天味食品（603317）：业绩符合预期，关注外延并购发展

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 3.476 billion yuan in FY 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 [2] - The company plans to grow its revenue and net profit by no less than 15% in 2025, with a focus on external mergers and acquisitions [5] - The company has successfully integrated acquisitions, such as acquiring a 63.84% stake in a seasoning company, which has contributed to its online sales growth [5] Summary by Sections Financial Performance - In FY 2024, the company reported total revenue of 3.476 billion yuan, with a net profit of 625 million yuan and a non-recurring net profit of 566 million yuan, reflecting year-on-year increases of 36.77% and 40.00% respectively [2] - For Q4 2024, the company achieved total revenue of 1.112 billion yuan, a year-on-year increase of 21.57%, and a net profit of 192 million yuan, up 41.03% year-on-year [2] Product and Channel Analysis - The company's revenue from various product lines in FY 2024 included 1.264 billion yuan from hot pot seasonings, 1.771 billion yuan from Chinese cuisine seasonings, and 329 million yuan from sausage and cured meat seasonings, with respective year-on-year growth rates of 3.53%, 16.56%, and 10.99% [3] - Online sales channels saw a significant increase of 51.70% year-on-year, attributed to the acquisition of a professional online seasoning company [3] Cost and Profitability Management - The gross margin for FY 2024 was 39.78%, an increase of 1.90 percentage points year-on-year, driven by supply chain management optimization [4] - The company effectively reduced its sales and management expense ratios, contributing to a net profit margin of 17.97% for FY 2024, up 3.46 percentage points year-on-year [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 3.938 billion yuan and 4.375 billion yuan respectively, with EPS estimates raised to 0.67 yuan and 0.77 yuan [6] - The company is expected to maintain a PE ratio of 21 for 2025, decreasing to 18 by 2026 [6]