天味食品（603317）：内生质效双升，外延精准赋能，26年改善可期

Investment Rating - The investment rating for Tianwei Foods (603317.SH) is "Buy" (maintained) [2][4][7] Core Views - The report emphasizes that the company is expected to achieve revenue growth through both internal efficiency improvements and strategic external expansions, with a forecasted revenue of 38.20 billion yuan in 2026, representing an 11% year-on-year increase [4][6] - The company aims to enhance its C-end retail business while developing new strategic products and focusing on high-value clients in the B-end custom business, alongside international market expansion [4][6] Financial Summary - Revenue projections for Tianwei Foods are as follows: 34.49 billion yuan in 2025, 38.20 billion yuan in 2026, 41.76 billion yuan in 2027, and 44.93 billion yuan in 2028, with respective growth rates of -0.79%, 11%, 9%, and 8% [4][6] - The forecasted net profit for the company is 5.70 billion yuan in 2025, 6.54 billion yuan in 2026, 7.34 billion yuan in 2027, and 7.98 billion yuan in 2028, with growth rates of -8.79%, 15%, 12%, and 9% respectively [4][6] - Earnings per share (EPS) are projected to be 0.54 yuan in 2025, 0.61 yuan in 2026, 0.69 yuan in 2027, and 0.75 yuan in 2028 [4][6] Market Performance - In 2025, the company experienced a decline in revenue from offline channels by 12.76% while online channels saw a significant increase of 56.91% [4] - The company added 346 new distributors, bringing the total to 3,363 [4] Profitability Metrics - The gross margin for 2025 improved by 0.89 percentage points to 40.67%, while the net profit margin decreased by 1.45 percentage points to 16.52% [4] - The report indicates that the company’s return on equity (ROE) is expected to rise from 11.9% in 2025 to 14.9% by 2028 [6]