证券研究报告 | 2025年11月03日 天味食品（603317.SH） 优于大市 外延并购持续驱动，切入即食酱赛道 天味食品 2025 年前三季度实现营业总收入 24.11 亿元，同比增长 1.98%；实 现归母净利润 3.92 亿元，同比减少 9.30%；实现扣非归母净利润 3.57 亿元， 同比减少 8.13%；2025 年第三季度实现营业总收入 10.20 亿元，同比增长 13.79%；实现归母净利润 2.02 亿元，同比增长 8.93%；实现扣非归母净利润 1.95 亿元，同比增长 8.84%。 外延持续驱动，三季度延续双位数增长。2025 年第三季度公司线下/线上渠 道收入分别为 7.9 亿元/2.2 亿元，同比+4.5%/60.7%，线上高增长趋势延续， 线下由于基数提高增速环比放缓，公司三季度延续双位数增长受益于外延并 表贡献。2025 年第三季度火锅调料/菜谱调料收入分别同比+25.0%/14.9%， 除并表影响外，新零售渠道新品预计亦有贡献。 费用投放趋稳，盈利能力仍受影响。2025 年第三季度公司毛利率为 40.5%， 同比提升 1.6pct，预计主因产品结构优化及原材料成本价格红利。2 ...

Core Viewpoint - Tianwei Food is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to further its international strategy and optimize its capital structure [1][2]. Group 1: Company Strategy - The issuance of H-shares aims to alleviate performance growth pressure and enhance R&D, channel, and global layout capabilities through capital injection [2]. - Tianwei Food has previously attempted to enter overseas capital markets, including a plan for Global Depositary Receipts (GDR) in Switzerland, which was terminated due to internal and external factors [2][4]. - The company is focusing on the development of compound seasonings, with major brands including "Hao Ren Jia" and "Da Hong Pao," and aims to expand its overseas financing channels through the Hong Kong listing [2][4]. Group 2: Financial Performance - Despite continuous revenue and net profit growth from 2022 to 2024, the growth rates are slowing, with revenue growth of 32.84%, 17.02%, and 10.41%, and net profit growth of 85.11%, 33.65%, and 10.41% respectively [2][4]. - The company is heavily reliant on hot pot base products, which contributed nearly 95% of its revenue in the first half of the year [2][4]. Group 3: Market Challenges - The internationalization of Chinese seasoning companies is still in its early stages, with low export volumes relative to domestic consumption [4]. - Tianwei Food faces challenges in brand recognition, cultural adaptation, and supply chain capabilities when entering international markets [4]. - The company is advised to adopt a "light asset + local OEM" strategy for overseas expansion, focusing on major markets like North America and Southeast Asia [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is gradually recovering after destocking, with the effects of acquisitions becoming evident. In the first half of 2025, total revenue was 1.391 billion yuan, a year-on-year decrease of 5.24%, while net profit attributable to shareholders was 190 million yuan, down 23.01% [1][7] - The second quarter of 2025 saw a significant recovery, with total revenue reaching 749 million yuan, a year-on-year increase of 21.93%, and net profit attributable to shareholders increasing by 62.72% to 115 million yuan [1][7] - The company is benefiting from the integration of new subsidiaries, with online sales showing high growth, particularly in the second quarter, where online revenue increased by 66.7% [2][9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 1.391 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 190 million yuan, down 23.01% [1][7] - The second quarter of 2025 showed a recovery with total revenue of 749 million yuan, up 21.93% year-on-year, and net profit of 115 million yuan, up 62.72% [1][7] Revenue Channels - The company reported offline and online channel revenues of 540 million yuan and 200 million yuan respectively in the second quarter of 2025, with year-on-year increases of 9.5% and 66.7% [2][9] - The core categories, such as hot pot and recipe seasonings, saw revenue increases of 29.0% and 17.8% respectively in the second quarter [1][9] Profitability Improvement - The gross margin for the second quarter of 2025 was 37.0%, an increase of 3.7 percentage points year-on-year, driven by a higher proportion of high-margin products [2][9] - The selling and administrative expense ratios were reduced to 10.0% and 6.0%, respectively, indicating improved efficiency in a competitive environment [2][9] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting total revenues of 3.654 billion yuan, 3.960 billion yuan, and 4.269 billion yuan, with year-on-year growth rates of 5.1%, 8.4%, and 7.8% respectively [3][12] - The expected net profits for the same period are 680 million yuan, 739 million yuan, and 796 million yuan, with growth rates of 8.8%, 8.7%, and 7.7% [3][12]