天味食品（603317）：全年稳健收官，分红金额维持

Investment Rating - The report maintains a "Buy" rating for Tianwei Foods, with a target price of 14.94 CNY per share based on a 25x PE valuation for 2026 [7]. Core Insights - Tianwei Foods reported a stable year-end performance with a total revenue of 3.45 billion CNY in 2025, reflecting a year-on-year decrease of 0.8%. The net profit attributable to shareholders was 570 million CNY, down 8.8% year-on-year [7]. - The company experienced a strong performance in its external growth segments, with revenue from the acquired brand "Shicui" reaching 320 million CNY, up 14.5% year-on-year, and net profit of 50 million CNY, up 28.6% [7]. - The company announced a stable dividend of 0.55 CNY per share for 2025, maintaining the same absolute amount as in 2024, with a dividend payout ratio of 102% [7]. Financial Performance Summary - Revenue Forecast: Expected revenues for 2026, 2027, and 2028 are 3.84 billion CNY, 4.25 billion CNY, and 4.67 billion CNY, respectively, with growth rates of 11.5%, 10.5%, and 10.0% [3]. - Net Profit Forecast: Projected net profits for the same years are 636 million CNY, 705 million CNY, and 776 million CNY, with growth rates of 11.7%, 10.8%, and 10.0% [3]. - Earnings Per Share (EPS): EPS is expected to be 0.60 CNY, 0.66 CNY, and 0.73 CNY for 2026, 2027, and 2028, respectively [3]. - Profitability Ratios: The report indicates a net profit margin of 17.5% for 2025, with an expected increase to 17.6% in 2027 [10]. Market Performance - The report highlights that Tianwei Foods' stock performance has been relatively stable compared to the market, with a noted increase in online sales by 56.9% in 2025, while offline sales decreased by 12.8% [7].