天味食品：主业稳健并购加持，2026年轻装上阵-20260313

Investment Rating - The report maintains a "Recommended" 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 operational timing [8] - The forecast for 2026-2028 indicates significant revenue growth, with expected revenues of 40.0 billion, 43.4 billion, and 46.9 billion respectively, representing year-on-year growth rates of 15.9%, 8.6%, and 8.1% [8] Financial Performance Summary - In 2025, the company reported total revenue of 34.49 billion yuan, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 5.7 billion yuan, down 8.8% year-on-year [8] - The gross profit margin for 2025 was 40.7%, an increase of 0.9 percentage points compared to the previous year, attributed to improved cost management [8] - The company’s online sales channel saw a significant increase of 56.9% year-on-year, while offline sales decreased by 12.8% [8] Earnings Forecast - The projected earnings per share for 2026 is 0.60 yuan, with a price-to-earnings ratio (P/E) of 20 [2] - The net profit for 2026 is expected to reach 6.4 billion yuan, reflecting an 11.9% increase from the previous year [9] - The company’s EBITDA is forecasted to grow at rates of 3.6%, 7.2%, 8.3%, and 8.8% for the years 2025 to 2028 [9]