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研報掘金丨光大證券:隨着燒烤和小龍蝦旺季來臨,認為天味食品Q2業績增長具備較強支撐
格隆匯 05-23 14:15
格隆匯5月23日丨光大證券22日研報指出,天味食品(603317.SH)23年4月收入維持較高增長,全年目標有望達成。單4月來看,公司實現營業收入約1.8億元,同比約+29.13%,環比23Q1有所提速,酸菜魚調味料和小龍蝦調味料是4月增長主要驅動力。Q2起大單品小龍蝦調料逐漸進入銷售旺季,目前西南區域龍蝦水產價格温和,小龍蝦產品已於4月開啟鋪貨。此外,公司近期陸續推出一系列新品,其中燒烤醬值得重點關注,淄博燒烤帶火了燒烤板塊,二季度公司進一步擴大了燒烤醬的銷售範圍。從收入端來看,1-4月開局良好,經營景氣度得到延續,且公司當前庫存仍處於良性區間。隨着燒烤和小龍蝦旺季來臨,銷售趨勢有望延續。認為公司Q2業績增長具備較強支撐,當前建議重點關注新品燒烤醬和大單品小龍蝦調料5-6月的動銷表現。同時,終端網點拓展上,公司聚焦關聯食材售點如水產店、肉鋪的佈局,且保持每年新增5-10萬個網點的推進速度。維持“增持”評級。
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