天味食品（603317）：全渠道布局补齐短板，内生外延推动增长

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase year-on-year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing new products in the category, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and external acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] - The company is expected to maintain high revenue growth in 2025, driven by new product launches and market penetration strategies [3][4] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 34.76 billion yuan, a 10% increase year-on-year, and a net profit of 6.25 billion yuan, a 37% increase year-on-year [1] - The company maintained a high dividend payout ratio of 98%, distributing a total of 6.10 billion yuan in cash dividends in 2024 [1] Profitability and Cost Management - The gross margin improved to 40.84% in Q4 2024, driven by product structure optimization and a decrease in raw material procurement costs [2] - The company successfully reduced its sales and management expense ratios by 3 and 1 percentage points, respectively, leading to a net profit margin increase of 2 percentage points to 18.00% in Q4 2024 [2] Product Development and Market Strategy - The company is committed to a big single product strategy in hot pot seasonings, with a focus on health and nutrition in new product development for Chinese cuisine seasonings [3] - The company is actively expanding its online and offline sales channels, with online channel revenue increasing by 27% to 203 million yuan in Q4 2024 [4] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.67 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 21, 19, and 17 for the years 2025, 2026, and 2027, respectively [8]