证券研究报告 | 公司点评报告 2025 年 08 月 28 日 天味食品（603317.SH） 内生收入复苏，利润超预期反弹 消费品/食品饮料 公司 25Q2 收入/归母净利润分别同比+21.93%/+62.72%，业绩超预期，主要在 于 Q1 公司去库存后轻装上阵，内生业务受益于新品推广，小龙虾料增速可观， 及定制渠道加码明显改善，外延食萃+加点滋味增长态势延续。下半年看公司高 基数压力收入增速环比 Q2 或有放缓，但考虑到成本红利及费用端优化，整体 盈利能力预计仍有改善空间。中期看内生外延多元发展份额再升，公司承诺保 持高分红，未来 3 年股息有望维持在较高水平。我们预计 25-27 年公司 eps 分 别为 0.59 元、0.68 元、0.76 元，对应 25 年估值 21X，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：12.37 元 基础数据 | 总股本（百万股） | 1065 | | --- | --- | | 已上市流通股（百万股） | 1065 | | 总市值（十亿元） | 13.2 | | 流通市值（十亿元） | 13.2 | | 每股净资产（MRQ） | 3.9 | ...

事件：2025H1 公司实现收入13.91 亿元，同比增长-5.24%；实现归母净利润1.90 亿元，同比增 长-23.01%。2025Q2 公司实现收入7.49 亿元，同比增长21.93%；实现归母净利润1.15 亿元，同比增长 62.72%。 食萃和加点滋味贡献增量，Q2 经营反弹。25H1 食萃收入为1.38 亿元，同比增长20.52%；净利润为0.24 亿元，同比增长30.88%。新增控股子公司加点滋味上半年收入为1.33 亿元，贡献净利润0.07 亿元。分 渠道看，25H1 线下、线上分别实现收入9.74、4.07 亿元，同比分别增长-19.60%、60.11%。分品类看， 25H1 火锅调料、菜谱式调料分别实现收入4.28、8.96 亿元，同比分别增长-12.85%、1.06%。分地区 看，上半年东部、南部、西部、北部、中部分别实现收入3.80、1.44、4.96、0.90、2.70亿元，同比分别 增长29.35%、-3.95%、-5.85%、-25.92%、-27.46%。上半年公司经销商净增加234 家至3251 家。随着公 司经营策略调整见效及市场需求的逐步恢复，公司Q2 经营业绩呈现反弹， ...

天味食品公告，2025年半年度主营业务收入13.81亿元，同比下降5.76%。其中，线下渠道9.74亿元，同 比下降19.60%；线上渠道4.07亿元，同比增长60.11%。火锅调料4.28亿元，同比下降12.85%；菜谱式调 料8.96亿元，同比增长1.06%；香肠腊肉调料1362.07万元，同比下降59.31%。东部区域3.8亿元，同比增 长29.35%。报告期末经销商3251个，较期初增加234个。 ...

Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. is planning to go public in Hong Kong despite a disappointing first-quarter report, indicating challenges in revenue and profitability [1][2]. Financial Performance - The company's revenue decreased by approximately 24.8% year-on-year to around 642 million yuan, while net profit plummeted by 57.5% to about 74.73 million yuan [2][3]. - Operating cash flow also saw a significant decline of 93.7%, dropping to approximately 1.18 million yuan [2][3]. Product Category Performance - Revenue from core product categories experienced substantial declines: hot pot seasoning down by 41.05%, recipe-style seasoning down by 12.24%, and sausage and cured meat seasoning down by 55.77% [4][3]. - Total revenue from these categories fell by about 25% compared to the previous year [4]. Regional Performance - Revenue from the western region dropped by approximately 26.86%, while the northern region saw a decline of 43.6%. The eastern region experienced a slight increase of 9.3%, but it was insufficient to offset losses from other regions [6][5]. Market Confidence and Stock Performance - The poor financial results led to a significant drop in market confidence, with the stock price falling by 6.7% on the day of the report and nearly 19% over three trading days [6][5]. - As of August 22, the stock closed at 12.22 yuan per share, down from 13.17 yuan prior to the earnings report [6]. Industry Competition - The hot pot seasoning market is becoming increasingly competitive, with traditional brands and new entrants putting pressure on Tianwei's market share [9]. - The company has faced challenges related to its brand governance and market positioning, which have been exacerbated by recent controversies regarding dealer agreements [12][11]. Historical Context - Tianwei Food has a history of failed IPO attempts before successfully listing on the Shanghai Stock Exchange in 2019 [8]. - The company has been involved in controversies, including a "choose one" policy for dealers, which has negatively impacted its reputation and sales [11][12].

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]

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline of 24.80% year-on-year in Q1 2025, with a total revenue of 642 million yuan and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [2] - The sales pressure in Q1 2025 was attributed to the timing of the Spring Festival, while online channels provided incremental growth [3] - The company has been actively exploring external mergers and acquisitions, which have contributed to growth in online channels and improved performance in certain product categories [5] - The overall business performance is expected to stabilize and recover in the future [5] Revenue and Profitability Analysis - In Q1 2025, the company's revenue from various product categories showed significant declines, with hot pot condiments down 41.05% and sausage and cured meat condiments down 55.77% [3] - The company's gross margin in Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year, primarily due to a significant decline in high-margin products [4] - The net profit margin for Q1 2025 was 11.65%, down 8.98 percentage points year-on-year, indicating a decline in profitability due to cost and expense pressures [4] Financial Forecasts - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 37.04 billion yuan, 41.19 billion yuan, and 45.23 billion yuan respectively [6] - The earnings per share (EPS) forecasts for the same period have also been revised down to 0.57 yuan, 0.65 yuan, and 0.75 yuan respectively [6] - The price-to-earnings (PE) ratios corresponding to the closing price of 11.29 yuan per share are projected to be 20, 17, and 15 times for 2025, 2026, and 2027 respectively [6]

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods, with a target price of 16 yuan [2][8]. Core Views - The company reported a total operating revenue of 642 million yuan in Q1 2025, a year-on-year decrease of 24.8%. The net profit attributable to the parent company was 75 million yuan, down 57.53% year-on-year [2][8]. - Short-term operational pressure is expected to improve throughout the year, with a potential return to growth in Q2 2025 as inventory levels decrease and seasonal products become available [8][9]. - The company aims for single-digit revenue growth for the full year 2025, driven by new product launches and potential acquisitions, despite a competitive industry landscape [8][9]. Financial Summary - For 2024A, total operating revenue is projected at 3,476 million yuan, with a growth rate of 10.4%. The net profit attributable to the parent company is expected to be 625 million yuan, reflecting a growth rate of 36.8% [4][8]. - The earnings per share (EPS) forecast for 2025E is 0.59 yuan, with a price-to-earnings (P/E) ratio of 20 times [4][8]. - The company has a total market capitalization of 12.375 billion yuan and a debt-to-asset ratio of 14.92% [5][8].

单位：人民币万元 证券代码：603317 证券简称：天味食品 公告编号：2025-050 四川天味食品集团股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》的相 关规定，现将四川天味食品集团股份有限公司 2025 年第一季度主要经营数据公告如 下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 渠道 | 年第一季度 2025 | 年第一季度 2024 | 同比变动（%） | | --- | --- | --- | --- | | 线下渠道 | 43,466.58 | 71,894.29 | -39.54 | | 线上渠道 | 20,373.53 | 13,227.20 | 54.03 | | 小计 | 63,840.11 | 85,121.49 | -25.00 | 2、主要产品收入变动情况： | 产品 | 2025 年第一季度 | 2024 年第一季度 | 同比变动（%） | | --- | -- ...