天味食品（603317）：低谷已过，价值凸显，上调至“强推”评级

Investment Rating - The report upgrades the investment rating of Tianwei Food (603317) to "Strong Buy" [2][8] Core Views - The low point in operations has passed, and the company's value is becoming evident, with expectations for gradual recovery in business performance throughout the year [2][8] - The company is positioned as an industry leader, with potential for double-digit growth driven by both internal improvements and external acquisitions [8][9] - The current stock price has significantly corrected, providing an attractive entry point for investors, especially considering the high dividend yield and stable cash flow [8][9] Financial Summary - Revenue Forecast: Projected total revenue for 2024 is 3,476 million, with a growth rate of 10.4%. By 2027, revenue is expected to reach 4,426 million, with a growth rate of 9.8% [3][9] - Net Profit Forecast: Expected net profit for 2024 is 625 million, with a growth rate of 36.8%. By 2027, net profit is projected to be 801 million, with a growth rate of 13.8% [3][9] - Earnings Per Share (EPS): EPS is forecasted to be 0.59 in 2024, increasing to 0.75 by 2027 [3][9] - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 18 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.5 to 2.3 over the same period [3][9] Business Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - There is an emphasis on enhancing sales channels and exploring new retail opportunities, including partnerships with new retail and customized meal enterprises [8][9] - The company aims to maintain a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable return for investors [8][9]