Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [14]. Core Insights - The company achieved a revenue of 10.622 billion yuan in 2024, representing a year-on-year growth of 49.3%. The net profit attributable to shareholders was 408 million yuan, up 85.5% year-on-year, with a non-recurring net profit of 319 million yuan, marking a significant increase of 214.3% [5][9]. - The company is focused on a "high-end cost-performance" strategy, aiming to return to a revenue target of 10 billion yuan. It has launched over 1,000 new SKUs in 2024 and is expanding its product matrix across various snack categories [9][10]. - Online sales accounted for 69.73% of total revenue, with significant contributions from platforms like Douyin and Tmall, while offline distribution is also being aggressively developed [9][10]. Financial Performance Summary - The company forecasts revenues of 13.809 billion yuan, 17.979 billion yuan, and 23.462 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 537 million yuan, 747 million yuan, and 972 million yuan [11][12]. - The gross margin is expected to improve to 24.8% in 2025, with a net margin of 3.9% [12]. - The company's return on equity (ROE) is projected to reach 16.9% in 2025, indicating strong profitability [12]. Product and Market Strategy - The company is diversifying its product offerings with multiple sub-brands targeting various market segments, including infant food and health snacks, to enhance its market presence [9][10]. - The company is leveraging a "D+N" omnichannel strategy to drive online sales while enhancing offline distribution capabilities [9][10]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.34 yuan for 2025, 1.86 yuan for 2026, and 2.42 yuan for 2027, with price-to-earnings (P/E) ratios of 20.1, 14.5, and 11.1, respectively [11][12].

瑞财经 刘治颖 3月37日，三只松鼠(SZ300783)发布2024年年度报告，营收实现近五年首次增长，净利增速创近五年新高。 2024年，三只松鼠营业收入106.22亿元，同比增长49.30%；归母净利润为4.08亿元，同比增长85.51%。 拉长时间线来看，2020年至2024年，三只松鼠营业收入增速分别为-3.72%、-0.24%、-25.35%、-2.45%、49.3%，归母净利润增速分别为26.21%、 36.43%、-68.52%、69.85%、85.51%。 据瑞财经查阅，三只松鼠现任董监高较为年轻化。其中，有7名董监高年龄不超40岁，分别为39岁独立董事黄钟伟，38岁董事会秘书潘道伟，38岁董事魏本 强，36岁董事郭广宇，36岁监事、监事会主席孙芳，33岁监事胡韶聿，31岁监事李曾光。而三只松鼠董事长、总经理则由49岁章燎源担任。 | | | | | | | 450 : ADG | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 性别 | 年齡 | 职务 -12-4 6 21 | 任职 状态 | 从公司获得的税前报酬总额 | 是否在公司关 ...

Core Viewpoint - Three Squirrels has successfully returned to the 10 billion revenue mark in 2024, achieving a 49% revenue growth and an 85% increase in net profit, driven by a comprehensive category and multi-brand strategy while expanding into new areas like warehousing stores and instant retail [2][4]. Financial Performance - In 2024, the company reported revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, marking its return to the 10 billion revenue club after three years [2] - Net profit reached 408 million yuan, up 85.5% year-on-year, with operating cash flow increasing by 80.1% to 602 million yuan [2] - The net profit margin improved from 3.09% in 2023 to 3.84% in 2024, indicating enhanced profitability through supply chain optimization and cost control [2] Product and Category Analysis - The revenue share of nut products decreased from 53.59% to 50.52%, while comprehensive products (gift boxes, combination packs) grew by 85.1% to 2.017 billion yuan, reflecting diverse consumer demand [3] - The company achieved a record quarterly revenue of 3.453 billion yuan in Q4, validating its successful inventory strategy for the New Year festival [3] Sales Channels and Distribution - Online sales accounted for 69.7% of total revenue, slightly down from 2023, while offline distribution revenue grew over 80% to 2.641 billion yuan [3] - The number of national snack stores increased from 149 to 296, with offline channel contribution rising from 30.4% to 33.85% [3] - Revenue from Douyin channel reached 2.188 billion yuan, up 81.7%, contributing 20.6% to total revenue [3] Strategic Initiatives - The company has implemented a "high-end cost-performance" strategy, establishing direct procurement partnerships with global suppliers, resulting in an 8% reduction in raw material costs [4] - The proportion of self-produced nuts increased from 35% in 2022 to 62% in 2024, leading to a gross margin increase of 1.2 percentage points to 24.25% [4] New Brand Development - The children's snack brand, Xiao Lu Lan Lan, generated 794 million yuan in sales, contributing 7.48% to total revenue and achieving profitability [5] - The company plans to pilot warehouse-style membership stores in the Yangtze River Delta, aiming to enhance customer spending and differentiate from competitors [5] Market Trends and Competitive Landscape - The snack market in China is projected to exceed 400 billion yuan in 2024, growing over 30%, with intense competition from low-price strategies of emerging brands [6][8] - Three Squirrels aims to leverage its scale advantage in lower-tier markets while establishing differentiated barriers in new retail formats [8] - The growth rate of snack consumption in third- and fourth-tier cities reached 45%, significantly outpacing first- and second-tier cities [7]

对于赴港上市，三只松鼠方面对新京报记者表示，公司计划发行H股股票并申请在香港联交所主板挂牌 上市，主要是为了进一步落实"高端性价比"总战略，强化"制造、品牌、零售"前后一体化的全面布局， 进一步促进公司全球品牌知名度提升及全球供应链体系建设，拓展境外融资能力。 编辑 唐峥 新京报讯（记者王子扬）3月27日晚间，休闲食品企业三只松鼠发布业绩报告显示，2024年三只松鼠营 收达106.22亿元，同比增长49.30%；净利润为4.08亿元，同比增长85.51%。与财报同时发布的公告显 示，三只松鼠计划在香港联交所上市，不过目前正在商讨中。 根据财报，2024年三只松鼠主品牌营收为98.25亿元，占总营收比重为92.49%；专做儿童零食的子品 牌"小鹿蓝蓝"营收为7.94亿元，占比为7.48%。从收入渠道来看，三只松鼠在三方电商平台营业收入 74.07亿元，占总营收的69.73%，其中抖音系平台收入超过三只松鼠发家的天猫系平台，达到21.88亿 元，同比增长81.73%。 门店方面，至报告期末，公司线下门店累计开设333家，其中国民零食店296家。报告期内，三只松鼠线 下门店收入4.04亿元，其中国民零食店营业收入3 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 10.622 billion yuan, a year-on-year growth of 49.30%, and a net profit of 408 million yuan, up 85.51% [1] Group 1: Online Sales Dependency - In 2024, online sales accounted for 69.73% of total revenue, with 7.407 billion yuan generated from third-party e-commerce platforms, indicating a high reliance on online channels [4] - The company faces risks due to the declining traffic benefits of e-commerce platforms, changes in platform policies, increased competition, and rising customer acquisition costs [4] Group 2: Offline Channel Development - The company has opened a total of 333 offline stores by the end of 2024, with 296 being snack stores, generating 404 million yuan in revenue, which is approximately 3.8% of total revenue [5] - Offline distribution business showed strong growth, with revenue reaching 2.641 billion yuan, a year-on-year increase of over 80%, but the overall offline channel still lacks sufficient resilience against online fluctuations [5] Group 3: Product Category Strengths and Challenges - Nuts remain the core product category, with strong growth in 2024, featuring over 20 billion-level single products, and several products ranking top in their categories on major platforms [6] - The company launched over 1,000 new SKUs in the snack market, but faces intense competition from brands like Good Products and Baicaowei, indicating a need for improved product differentiation and market segmentation [7] Group 4: Supply Chain and Cost Management - The company has made progress in global raw material sourcing and supply chain efficiency through a "one product, one chain" strategy, establishing centralized supply bases and factories [8] - Despite improvements, the company still faces cost pressures from raw material price fluctuations and rising logistics costs, with a gross profit margin of 24.25% in 2024, which is an improvement from 2023 but lower than 29.38% in 2021 [8]

Summary of the Conference Call for Three Squirrels Company Overview - **Company**: Three Squirrels - **Industry**: Snack Food and Beverage Key Points and Arguments 2024 Performance - Three Squirrels achieved over 10 billion in revenue and a profit exceeding 400 million in 2024, driven by a high-end cost-performance strategy initiated in 2023 and positive impacts from special sales events like the New Year Festival [3][4][6] Revenue Growth Drivers - Revenue growth in 2024 was attributed to channel expansion and product category growth, with significant contributions from: - Short video channels generating approximately 1.1 billion in transaction volume - New distribution contributing 1.2 billion - E-commerce contributing 800 million - Nut category contributing 1.5 billion, with new distribution playing a key role [4][6] Strategic Focus for 2025 - The strategic focus for 2025 includes: - Adjusting product categories, aiming for snacks to account for over 50% of sales - Enhancing offline channel contributions through new distribution and community discount stores - Adapting sales node structures to market changes [4][7][8] Supply Chain and Product Development - Plans to strengthen supply chain through four GA bases and a "one product, one chain" approach for high-end cost-performance products [4][5][17] - New distribution model driven by product categories, leveraging self-owned brand supply chain advantages [18] Digital and Offline Distribution Strategies - Optimistic about offline distribution, planning to launch several dairy products and improve logistics efficiency through digital distribution [11][18] - Despite a slowdown in Douyin's growth, it remains a key channel for product insights and content [12][13] Global Expansion and Supply Chain - Committed to global supply chain development, with new factories in Cambodia and site selection in Thailand [17][19] - Focus on deep processing in Vietnam and Cambodia to enhance production efficiency [19] Profitability and Cost Management - Aiming for a 30% gross profit growth in 2025, primarily through organic growth [25] - Non-recurring income reductions are not expected to negatively impact profit margins due to ongoing government subsidies [27] Organizational Efficiency - Significant improvement in personnel efficiency, with a reduction in employee numbers from 4,600 in 2019 to over 2,300 in 2024 while maintaining revenue levels [6][22] Product Strategy and Market Adaptation - Emphasis on multi-brand and multi-category offerings in the beverage market, with plans to accelerate dairy product layouts [15] - New community discount formats are seen as an opportunity due to the company's extensive SKU range and strong supply chain [16] Future Outlook - 2025 is viewed as a crucial year for structural adjustments, with expectations that profit growth will outpace revenue growth as asset ratios improve [30] - Continuous investment in supply chain optimization and product development to ensure competitive positioning [31] Additional Important Insights - The company is exploring new offline channels, including convenience stores and community discount formats, to enhance retail solutions [14][31] - A robust feedback mechanism is in place to ensure successful product launches, involving market insights and rapid testing [33]

Core Viewpoint - The company, Three Squirrels, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global brand recognition and supply chain capabilities, following a trend of A-share companies seeking overseas listings [1][4]. Company Overview - Three Squirrels was founded on February 16, 2012, and was listed on the Shenzhen Stock Exchange's ChiNext board on July 12, 2019. It is a manufacturer and retailer in the snack industry, specializing in a full range of self-owned brands, with nuts as its core product [4]. Financial Performance - For the year 2024, Three Squirrels reported a revenue of 10.622 billion yuan, representing a year-on-year increase of 49.3% [5]. - The net profit attributable to shareholders was 407.74 million yuan, showing an 85.51% increase compared to the previous year [5]. - The net profit after deducting non-recurring gains and losses was 319.32 million yuan, which is a significant increase of 214.33% year-on-year [5]. - The net cash flow from operating activities reached 601.74 million yuan, up 80.08% from the previous year [5]. - Basic and diluted earnings per share were both 1.02 yuan, an increase of 85.45% compared to the previous year [5]. Market Position - As of March 27, the stock price of Three Squirrels was 28.69 yuan, with a market capitalization of approximately 11.505 billion yuan [6]. - The company has seen a stock price increase of 1.81% on that day [6]. - The total assets of the company at the end of 2024 were 6.767 billion yuan, a 22.07% increase from the previous year [5].

Core Viewpoint - The annual report of Three Squirrels (300783.SZ) for 2024 reveals a significant change in institutional investor holdings, with a total of 81 institutions holding 63.04 million shares, representing 15.72% of the total share capital, and a notable decline in the proportion of shares held by the top ten institutional investors [1] Group 1: Institutional Holdings - As of March 27, 2025, 81 institutional investors disclosed holdings in Three Squirrels, totaling 63.04 million shares, which is 15.72% of the total share capital [1] - The top ten institutional investors collectively hold 12.79% of the shares, with a decrease of 5.28 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - One public fund, Southern CSI 1000 ETF, reported a decrease in holdings, with a reduction ratio of 0.21% compared to the previous quarter [2] - Six new public funds disclosed holdings during this period, including funds such as Caitong Value Momentum Mixed A and Caitong Growth Preferred Mixed A [2] - A total of 29 public funds were not disclosed in this period, including several notable funds like Yinhua Shengshi Selected Flexible Allocation Mixed Initiation A [2] Group 3: Foreign Investment - Two foreign funds, LT Growth Investment IX (HK) Limited and NICE Growth Limited, reported a decrease in holdings, with a reduction ratio of 3.80% compared to the previous quarter [2] - The Hong Kong Central Clearing Limited was not disclosed in this period [2]

3月27日晚间，三只松鼠（300783）发布2024年年报，并宣布启动港股IPO。 年报显示，三只松鼠2024年实现营业收入106.22亿元，同比增长49.30%；归母净利润4.08亿元，同比增 长85.51%，如期达成2024年"重回百亿"的目标。 与年报一同发布的，还有三只松鼠宣布筹划H股上市的消息。其称，将选择适当的时机和发行窗口完成 H股发行上市。 营收重回百亿元 此外，公司构建"全品类"产品矩阵，加速零食产品上新，为全渠道适配并经营全品类零食。2024年累计 上线超1000款SKU。定位"儿童高端健康零食"的小鹿蓝蓝品牌，则打造了数款千万级大单品。 在渠道方面，公司来自第三方电商平台营业收入为74.07亿元，占总营收的69.73%。线下销售上，分销 业务营业收入26.41亿元，同比增长超80%。截至2024年末，公司线下门店累计开设333家，其中国民零 食店296家。报告期内，线下门店实现收入4.04亿元，其中国民零食店营业收入3.46亿元。 在2023年年报中，三只松鼠曾表示，基于未来新构想，2024年公司规划的总体目标是"重回百亿，在全 中做强"。 随着2024年年报正式披露，三只松鼠如期达成上 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-009 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 大华会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为大华会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以400,729,300股为基数，向全体股东每10股派发现金红 利1.25元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 在"高端性价比"总战略牵引下，公司加速零食产品上新，为全渠道适配并经营全品类零食。报告期内累 计上线超1,000款SKU，打造辣卤礼包、1号蛋、高蛋白肉脯、手撕面包、蛋黄酥、沙琪玛 ...