天味食品：2024年报点评：24圆满收官，25势能延续-20250328

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods (603317) with a target price of 16 CNY [1][5]. Core Views - The company achieved a total revenue of 3.476 billion CNY in 2024, representing a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 625 million CNY, with a significant increase of 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 CNY per 10 shares (before tax), totaling 585 million CNY in cash dividends [5]. - The fourth quarter of 2024 saw a revenue of 1.112 billion CNY, up 21.5% year-on-year, and a net profit of 192 million CNY, increasing by 41.2% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by both internal and external contributions, alongside a high dividend payout ratio [5][6]. Financial Summary - Revenue Forecast: - 2024A: 3,476 million CNY - 2025E: 3,858 million CNY (11.0% growth) - 2026E: 4,199 million CNY (8.8% growth) - 2027E: 4,543 million CNY (8.2% growth) [1][5] - Net Profit Forecast: - 2024A: 625 million CNY - 2025E: 701 million CNY (12.2% growth) - 2026E: 766 million CNY (9.3% growth) - 2027E: 839 million CNY (9.5% growth) [1][5] - Earnings Per Share (EPS): - 2024A: 0.59 CNY - 2025E: 0.66 CNY - 2026E: 0.72 CNY - 2027E: 0.79 CNY [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 CNY, compared to a 12-month high of 15.58 CNY and a low of 8.56 CNY [2][5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth and strong financial performance in the coming years, supported by strategic initiatives and market demand [5][6].