points year-on-year [1][3]. Summary by Sections Financial Performance - For 2024, Tianwei Foods achieved a revenue of 3.476 billion CNY and a net profit of 626 million CNY, with respective growth rates of 10.41% and 36.99% [1][4]. - The company’s Q4 2024 results showed a revenue of 1.112 billion CNY and a net profit of 193 million CNY, indicating strong growth trends [1]. Market Position and Strategy - The report highlights Tianwei Foods' strategic acquisition of 63.84% of Hangzhou Jiadian Zhiwei, enhancing its online presence and targeting younger consumers [2]. - The company plans to establish a branch in Hangzhou to accelerate its online strategy [2]. Product Innovation and Future Outlook - In 2024, Tianwei Foods launched new products, including the third-generation hot pot and fresh soup series, focusing on differentiation and fine-tuning [3]. - The company has adjusted its marketing strategies for 2025, aiming for strong growth momentum and operational efficiency [3]. Profitability Forecast - The net profit forecasts for 2024, 2025, and 2026 are adjusted to 626 million CNY, 721 million CNY, and 824 million CNY respectively, with EPS estimates of 0.59 CNY, 0.68 CNY, and 0.77 CNY [3][4].