天味食品24年一季报点评：盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported Q1 2024 revenue of 853 million (up 11.34%) and net profit attributable to the parent company of 176 million (up 37.2%) [6] - Revenue growth is driven by the food extract segment, while hot pot seasoning performance is weaker, impacting overall growth [6] - The company's gross margin increased by 3.4 percentage points to 44.05% in Q1, driven by lower raw material costs [6] - The company aims for a 15% year-on-year revenue growth and a 20% increase in net profit for 2024, with a baseline target of 10% growth from the employee stock ownership plan [6] Financial Performance Summary - Revenue is projected to grow from 3,149 million in 2023 to 4,755 million in 2026, with year-on-year growth rates of 17.0%, 15.4%, 15.1%, and 13.7% respectively [3][4] - Net profit attributable to the parent company is expected to increase from 457 million in 2023 to 775 million in 2026, with corresponding growth rates of 33.7%, 20.3%, 20.1%, and 17.5% [3][4] - The gross margin is forecasted to improve from 37.9% in 2023 to 39.3% in 2026 [3][4] - The company's P/E ratio is projected to decrease from 30.56 in 2024 to 19.18 in 2026, indicating potential valuation improvement [3][4] Cash Flow and Balance Sheet - Operating cash flow is expected to rise from 603 million in 2024 to 1,111 million in 2025, before declining to 529 million in 2026 [8] - Total assets are projected to grow from 5,274 million in 2024 to 8,245 million in 2026 [8] - The company's total liabilities are expected to increase from 872 million in 2024 to 979 million in 2026 [8]