天味食品（603317）：24年业绩稳健，线上增长提速

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within six months [6]. Core Views - The company is expected to achieve a revenue of 3.48 billion yuan and a net profit of 624.64 million yuan in 2024, representing a year-on-year growth of 10.41% and 36.77% respectively [1]. - The company is focusing on enhancing its online presence and has made strategic acquisitions to strengthen its market position [2][4]. - Profitability has improved significantly, with gross margin and net margin increasing to 39.78% and 18.55% respectively in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 3.48 billion yuan, with a net profit of 624.64 million yuan, marking a growth of 10.41% and 36.77% year-on-year [5]. - The company’s gross margin improved by 1.90 percentage points to 39.78%, while the net margin increased by 3.76 percentage points to 18.55% [3]. - The company plans to distribute a cash dividend of 0.55 yuan per share, which accounts for 97.62% of the annual net profit [3]. Revenue Growth - Revenue growth was driven by strong performance in the southern and western regions, with year-on-year growth rates of 18.23% and 16.53% respectively [2]. - Online sales grew by 51.70% year-on-year, increasing the online revenue share to 17.18% [2]. Strategic Initiatives - The company is implementing a project manager system for key product categories to enhance efficiency and focus on strategic growth areas [1]. - Recent acquisitions, including a 63.84% stake in a company to bolster online operations, are expected to contribute positively to future growth [2][4]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 4.01 billion yuan, 4.48 billion yuan, and 4.95 billion yuan, with corresponding growth rates of 15%, 12%, and 11% [4]. - Net profit is projected to reach 743.43 million yuan, 846.85 million yuan, and 946.18 million yuan over the same period, with growth rates of 19%, 14%, and 12% respectively [4].