Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% [1][11]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver for growth, with a focus on customized supply chain solutions for different product categories [2][11]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3][11]. - Digital transformation has led to a more efficient organizational structure, improving overall operational efficiency and profit margins [4][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a net profit of 408 million yuan, and a non-recurring net profit of 319 million yuan, reflecting year-on-year growth rates of 49.3%, 85.51%, and 214.33% respectively [1][11]. - The company plans to achieve revenues of 13.313 billion, 16.718 billion, and 18.968 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 473 million, 700 million, and 911 million yuan [11]. Strategic Initiatives - The company is expanding its product categories and enhancing its supply chain capabilities, particularly in the snack segment, with a focus on self-manufacturing and cost optimization [2][11]. - The company is also planning to increase its presence in the beverage market and develop new brands, indicating a multi-brand strategy [2][11]. Distribution and Sales Channels - The company has seen substantial growth in its distribution channels, with offline distribution revenue increasing by over 80% year-on-year [3][11]. - The company has expanded its distributor network to 1,871, indicating a strong push into the offline market [3][11]. Profitability and Efficiency - The company's gross margin improved to 24.25% in 2024, driven by scale, supply chain enhancements, and increased self-production [4][11]. - Management and sales expense ratios have shown slight improvements, indicating better cost control and operational efficiency [4][11].

Core Viewpoint - The company reported significant growth in revenue and profit for 2024, indicating a strong recovery and expansion in both online and offline channels [1][2][4]. Revenue Performance - In 2024, the company achieved a revenue of 10.622 billion yuan, a year-on-year increase of 49.30% [1] - Online revenue reached 7.407 billion yuan, up 49.60% year-on-year, with notable contributions from Douyin, Tmall, and JD [2] - Offline revenue was 3.215 billion yuan, increasing by 48.6%, driven by strong performance in distribution and stores [2] Product Category Growth - Core nut products generated 5.366 billion yuan in revenue, a growth of 41%, accounting for 50.52% of total revenue [3] - Non-nut categories saw a continued increase in share, with significant growth in dried fruits, meat products, and baked goods [3] Profitability Improvement - The company's gross margin improved by 0.92 percentage points to 24.25%, while the net profit margin also increased [4] - The optimization of management fees contributed to enhanced profitability, with a non-GAAP net profit margin of 3.01% [4] Strategic Initiatives - The company plans to launch H-share listings to enhance its global supply chain and financing capabilities [4] - A multi-brand strategy is being implemented to diversify product offerings and increase revenue resilience [3][4] Future Outlook - Revenue projections for 2025-2027 are set at 13.429 billion, 17.054 billion, and 20.086 billion yuan, with expected growth rates of 26%, 27%, and 18% respectively [5] - The company anticipates continued market share growth in online channels and improved performance in offline distribution [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% year-on-year [1]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver of growth, with a focus on customized supply chain solutions for different product categories [2]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3]. - The company is leveraging digitalization to optimize its operations, resulting in improved profit margins and operational efficiency [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, a 49.3% increase from the previous year, and a net profit of 408 million yuan, reflecting an 85.51% growth [1]. - The fourth quarter revenue was 3.453 billion yuan, with a year-on-year growth of 36.35% [1]. Strategic Initiatives - The company is focusing on high-end cost performance and has implemented a customized supply chain strategy, particularly in the nut category, achieving a high level of self-manufacturing [2]. - The company plans to expand its product offerings, including beverages and new brands, to enhance its market presence [2]. Distribution and Sales Channels - Online sales through platforms like Douyin, Tmall, and JD.com have shown significant growth, with Douyin revenue increasing by 81.73% year-on-year [3]. - The company has also made strides in offline distribution, with a revenue increase of over 80% in this channel [3]. Operational Efficiency - The company has adopted a digital-driven "product-sales integration" model, enhancing overall operational efficiency and improving profit margins [4]. - The gross margin for 2024 was reported at 24.25%, an increase of 0.92 percentage points year-on-year [4].

证券代码：300783 证券简称：三只松鼠 公告编号：2025-021 三只松鼠股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为便于广大投资者进一步了解三只松鼠股份有限公司（以下简称"公司"） 2024 年度经营情况，公司将于 2025 年 4 月 3 日（星期四）下午 15:00-16:00 在全 景网举办 2024 年度业绩说明会。现将本次业绩说明会的相关内容公告如下： 一、业绩会说明安排 二、征集问题事项 为了做好中小投资者保护工作，本公司现就本次业绩说明会提前向投资者征集 相关问题，广泛听取投资者意见和建议。 投资者可提前扫描下方二维码进入问题征集专题页面进行提问，本公司将在 2024 年度业绩说明会上对投资者普遍关注的问题进行回答，提升本次业绩说明会 1 （一）会议召开时间：2025 年 4 月 3 日 15:00-16:00 （二）会议召开方式：网络方式 （三）会议召开地点：全景网"投资者关系互动平台" （https://ir.p5w.net） （四）本次出席人员：公司董事长、总经理章燎 ...

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][17]. Core Views - The company is expected to achieve revenues of 10.62 billion yuan and a net profit of 407.74 million yuan in 2024, reflecting year-on-year growth of 49.30% and 85.51% respectively [1][4]. - The company's strategy of "high-end cost performance" is being validated at the terminal level, and the "D+N" channel synergy is expected to strengthen overall channel performance [4]. Revenue Growth - All product categories have shown growth, with significant increases in revenue for nuts, baked goods, and meat products. The revenue for the company's brands, including Three Squirrels and Little Deer Blue, reached 982.5 million yuan and 79.4 million yuan respectively, marking year-on-year growth of 50.57% and 35.03% [2]. - The company has launched over 1,000 SKUs, with products like buffalo milk layered toast achieving over 10 million yuan in sales within months of launch [2]. Channel Performance - Online revenue reached 7.407 billion yuan in 2024, up 49.60% year-on-year, with Douyin, Tmall, and JD contributing significantly to this growth [3]. - Offline revenue also increased to 3.215 billion yuan, with a notable 80%+ growth in distribution channels [3]. Profitability and Financial Metrics - The company improved its gross margin to 24.25% and net margin to 3.84% in 2024, with a significant reduction in management expenses [3]. - The projected revenues for 2025-2027 are 13.78 billion yuan, 17.27 billion yuan, and 20.83 billion yuan, with corresponding net profits of 547.56 million yuan, 717.44 million yuan, and 895.70 million yuan [5][4]. Future Projections - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 30%, 25%, and 21% for the years 2025, 2026, and 2027 respectively [4]. - The price-to-earnings ratio is projected to decrease from 20X in 2025 to 12X in 2027, indicating improving valuation metrics [4].

➢ 事件：公司发布 2024 年年报，公司 2024 年实现收入 106.22 亿元，同比 +49.30%；实现归母净利润 4.08 亿元，同比+85.51%；扣非后净利润实现 3.19 亿元，同比+214.33%。其中 24Q4 实现收入 34.53 亿元，同比+36.35%；实现 归母净利润 0.67 亿元，同比+32.63%；扣非后净利润实现 0.53 亿元，同比 +229.16%。2024 年毛利率实现 24.25%，同比+0.92pct；其中 2024Q4 毛利 率为 21.77%，同比+1.01pct，公司毛利率提升主要得益于规模效应的显现和公 司自产比例的提升。2024 年销售/管理/研发/财务费用率同比变动分别为 +0.19pct/-1.11pct/-0.08pct/-0.02pct；其中 2024Q4 销售/管理/研发/财务费 用率同比变动分别为+0.30pct/-0.53pct/+0.06pct/-0.10pct。2024 年实现净利 率 3.84%，同比+0.75pct；2024Q4 净利率为 1.93%，同比-0.05pct。 三只松鼠（300783.SZ）2024 年年报点评 ➢ 全 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,622 | 13,534 | 17,808 | 21,381 | | 增长率（%） | 49.3 | 27.4 | 31.6 | 20.1 | | 归属母公司股东净利润（百万元） | 408 | 504 | 695 | 879 | | 增长率（%） | 85.5 | 23.5 | 38.0 | 26.5 | | 每股收益（元） | 1.02 | 1.26 | 1.73 | 2.19 | | PE | 27 | 21 | 16 | 12 | | PB | 3.8 | 3.3 | 2.8 | 2.4 | 三只松鼠（300783.SZ）2024 年年报点评 "高端性价比"战略显效，营收重回百亿 2025 年 03 月 31 日 ➢ 事件：公司发布 2024 年年报，公司 2024 年实现收入 106.22 亿元，同比 +49.30%；实现归母净利润 4.08 亿元，同比+85.51%；扣非后净利润实现 3.19 亿元，同比+214.33 ...

公司报告 | 年报点评报告 三只松鼠（300783） 证券研究报告 线上/线下分销齐发力，重回百亿规模 事件：2024 年公司收入/归母净利润分别为 106.22/4.08 亿元（同比 +49.30%/+85.51%）；24Q4 公司收入/归母净利润分别为 34.53/0.67 亿元（同 比+36.35%/+32.63%）。 所有品类均有增长，坚果/烘焙占比下降。2024 年三只松鼠/小鹿蓝蓝品牌 营 收 98.25/7.94 亿 元 ， 同 比 +50.57%/35.03% ， 其 中 24H2 同 比 +32.86%/+14.89% 。 坚 果 / 烘 焙 / 肉 制 品 果 干 / 综 合 / 其 他 品 类 营 收 53.66/15.01/9.61/5.82/20.17/1.94 亿元，同增 40.76%/38.26%/60.19%/66.49% /85.06%/9.83%，坚果/烘焙占比下降 3.07/1.13pct 至 50.52%/14.13%，肉制品 /果干/综合占比同增 0.61/0.57/3.67pct 至 9.05%/5.48%/18.99%。24 年瓜子、 花生、板栗和豌豆销售额超亿， ...

来源：海闻社财经 海闻社观察 国际化视野，谁都会说，但重点要看怎么做。 今年消费品特别流行去港股IPO，不管有没在A股上过市的，难融资是客观现实。相比更偏袒制造业资金需求的A 股，今年的港股对消费品的态度比较开放，从卖玩具的到卖奶茶的，新的消费形态都很受港资追捧。 于是，卖零嘴儿的也准备去港交所闯上一闯了。 3月27日，三只松鼠披露了去年全年的年报。报告期内，三只松鼠营业收入达到106.22亿元，同比增长49.30%，时 隔四年重回百亿阵营；净利润4.08亿元，同比增幅85.5%。 在创始人章燎原的带领下，三只松鼠通过早期碾压能力的互联网打法与足够好吃的坚果，风靡大江南北。只用了7 年时间，就成功在A股上市。 很难有创业者如章老板那样对资本运作认知清晰，在大多数创业者还如无头苍蝇般纠结钱与股权分配问题的时 候，章老板已经早早在接触融资了。 成立2个月的公司就拿到IDG 150万美元A轮融资，一般人根本难以想象。 三只松鼠能获得资本青睐，主要是在当时的理念新。公司没有任何经营洁癖，义无反顾拥抱代工拥抱互联网，这 让公司的发展极度顺利。 规模，规模，还是规模。这是三只松鼠发展的核心。 但一招鲜总有折戟的时候，三只 ...

主要观点： 公司发布2024年业绩： 24Q4：营业总收入34.5 亿元（+36.35%），归母净利润0.7 亿元（32.63%），扣非归母净利润0.5 亿元 （229.16%）。 24 年：营业总收入106.2 亿元（+49.30%），归母净利润4.1 亿元（+85.51%），扣非归母净利润3.2 亿 元（+214.33%）。 收入：线下与抖音渠道表现突出 24H2 公司线下/线上营收分别同比增长45.0%/23.6%，线下业务表现好于线上，同期线下业务占比营收 提升3.8pct 至40.2%。分渠道看： 线下：我们预计24Q4 同比增速大于45%，环比Q3 加速。通过推出高端性价比产品，公司分销渠道改革 顺利，经销商接受度较高，带动年货节线下分销增速超过60%，其中坚果礼盒保持30%稳健增长，瓜子 销售额达1 亿。24 全年公司线下分销业务达26.41 亿元，同比增长超80%。 线上：我们预计24Q4 同比增长约25%，其中抖音为线上主要驱动。参考久谦与蝉妈妈数据，24Q4 天 猫/京东/抖音GMV 分别同比增长18.9%/24.6%/71.6%，抖音凭借贾乃亮代言与40 元性价比礼盒， 24Q4GMV ...