天味食品（603317）8月20日晚间公告称，公司正在筹划发行境外上市股份（H股）并申请在香港联交所主板挂牌上市。 公告称，公司正积极与相关中介机构就本次发行H股并上市的相关工作进行筹备、商讨，关于本次发行H股并上市的细 节尚未确定。 天味食品2024年年报显示，公司专注于复合调味料的研发、生产和销售。公司产品包括火锅调料、中式菜品调料、香肠 腊肉调料、香辣酱等100多个品种（不含餐饮定制产品），产品包括"好人家""大红袍""天车""天味食品餐饮高端定 制""拾翠坊""加点滋味"六大品牌，主要用于家庭、餐饮的烹调。同时，公司充分利用自身研发优势为国内连锁餐饮企业 提供定制化的产品，满足连锁餐饮客户对产品标准化、食品安全性及口味稳定性的需求。 公告称，此次筹划H股发行上市，主要为了进一步推进公司国际化战略与海外业务布局规划，提升品牌国际化认知与影 响力，同时更好地利用国际资本市场平台，优化资本结构，助力公司长远发展。 2024年，公司实现营业收入约34.76亿元，同比增长10.41%；实现归母净利润约6.25亿元，同比增长36.77%。 2025年一季度，公司实现营业收入约6.42亿元，同比下降24.80%；实 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [1][9] - The online channel maintained a high growth rate, with online revenue reaching 600 million yuan, a year-on-year increase of 51.7%, driven by the continued expansion of the "Shicui" product line [2][9] - The company's gross profit margin improved by 2.0 percentage points to 39.8% in 2024, attributed to scale effects, business structure optimization, and declining raw material prices [3][12] - The integration of the brand "Jia Dian Zi Wei" is expected to enhance the company's capabilities in the consumer market [3][15] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 34.76 billion yuan, a 10.41% increase year-on-year, and a net profit of 6.25 billion yuan, up 36.77% year-on-year [1][9] - The fourth quarter of 2024 saw revenue of 11.12 billion yuan, a 21.57% increase year-on-year, and a net profit of 1.92 billion yuan, up 41.03% year-on-year [1][9] Channel Performance - Offline and online channel revenues for 2024 were 2.87 billion yuan and 600 million yuan, respectively, with year-on-year growth of 4.4% and 51.7% [2][9] - The "Shicui" product line generated approximately 280 million yuan in revenue in 2024, achieving about 90% of its performance commitment [2][9] Operational Efficiency - The company's selling and administrative expense ratios decreased to 13.0% and 5.3%, respectively, indicating improved operational management efficiency [3][12] - The non-GAAP net profit margin increased by 3.5 percentage points to 16.3% in 2024, reflecting enhanced profitability from acquisitions and improved efficiency across channels [3][12] Future Outlook - The company has slightly raised its profit forecast, expecting revenues of 38.5 billion yuan and 42.2 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 10.8% and 9.5% [4][15] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.66 yuan, 0.73 yuan, and 0.78 yuan, respectively [4][5]