Sichuan Teway Food (SH:603317) Huachuang Securities·2026-03-12 03:50Investment Rating - The report maintains a "Strong Buy" rating for Tianwei Foods (603317) with a target price of 16 CNY [1][7]. Core Insights - The company experienced a slight decline in total revenue for 2025, with a total revenue of 3,449 million CNY, representing a year-on-year decrease of 0.8%. However, the company is expected to see a recovery in 2026, with projected revenue growth of 11.9% [2][7]. - The net profit attributable to shareholders for 2025 was 570 million CNY, down 8.8% year-on-year, but is forecasted to increase by 15.7% in 2026 [2][7]. - The report highlights that the company is transitioning smoothly in 2025 and anticipates operational improvements in 2026, driven by core business recovery and synergies from acquisitions [7]. Financial Summary - Total Revenue Forecast: - 2025: 3,449 million CNY - 2026: 3,859 million CNY (11.9% growth) - 2027: 4,157 million CNY (7.7% growth) - 2028: 4,471 million CNY (7.5% growth) [2][7] - Net Profit Forecast: - 2025: 570 million CNY - 2026: 659 million CNY (15.7% growth) - 2027: 727 million CNY (10.2% growth) - 2028: 796 million CNY (9.5% growth) [2][7] - Earnings Per Share (EPS): - 2025: 0.54 CNY - 2026: 0.62 CNY - 2027: 0.68 CNY - 2028: 0.75 CNY [2][7] - Valuation Ratios: - Price-to-Earnings (P/E) Ratio: - 2025: 24 - 2026: 21 - 2027: 19 - 2028: 17 [2][7] - Price-to-Book (P/B) Ratio: - 2025: 3.0 - 2026: 2.9 - 2027: 2.9 - 2028: 2.9 [2][7] Market Performance - The company’s stock price as of March 11, 2026, was 12.73 CNY, with a 12-month high of 14.63 CNY and a low of 10.66 CNY [3].