天味食品：24年顺利收官，利润增长较快

Investment Rating - The investment rating for Tianwei Foods is "Buy" with a target price set for the next six months [5]. Core Views - The company reported a strong performance in 2024, with revenue reaching 3.476 billion yuan, a year-on-year increase of 10.41%, and a net profit of 625 million yuan, up 36.99% [1]. - The growth in revenue and profit is attributed to increased sales, reduced raw material costs, and improved operational efficiency [1]. - The company is focusing on major products and enhancing its channel, brand, and product strength through refined management [1]. - Recent acquisitions, including the purchase of "Jia Dian Zi Wei," are expected to strengthen the company's online consumer channels and contribute to future growth [2][3]. Financial Summary - Revenue for 2024 is projected at 3.476 billion yuan, with expected growth rates of 15% and 12% for 2025 and 2026, respectively [3]. - The net profit forecast for 2024 is 625 million yuan, with anticipated growth of 20% and 15% for the following two years [3]. - Key financial metrics include a PE ratio of 19X for 2025 and 17X for 2026, indicating a favorable valuation [3]. - The company has shown a consistent increase in gross margin, projected to reach 40.05% by 2025 [9]. Business Development - The company is actively expanding its small B channel, which is expected to become a significant growth driver in the future [2]. - The establishment of a branch in Hangzhou aims to enhance the marketing service network and improve customer engagement [2]. - The focus on product innovation and consumer insights is driving the development of new products that cater to diverse consumer needs [1].