446 风险提示：市场需求变化，行业竞争加剧，渠道拓展不及预期等。 数据来源：聚源、华金证券研究所 投资建议：公司坚持全品类全渠道建设，并以高端性价比战略牵引内外部变革，优 化供应链打造低价优质大单品，叠加抖音等短视频电商赋能全渠道、线下分销深化 助推增长，以及内部组织架构优化升级，业绩有望持续实现快速增长；中长期来看， 子品牌小鹿蓝蓝借势差异化定位，有望成为第二增长引擎。预计 2024-2026 年公 司营业收入分别为 101.65/123.76/146.08 亿元，同比增长 42.9%/21.8%/18.0%， 归母净利润 3.33/4.67/6.07 亿元，同比增长 51.5%/40.4%/29.8%，对应 EPS 分别 为 0.83/1.17/1.51 元，首次覆盖，给予"增持-B"评级。 公司快报/休闲食品Ⅲ 公司快报/休闲食品Ⅲ 预计 2024-2026 年公司收入预计同比增长 42.9%/21.8%/18.0%，毛利率为 24.1%/24.9%/2 （1） 线上渠道：公司以高端性价比为导向，积极构建全品类基本盘和"抖+N"全渠道协 同体系，通过发力抖音等短视频渠道加快培育大单品、提高产品品牌势能 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price reflecting a potential upside of over 20% within the next six months [6][22]. Core Insights - The company has introduced a stock option incentive plan and an employee stock ownership plan aimed at 96 core employees, with a total of 2.4386 million stock options granted, representing 0.61% of total shares [1][3]. - The performance targets for the stock options are set at achieving after-tax revenues of 11.5 billion, 15 billion, and 20 billion yuan for the years 2024, 2025, and 2026 respectively, with a 100% exercise ratio if targets are met [1]. - If revenue targets are not met, the alternative targets based on net profit (excluding stock payment expenses) are set at 400 million yuan for the same years, with an 80% exercise ratio [1]. Financial Projections - The company aims for a total revenue of 20 billion yuan over three years, with projected revenues of 10.23 billion, 13.49 billion, and 17.70 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 44%, 32%, and 31% [4][5]. - The net profit attributable to the parent company is expected to reach 3.77 billion, 5.06 billion, and 6.63 billion yuan for the same years, with year-on-year growth rates of 72%, 34%, and 31% [4][5]. - The report adjusts the earnings forecast upwards due to the introduction of the stock incentive plan, with projected earnings per share (EPS) of 0.94, 1.26, and 1.65 yuan for 2024, 2025, and 2026 respectively [4][5]. Financial Data and Valuation - The company reported revenues of 7,293.16 million yuan in 2022, with a projected increase to 10,230.83 million yuan in 2024, representing a growth rate of 43.80% [5][10]. - The EBITDA is projected to grow from 200.18 million yuan in 2022 to 449.44 million yuan in 2024 [5][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 82.71 in 2022 to 28.30 in 2024, indicating improved valuation as earnings grow [5][10].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 29.98 CNY over the next six months [3][31]. Core Views - The company is undergoing a transformation towards a "high-end cost-performance" strategy, which is expected to gradually realize growth potential. This strategy is supported by a unique operational model that integrates production and sales across all categories and channels [22][31]. - The company has set ambitious revenue targets of 11.5 billion CNY for 2023, 15 billion CNY for 2024, and 20 billion CNY for 2025, with a focus on enhancing revenue scale and improving profit margins [30][31]. - The implementation of employee stock ownership and stock option incentive plans is aimed at aligning the interests of the team with the company's long-term strategic goals, thereby enhancing team stability and motivation [22][30]. Financial Summary - The company's revenue is projected to grow from 7,114.6 million CNY in 2023 to 10,192.5 million CNY in 2024, representing a growth rate of 43.3% [14][15]. - Net profit is expected to increase from 219.8 million CNY in 2023 to 343.4 million CNY in 2024, with a growth rate of 56.3% [14][15]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 0.86 CNY in 2024 [14][15]. Market Performance - The company's stock price has shown a relative performance of 4.0% over the past month and 36.6% over the past three months compared to the market index [12]. - The stock has a 12-month price range of 16.0 to 24.78 CNY, indicating potential for upward movement [3]. Strategic Initiatives - The company is focusing on enhancing its supply chain efficiency and product quality to achieve better cost performance, which is expected to drive growth in both online and offline channels [22][31]. - The dual stock incentive plans are designed to share growth dividends with employees, thereby fostering a culture of ownership and accountability within the organization [30][31].

Investment Rating - The investment rating for the company is "Buy" [4][21][17] Core Views - The company has set ambitious performance targets for its employee stock ownership and stock option incentive plans, aiming for a total revenue of 20 billion yuan over three years, with specific annual revenue targets of 115 billion, 150 billion, and 200 billion yuan for 2024, 2025, and 2026 respectively, reflecting a compound annual growth rate of approximately 32% [2][21] - The net profit targets for the same period are set at 4 billion yuan for each year, with a projected growth rate of 82% for 2024 [2][21] - The company's strategy focuses on high-end cost-performance and multi-channel revenue growth, which has been validated by recent performance [2][21] Financial Summary - The company's market capitalization is approximately 6,889.25 million yuan [2] - Revenue projections for 2024, 2025, and 2026 are 102.35 billion, 133.20 billion, and 155.99 billion yuan respectively, with year-on-year growth rates of 44%, 30%, and 17% [21][22] - The projected net profit for the same years is 3.58 billion, 5.06 billion, and 6.76 billion yuan, with growth rates of 63%, 41%, and 34% respectively [21][22] - Earnings per share (EPS) are expected to be 0.89, 1.26, and 1.69 yuan for 2024, 2025, and 2026 respectively [21][22] - The return on equity (ROE) is projected to increase from 9% in 2023 to 20% by 2026 [22]

证 2024 年 05 月 02 日 研 报 告 公 研 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

食品安全问题。 资料来源：万得，信达证券研发中心预测;股价为 2024 年 4 月 29 日收盘价 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 | --- | --- | --- | |----------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][15][26] - The target price is raised to 31.70 CNY, up from the previous 28.30 CNY [3][15] Core Insights - The company is experiencing a significant improvement in management efficiency due to ongoing optimization of its mechanisms, which is expected to enhance sales acceleration and management effectiveness [4][26] - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 0.99 (+0.11), 1.34 (+0.16), and 1.84 (+0.28) CNY respectively, reflecting a positive outlook on profitability [3][15] - The company has implemented a dual incentive plan that binds core employees, with stock options and employee stock ownership plans aimed at driving growth and aligning interests [26][18] Financial Summary - The company’s revenue is projected to reach 10,218 million CNY in 2024, with a growth rate of approximately 43% [18][16] - The net profit attributable to shareholders is expected to be 397 million CNY in 2024, representing a growth of 80% compared to the previous year [18][16] - The report highlights a significant increase in operating profit margin, projected to rise to 3.2% in 2024 [16][18] Market Position - The company is positioned as a leading brand in the leisure food sector, primarily engaged in the research, testing, packaging, and sales of its own brand products [16][18] - The report notes that the company has a strong brand presence among consumers, particularly with its core brand "Three Squirrels" [16][18]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1]. Core Views - The company has announced an employee stock ownership and stock option incentive plan, aiming to anchor high revenue growth over the next three years [1]. - The incentive plan involves a total of 1.98 million shares, accounting for 0.49% of the current total share capital, with a purchase price of 12.01 yuan per share [1]. - The stock option plan proposes 2.44 million options, representing 0.61% of the current total share capital, with an exercise price of 24.02 yuan per option [1]. - The plan targets core personnel, covering up to 96 individuals, to align team efforts with the company's long-term development [1]. - The revenue targets for the unlocking periods are set at 11.5 billion yuan for 2024 (up 46.5% YoY), 15 billion yuan for 2025 (up 30.4% YoY), and 20 billion yuan for 2026 (up 33.3% YoY) [1]. - The company expects a compound annual growth rate (CAGR) of over 36% in revenue from 2024 to 2026, significantly higher than the CAGR of approximately 10% from 2019 to 2023 [1]. - Short-term performance is anticipated to continue benefiting from the ongoing e-commerce boom and optimized distribution channels [1]. - The company is focusing on a high-end cost-performance strategy, which is expected to drive significant growth over the next three years [1]. Financial Summary - Projected revenues (in million yuan) are as follows: 2023: 7114.58, 2024: 10102.70, 2025: 12729.40, 2026: 14638.81 [2]. - Projected net profits (in million yuan) are as follows: 2023: 219.79, 2024: 339.72, 2025: 437.14, 2026: 576.11 [2]. - The expected earnings per share (EPS) are projected to be 0.55 yuan in 2023, increasing to 1.44 yuan by 2026 [2]. - The price-to-earnings (P/E) ratios are projected to be 43.04 for 2023, decreasing to 16.42 by 2026 [2]. - The company’s gross margin is expected to improve from 23.33% in 2023 to 26.87% in 2026 [2].

证券代码：300783 证券简称：三只松鼠 公告编号：2024-024 三只松鼠股份有限公司 关于持股 5%以上股东权益变动达 1%的公告 股东 LT GROWTH INVESTMENT IX (HK) LIMITED 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。 | 1.基本情况 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息披露义务人 LT GROWTH INVESTMENT IX (HK) LIMITED | | | | | | | | | | | 住所 香港德辅道中 249-253 | | | 号东宁大厦 | | 9 | 楼 | | | | | 权益变动时间 2023 8 月 29 日至 2024 | | 年 | 年 4 | 月 | 26 | 日 | | | | | 股票简称 三只松鼠 股票代码 | | | | | | | 300783 | | | | 变动类型 增加□ 减少√ 一致行动人 | | | | | | | 有□ 无√ | | | | 是 ...

北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于三只松鼠股份有限公司 2023 年度股东大会的 法律意见书 致：三只松鼠股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法 规和规范性文件及《三只松鼠股份有限公司章程》（以下简称"公司章程"）的 规定，北京市中伦律师事务所（以下简称"本所"）接受三只松鼠股份有限公司 （以下简称"公司"）委托，对公司 2023 年度股东大会（以下简称"本次股东 大会"）的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1. 现行有效的公司章程； 2. 公司刊登在深圳证券 ...