Sichuan Teway Food (SH:603317) Changjiang Securities·2025-11-17 14:12Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company's total revenue for the first three quarters of 2025 reached 2.411 billion yuan, representing a year-on-year increase of 1.98%. However, the net profit attributable to the parent company was 392 million yuan, down 9.3% year-on-year. The third quarter alone saw revenue of 1.02 billion yuan, up 13.79% year-on-year, with a net profit of 202 million yuan, an increase of 8.93% year-on-year [2][4][10]. - The company has shown a significant increase in online sales channels, with online revenue growing by 60.27% year-on-year, while offline sales decreased by 10.35% [10]. - The company maintains a stable profitability, with a gross profit margin of 39.44% for the first three quarters, slightly up by 0.16 percentage points year-on-year. The net profit margin decreased by 2.02 percentage points to 16.27% [10]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2.411 billion yuan, with a net profit of 392 million yuan, reflecting a decline in profitability compared to the previous year [2][4]. - In Q3 2025, the company achieved a revenue of 1.02 billion yuan, marking a 13.79% increase year-on-year, and a net profit of 202 million yuan, which is an 8.93% increase year-on-year [2][4]. Revenue Breakdown - Revenue from hot pot condiments was 806 million yuan (up 1.59% year-on-year), while Chinese cuisine condiments generated 1.339 billion yuan (up 5.26% year-on-year). However, sausage and cured meat condiments saw a decline of 27.87% to 158 million yuan [10]. - Online sales channels contributed 631 million yuan, showing a remarkable growth of 60.27% year-on-year, while offline sales totaled 1.764 billion yuan, down 10.35% [10]. Profitability Analysis - The company's net profit margin for the first three quarters was 16.27%, down 2.02 percentage points year-on-year, while the gross profit margin increased to 39.44% [10]. - In Q3 2025, the net profit margin was 19.81%, a decrease of 0.88 percentage points year-on-year, with a gross profit margin of 40.46%, up 1.63 percentage points year-on-year [10]. Growth Strategy - The company is focusing on external growth as a key strategy, with successful acquisitions enhancing its product innovation and market presence. The expected EPS for 2025 and 2026 are 0.57 yuan and 0.63 yuan, respectively, with corresponding PE ratios of 23 and 21 times [10].