天味食品（603317）：收入环比改善，盈利高速增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.94 CNY, based on a 25x PE for 2025 [5][11]. Core Insights - The company has shown a significant improvement in revenue quarter-on-quarter, with a notable increase in net profit margins due to cost reductions and channel optimization [2][11]. - The company is a leader in the domestic seasoning industry, leveraging acquisitions to create new growth drivers [11]. Financial Summary - Total revenue for 2023 is projected at 31.49 billion CNY, with a growth rate of 17.0%. The net profit attributable to shareholders is expected to reach 4.57 billion CNY, reflecting a growth of 33.7% [4][12]. - For 2025, the estimated earnings per share (EPS) is 0.60 CNY, with a projected net profit of 6.37 billion CNY [4][12]. - The company’s return on equity (ROE) is expected to increase from 10.6% in 2023 to 16.9% by 2027 [4][12]. Revenue and Profitability - In the first half of 2025, the company achieved total revenue of 1.391 billion CNY, a year-on-year decrease of 5.2%, while the net profit was 190 million CNY, down 23.0% [11]. - In Q2 2025, the company reported a revenue of 749 million CNY, a year-on-year increase of 21.9%, and a net profit of 115 million CNY, up 62.7% [11]. Product Performance - The hot pot seasoning segment saw a revenue increase of 29.0% year-on-year in Q2 2025, reaching 255 million CNY [11]. - The online sales channel performed exceptionally well, with a revenue increase of 66.7% year-on-year, contributing to 27.4% of total revenue [11]. Regional Performance - In Q2 2025, revenue from the eastern region grew by 52.1% year-on-year, amounting to 210 million CNY, while other regions also showed positive growth [11].