天味食品：成本和费用下行，Q3盈利超预期

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Views - The company reported Q3 earnings that exceeded expectations, with a revenue of 896 million yuan, a year-on-year increase of 10.9%, and a net profit of 186 million yuan, a year-on-year increase of 65% [4] - The company has improved its cost structure and expense management, leading to an upward revision of profit forecasts for 2024-2026 [4] - The company is transitioning from a broad operational model to a more refined approach, enhancing its strategic planning and operational efficiency [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.36 billion yuan, a year-on-year increase of 5.8%, and a net profit of 432 million yuan, a year-on-year increase of 35% [5] - The projected net profits for 2024-2026 are 590 million yuan, 670 million yuan, and 760 million yuan, representing year-on-year growth rates of 28.5%, 13.4%, and 14% respectively [4] - The company's gross margin for Q3 2024 was 38.8%, an increase of 0.8 percentage points year-on-year, driven by improved cost pressures and a favorable product mix [5] Revenue Breakdown - In Q3 2024, the company’s revenue from offline and online channels was 760 million yuan and 140 million yuan, respectively, with year-on-year growth rates of 6% and 55.4% [5] - The revenue contributions from key product categories in Q3 2024 were 300 million yuan from hot pot condiments, 390 million yuan from Chinese cuisine condiments, and 190 million yuan from sausages and cured meats, with respective year-on-year growth rates of 1.1%, 18%, and 19.7% [5] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue decreased significantly, with selling expenses down by 7.8 percentage points year-on-year [5] - The net profit margin for Q3 2024 was 20.7%, an increase of 6.8 percentage points year-on-year, reflecting effective cost management and operational efficiency [5]