天味食品：2024年年报点评：目标如期达成，内生外延并进-20250329

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 3.48 billion yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders was 630 million yuan, reflecting a growth of 36.8% [1][5]. - Q4 2024 saw a significant increase in revenue and profit, with revenue reaching 1.11 billion yuan and net profit at 190 million yuan, marking increases of 21.6% and 41.0% respectively [1][2]. Product and Channel Analysis - In 2024, the revenue from hot pot base materials was 1.26 billion yuan, with a year-on-year growth of 3.5%. The revenue from Chinese seasoning products was 1.77 billion yuan, up 16.6% year-on-year [2]. - Online sales grew significantly, with a revenue of 600 million yuan, representing a year-on-year increase of 51.7% [2]. Cost and Profitability - The gross margin for Q4 2024 was 40.8%, with a net profit margin of 17.3%, indicating continuous improvement in profitability [3][4]. - The company has implemented cost control measures, resulting in a reduction in sales expense ratio and improved gross profit [3]. Future Outlook - The company aims for a revenue of 3.99 billion yuan in 2025, with a projected growth rate of 14.6% [4][5]. - The focus will be on new product development in the hot pot and fresh soup categories, as well as expanding distribution channels [3][4].