天味食品（603317）：外延并购持续驱动，切入即食酱赛道

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][15] Core Views - The company achieved a total revenue of 2.411 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.98%. The net profit attributable to shareholders decreased by 9.30% to 392 million yuan [8][3] - The company continues to drive growth through external acquisitions, with a notable acquisition of 55% of Shandong Yipin Weixiang Food Technology Co., Ltd. in September 2025, which allows entry into the compound seasoning sauce market [11][13] - The company’s gross margin improved to 40.5% in Q3 2025, up 1.6 percentage points year-on-year, attributed to product mix optimization and raw material cost benefits [2][10] Summary by Sections Financial Performance - In Q3 2025, the company reported total revenue of 1.020 billion yuan, a year-on-year increase of 13.79%. The net profit attributable to shareholders was 202 million yuan, up 8.93% year-on-year [8][10] - The revenue from offline and online channels in Q3 2025 was 790 million yuan and 220 million yuan, respectively, showing a year-on-year growth of 4.5% and 60.7% [10][2] Profitability and Cost Management - The company’s selling and administrative expense ratios were 10.9% and 3.8%, respectively, with selling expenses stabilizing compared to Q2 [2][10] - The net profit margin for Q3 2025 was 19.1%, down 0.9 percentage points year-on-year [2][10] Future Outlook - The revenue forecasts for 2025-2027 have been adjusted to 3.561 billion yuan, 3.858 billion yuan, and 4.156 billion yuan, respectively, with expected year-on-year growth rates of 2.4%, 8.4%, and 7.7% [3][14] - The net profit forecasts for the same period are 600 million yuan, 690 million yuan, and 750 million yuan, with expected declines of 3.5% and 15.0% in 2025 and 2026, respectively [3][14]