天味食品：内生质效双升，外延精准赋能，26年改善可期-20260313

Investment Rating - The investment rating for Tianwei Foods is "Buy" (maintained) [2][4][7] Core Insights - The company is expected to achieve revenue growth of 11% in 2026, with projected revenues of 38.20 billion yuan, and a net profit growth of 15% to 6.54 billion yuan [4][6] - The company aims to enhance its C-end retail business while focusing on high-value clients in the B-end custom business, alongside international market expansion and overseas brand collaborations [4][6] - The gross margin is projected to improve to 41.5% in 2026, with a net profit margin of 18.2% [6] Financial Projections - Revenue projections for 2024A to 2028E are as follows: 34.76 billion yuan (2024A), 38.20 billion yuan (2026E), 41.76 billion yuan (2027E), and 44.93 billion yuan (2028E) [2][4] - Net profit projections are: 6.54 billion yuan (2026E), 7.34 billion yuan (2027E), and 7.98 billion yuan (2028E) [4][6] - Earnings per share (EPS) are expected to be 0.61 yuan (2026E), 0.69 yuan (2027E), and 0.75 yuan (2028E) [2][4] Market Performance - In 2025, the company achieved a revenue of 34.49 billion yuan, a slight decline of 0.79% year-on-year, with a net profit of 5.70 billion yuan, down 8.79% year-on-year [4][6] - The company’s gross margin improved to 40.67% in 2025, with a net profit margin of 16.52% [4][6] - The company added 346 new distributors, bringing the total to 3,363 [4]