天味食品23年报点评：员工持股促长远，分红提升重回报

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 3.149 billion with a year-on-year growth of 17.02% and a net profit of 457 million, reflecting a growth of 33.65% [7] - The dividend payout ratio significantly increased to 92.74% from 70.96% in the previous year [7] - The company is expected to achieve a revenue of 3.635 billion in 2024, representing a growth of 15.4% [10] Financial Performance Summary - Revenue and Net Profit Forecast: - 2023: Revenue 3.149 billion, Net Profit 457 million - 2024E: Revenue 3.635 billion, Net Profit 549 million - 2025E: Revenue 4.184 billion, Net Profit 659 million - 2026E: Revenue 4.755 billion, Net Profit 775 million [10][17] - Profitability Metrics: - Gross Margin: 37.9% in 2023, expected to be 36.6% in 2024E - Net Margin: 14.5% in 2023, expected to be 15.1% in 2024E [17] - Earnings Per Share (EPS) Forecast: - 2023: 0.43 - 2024E: 0.52 - 2025E: 0.62 - 2026E: 0.73 [17] Business Strategy and Growth Drivers - The company is focusing on dual drivers for growth: product innovation and channel expansion, particularly in the B-end business [7] - New product launches include the third generation of hot pot base and zero-additive soup, enhancing the product matrix [7] - The employee stock ownership plan aims to promote long-term growth, with a target revenue growth of no less than 10% for 2024 and 15% for 2025 [7]