天味食品（603317）：业绩承压，线上快速增长

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company's revenue and net profit for Q1 2025 were 642 million and 75 million yuan, representing declines of 24.80% and 57.53% year-on-year, primarily due to macroeconomic conditions, intensified industry competition, and the timing of the Spring Festival [1] - The company is focusing on high-end markets and product innovation, aiming to enhance its brand and channel strategies to achieve its annual targets despite short-term performance pressures [3] Financial Performance Summary - Q1 2025 revenue breakdown: hot pot condiments 173 million yuan (-41.05% YoY), recipe-style condiments 434 million yuan (-12.24% YoY), sausage and cured meat condiments 15 million yuan (-55.77% YoY), and other income 17 million yuan (-44.13% YoY) [1] - Q1 2025 revenue by region: East 171 million yuan (+9.30% YoY), South 67 million yuan (-22.82% YoY), West 228 million yuan (-26.86% YoY), North 45 million yuan (-43.61% YoY), and Central 128 million yuan (-41.06% YoY) [2] - Q1 2025 gross margin and net margin decreased by 3.32 and 8.56 percentage points to 40.74% and 12.34% respectively [2] Future Projections - Revenue projections for 2025-2027 are 3.71 billion, 4.11 billion, and 4.52 billion yuan, with growth rates of 7%, 11%, and 10% respectively [3] - Net profit projections for the same period are 650 million, 727 million, and 808 million yuan, with growth rates of 4%, 12%, and 11% respectively [3] - The company aims to improve profit margins as revenue increases and scale advantages are realized [3] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20X, 18X, and 16X respectively [3] - The company’s total market capitalization is approximately 12.63 billion yuan [7]