天味食品（603317）：25年营收稳健，外延并购打造新增长点

Investment Rating - The investment rating for the company is "Outperform" [6] Core Insights - The company reported a revenue of 3.449 billion yuan for 2025, a year-on-year decrease of 0.79%, and a net profit attributable to shareholders of 570 million yuan, down 8.79% year-on-year. The performance met expectations [4] - The company plans to distribute a cash dividend of 582 million yuan, resulting in a dividend yield of approximately 4.4% based on the stock price as of March 13 [4] - The company forecasts net profits for 2026-2028 to be 672 million, 758 million, and 842 million yuan respectively, with year-on-year growth rates of 18%, 12.7%, and 11.2% [6] - The company’s main product revenues remained stable, with significant contributions from its subsidiaries, including 3.23 billion yuan from Shicui Foods and 3.13 billion yuan from Jiadian Zhiwei [6] Financial Data and Profit Forecast - Total revenue for 2025 was 3.449 billion yuan, with a projected increase to 3.860 billion yuan in 2026, representing an 11.9% year-on-year growth [5] - The gross profit margin for 2025 was 40.65%, an increase of 0.85 percentage points year-on-year [6] - The company’s operating profit for 2025 was 736 million yuan, with a projected operating profit of 886 million yuan for 2026 [7]