天味食品（603317）：低基数叠加春节备货，2026年有望迎来开门红

Investment Rating - The investment rating for Tianwei Foods is maintained at "Outperform" [1] Core Insights - The company reported a slight decline in revenue and net profit for 2025, with revenue at 3.45 billion yuan and net profit at 570 million yuan, reflecting a year-on-year decrease of 0.8% and 8.8% respectively, primarily due to the timing of the Spring Festival [4][6] - The forecast for net profit from 2026 to 2028 is projected to grow to 640 million yuan, 746 million yuan, and 866 million yuan respectively, indicating year-on-year growth rates of 12.7%, 16.3%, and 16.0% [4][6] - The company is expected to benefit from a low base effect and Spring Festival inventory preparations, anticipating a strong start in Q1 2026 [7] Financial Performance Summary - For 2025, the gross margin increased by 0.9 percentage points to 40.7%, while the net margin decreased by 1.1 percentage points to 16.5% [6] - The company’s online channel revenue grew significantly by 56.9% in 2025, while offline channels saw a decline of 12.8% [5] - The company’s total revenue is projected to reach 3.81 billion yuan in 2026, with a year-on-year growth of 10.4% [10]