天味食品（603317）：主业稳健并购加持，2026年轻装上阵

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved stable performance in 2025, with a slight decline in revenue and net profit, but external acquisitions contributed positively to growth [8] - The company is expected to resume growth in 2026 after a temporary adjustment in its main business due to inventory levels and seasonal factors [8] - The company is diversifying its product categories and channels through acquisitions, which is anticipated to sustain high growth rates [8] Financial Forecasts - For 2025, the company reported revenue of 3,449 million yuan, a decrease of 0.8% year-on-year, and a net profit of 570 million yuan, down 8.8% year-on-year [2][8] - The projected revenue for 2026 is 3,998 million yuan, representing a growth rate of 15.9%, with net profit expected to reach 637 million yuan, an increase of 11.9% [2][9] - The company’s gross margin for 2025 was 40.7%, showing a slight improvement of 0.9 percentage points year-on-year [8] Revenue Breakdown - In 2025, the revenue from hot pot base was 1,230 million yuan, with a year-on-year decline of 2.9% [8] - The revenue from recipe-style condiments was 1,770 million yuan, showing a slight decrease of 0.2% year-on-year [8] - Online channel revenue increased significantly by 56.9% year-on-year, reaching 940 million yuan, attributed to the contribution from newly consolidated businesses [8] Profitability Metrics - The company’s net profit margin for 2025 was 16.5%, down 1.5 percentage points year-on-year [8] - The projected net profit margin for 2026 is expected to be 15.9% [9] - The company’s earnings per share for 2025 was 0.54 yuan, with projections of 0.60 yuan for 2026 [2][9]