天味食品（603317）：2024年报点评：24圆满收官，25势能延续

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods (603317) with a target price of 16 yuan [1][5]. Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 625 million yuan, up 36.8% year-on-year [5][6]. - For 2025, the company plans to achieve a revenue and net profit growth of no less than 15% [5]. - The company proposed a cash dividend of 5.5 yuan per 10 shares (before tax), totaling 585 million yuan [5]. - The fourth quarter of 2024 saw a significant revenue acceleration due to pre-holiday stocking, with a revenue of 1.112 billion yuan, up 21.5% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by new product launches and potential acquisitions [5]. Financial Summary - Revenue Forecasts: - 2024: 3,476 million yuan - 2025: 3,858 million yuan (11.0% growth) - 2026: 4,199 million yuan (8.8% growth) - 2027: 4,543 million yuan (8.2% growth) [1][5]. - Net Profit Forecasts: - 2024: 625 million yuan - 2025: 701 million yuan (12.2% growth) - 2026: 766 million yuan (9.3% growth) - 2027: 839 million yuan (9.5% growth) [1][5]. - Earnings Per Share (EPS): - 2024: 0.59 yuan - 2025: 0.66 yuan - 2026: 0.72 yuan - 2027: 0.79 yuan [1][5]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 24 times [5]. - Price-to-Book (P/B) ratio for 2025 is projected at 3 times [5]. Market Performance - The company’s stock price has shown a significant increase, with a current price of 13.56 yuan, compared to a 12-month high of 15.58 yuan and a low of 8.56 yuan [2][5]. Product and Regional Performance - The hot pot base material revenue grew by 3.5% year-on-year, while the Chinese compound seasoning benefited from the food extract segment, achieving a 16.6% year-on-year growth [5]. - Revenue growth varied by region, with the southern region showing an 18.1% increase, while the northern region experienced a decline of 2.3% [5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth driven by strategic initiatives and market demand [5].