天味食品（603317）：春节错期拖累收入利润，线上渠道增长亮眼

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's Q1 2025 total revenue was 642 million yuan, a year-on-year decrease of 24.8%, while the net profit attributable to the parent company was 74.73 million yuan, down 57.53% year-on-year [2][4] - The decline in revenue is primarily attributed to the timing of the Spring Festival, which negatively impacted performance, although online channels showed significant growth [5] - The company is expected to benefit from its leading position in the market, with ongoing product innovation and strategic acquisitions enhancing its business model [7] Revenue Breakdown - Offline channel revenue for Q1 2025 was 435 million yuan, down 39.54% year-on-year, while online channel revenue reached 204 million yuan, up 54.03% year-on-year [5] - Revenue from hot pot condiments was 173 million yuan, down 41.05% year-on-year, while Chinese-style dish condiments generated 434 million yuan, down 12.24% year-on-year [5] - Regional revenue showed mixed results, with the eastern region at 171 million yuan (up 9.3% year-on-year) and the northern region at 45 million yuan (down 43.61% year-on-year) [5] Financial Metrics - The net profit margin for Q1 2025 decreased by 8.98 percentage points to 11.65%, and the gross profit margin fell by 3.32 percentage points to 40.74% [6] - The operating expense ratio increased by 7.51 percentage points to 30.39%, driven by higher sales and management expenses [6] - The company anticipates EPS of 0.59 yuan for 2025 and 0.66 yuan for 2026, with corresponding PE ratios of 19 and 18 times [7]