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天味食品:公司事件点评报告:错期下业绩边际承压,终端动销环比改善-20250508
Huaxin Securities· 2025-05-08 00:23
Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March 2025, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased to 40.74%, with net margin down 9 percentage points to 12.34% due to weak market demand and increased expenses [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - The company is positioned as a leader in the complex seasoning market, focusing on product innovation and channel collaboration [4]
天味食品(603317):公司事件点评报告:错期下业绩边际承压,终端动销环比改善
Huaxin Securities· 2025-05-07 15:11
Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased by 3 percentage points to 40.74%, while net margin fell by 9 percentage points to 12.34% [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - Projected revenue growth rates for 2025-2027 are 10.8%, 9.5%, and 8.6% respectively, with net profit growth rates of 8.8%, 12.3%, and 11.0% [9]