天味食品（603317）：业绩符合预期，内生外延驱动增长

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [6] - The company plans to achieve a revenue and net profit growth of no less than 15% in 2025 [6] - The company has improved its operational efficiency and strategic planning since its listing, transitioning from a rough operational model to a more refined one [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.972 billion yuan, with a year-on-year growth rate of 14.3% [5] - Net profit attributable to shareholders is projected to be 722 million yuan in 2025, with a year-on-year growth of 15.5% [5] - The company’s gross margin is expected to improve, reaching 39.9% in 2025 [5] Revenue Breakdown - In 2024, the company’s revenue from hot pot base reached 1.265 billion yuan, growing 3.53% year-on-year, while the revenue from Chinese cuisine seasonings was 1.771 billion yuan, up 16.56% year-on-year [6] - Online sales grew significantly, with a revenue of 596 million yuan, a year-on-year increase of 51.70% [6] Cost and Profitability - The gross margin for 2024 was 39.78%, an increase of 1.9 percentage points year-on-year [6] - The sales expense ratio decreased to 12.98%, down 2.39 percentage points year-on-year, indicating improved cost management [6]