HuaYuan Securities: First give Tianwei Food "buy" rating, internal and external expansion drive income growth.

According to the research report of Huayuan Securities, Tianwei Food is the leader in multiple expansion, with both endogenous and exogenous driving forces for growth. The company focuses on the race track of compound seasonings such as recipe-style seasonings and hot pot seasonings. The endogenous core business revolves around the two major brands "Haorenjia" and "Dahongpao", continuously expanding categories and channels. Finally, during the market dividend period, a series of billion-yuan blockbuster products were successfully created, and the national layout was basically completed. At the same time, the company is cultivating a new curve of "exogenous expansion" during the industry adjustment period, further improving its multi-category, omni-channel layout. By the end of 2025, the company is expected to achieve revenue/net profit attributable to mother of approximately 3.45/0.57 billion yuan, with a compound growth rate of 12.2%/11.5% from 2019 to 2025. The compounded seasoning track has a high prosperity level, a large space for category penetration, especially in the broad growth space of recipe-style seasonings. There is a large space for improving industry concentration, and the leader is expected to stand out; the growth logic is restored, and high dividends highlight value. Selected comparable companies HaiTianWeiYe, Baoli Food, and YiHai International have an average PE ratio of 19 times in 26 years. Given the company's endogenous and exogenous dual-driving revenue growth, maintaining a strong fundamental upward trend while maintaining high dividend payout, we initiate coverage with a "buy" rating.