证券代码：300783 证券简称：三只松鼠 公告编号：2024-023 三只松鼠股份有限公司 2023 年度股东大会决议公告 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。 特别提示： 1、本次股东大会无增加或否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议的情况； 3、本公告所称中小股东是指除以下股东之外的公司其他股东：（1）单独或 者合计持有公司 5%以上股份的股东；（2）持有公司股份的公司董事、监事、高 级管理人员。 一、会议通知 三只松鼠股份有限公司（以下简称"公司"）董事会于 2024 年 3 月 26 日在 巨潮资讯网（http://www.cninfo.com.cn）上刊登了《关于召开 2023 年度股东 大会的通知》（公告编号：2024-019）。 二、会议召开和出席情况 1、召集人：公司董事会。 2、召开方式：现场投票和网络投票相结合的方式召开。 3、召开时间： （1）现场会议时间为：2024 年 4 月 25 日（星期四）下午 2:30 4、现场会议召开地点：安徽省芜湖市弋江区芜湖高新技术产业开发区久盛 路 8 号公司会议室。 ...

三只松鼠 24Q1 业绩说明会交流要点 20240417 #全年收入目标有望上调,维持3-3.5%净利率目标不变 24Q1 经营基本情况： 短视频 Q1 收入超 10 亿，占比近 30%（去年同期不到 20%)，同比双位数增长；综合电商占 比 40%左右，同比+50%以上; 分销占比 17-18%, 同比翻倍。 Q1 管理费用率: 优化较多,系优化组织结构,较过去互联网货架电商红利下组织管理的精细度的提升(目前 2600 人左右，19 年 4500 人)。 24Q2 经营展望: 收入预计保持高速增长，利润去年同期亏损 3000 万，#今年 Q2 规划减亏，具体来看：1) 加大抖音内容端投入，打造品牌势能，有益于全渠道均衡发展;2）去年试点终端日销,反 响较好, 4/8 召开内部规划会, 分销下沉市场机会较大, 内部优先进行产品适配及组织调整, 在此基础上做渠道开发，4月分销动作预计有较多调整。 供应链优化: 目前过亿单品 15 款左右，部分实现自主制造，今年在坚果上持续深耕，后续规模较大的坚 果都会覆盖：零食主要代工，优选部分大单品创新供应链，同合作伙伴共同优化全链路等, 采购和制造端口的优化预计带来成本端大 ...

总股本（万股） 40,100.00 2024 年 04 月 17 日 公司研究 评级：买入(维持) 事件: 投资要点: 流通股本（万股） 27,959.60 毛利率下滑幅度可控，扣非归母净利率稳中有升。2024Q1 公司毛利 率同比-0.87pct 至 27.40%，在终端产品更具性价比的背景下，毛利 率仅小幅下滑，核心品类毛利率保持稳定。一季度整体费用率在规 模 效 应 下 实 现 优 化 ， 其 中 销 售 / 管 理 / 研 发 费 用 率 分 别 为 16.26%/1.33%/0.15%，同比+1.08pct/-1.86pct/-0.16pct。销售费用 率的提升预计主要系春节错期影响下营销投放费用较多。管理费用 降幅较大，主要得益于"品销合一"协同组织有效提升整体管理效 率。最终 2024Q1 公司扣非归母净利率同比+0.04pct 至 7.22%，盈 利能力稳中有升；归母净利率同比-1.63pc 至 8.46%，主要系政府补 助同比减少 1564 万元。 日均成交额（百万） 580.45 近一月换手（%） 3.42 相关报告 《三只松鼠（300783）2023 年报点评报告：改革 成效显著，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected return of over 20% within the next six months [20][35]. Core Insights - In Q1 2024, the company achieved revenue of 3.646 billion yuan, a year-on-year increase of 91.83%, and a net profit attributable to the parent company of 308 million yuan, up 60.80% year-on-year, indicating strong performance that exceeded market expectations [24]. - The company continues to implement a "high-end cost-performance" strategy, focusing on a "one product, one chain" model to enhance product competitiveness and maintain stable gross margins in core categories [6][19]. - The "Dou+N" strategy has significantly boosted the short video business, contributing to overall revenue growth and establishing a mature e-commerce ecosystem [2][25]. Financial Summary - The company’s revenue is projected to return to over 10 billion yuan in 2024, with net profits for 2024-2026 expected to be 372.52 million yuan, 499.76 million yuan, and 650.24 million yuan respectively, reflecting year-on-year growth rates of 69.49%, 34.16%, and 30.11% [19][26]. - The gross profit margin is expected to stabilize around 26.29% to 27.56% from 2024 to 2026, indicating effective cost management [5][19]. - The company’s total assets are projected to grow from 5.543 billion yuan in 2023 to 8.289 billion yuan by 2026, with a debt-to-equity ratio of approximately 40.99% [20][22]. Market Position - The company has solidified its leading position in the nut category within the snack market and is focusing on upgrading key snack products while exploring new channels and categories [6][19]. - The report highlights the establishment of a distribution channel matrix and an extensive sales network covering over 100,000 effective terminals, enhancing market reach [2][19].

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Financial Performance - The company's revenue for Q1 2024 reached ¥3,645,604,895.39, representing a 91.83% increase compared to ¥1,900,471,120.86 in the same period last year[5] - Net profit attributable to shareholders was ¥308,255,630.86, up 60.80% from ¥191,701,980.19 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥263,253,539.07, reflecting a 92.84% increase from ¥136,514,439.33 in the previous year[5] - Basic and diluted earnings per share both stood at ¥0.77, a 60.42% increase from ¥0.48 in the same period last year[5] - Operating profit for the quarter was CNY 377,520,548.62, up from CNY 229,445,568.91, marking a growth of 64.5% year-over-year[20] Assets and Liabilities - The company's total assets decreased by 13.54% to ¥4,792,379,271.81 from ¥5,543,066,058.24 at the end of the previous year[5] - Total assets decreased from RMB 5.54 billion to RMB 4.79 billion, indicating a reduction in overall asset size[16] - The total liabilities decreased from RMB 3.03 billion to RMB 1.96 billion, reflecting improved financial health[16] Cash Flow - Cash flow from operating activities was ¥291,467,868.18, down 4.56% from ¥305,405,942.92 year-on-year[5] - Cash inflow from operating activities totaled CNY 4,071,070,415.54, an increase from CNY 2,315,199,394.12 in Q1 2023[23] - The net cash flow from investing activities for Q1 2024 was ¥62,683,269.36, a decrease from -¥177,327,859.83 in the same period last year[24] - The net cash flow from financing activities was ¥29,062,975.56, compared to ¥91,162,534.36 in Q1 2023[24] - The total cash inflow from financing activities was ¥398,862,777.76, an increase from ¥199,661,666.67 in Q1 2023[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 32,457, with the largest shareholder holding 40.37% of the shares[10] Inventory and Prepaid Accounts - The company experienced a 72.18% increase in prepaid accounts, mainly due to increased advance payments for raw materials[9] - The inventory level decreased significantly from RMB 1.39 billion to RMB 466.71 million, indicating better inventory management[14] Research and Development - Research and development expenses were CNY 5,464,543.49, a decrease from CNY 5,965,310.88 in the same quarter last year[19] Sales and Marketing - Sales expenses increased to CNY 592,790,224.78, up from CNY 288,505,138.36, reflecting a rise of 105.6%[19] - The company reported a significant increase in short video revenue, contributing to overall sales growth across all channels[13] Future Plans - The company plans to continue its strategy of "high-end cost performance" and expand its market presence through innovative product offerings[13] Accounting Standards - The company has not undergone an audit for the Q1 2024 report[25] - The company is implementing new accounting standards starting in 2024, affecting the financial statements[25]

[Table_Title] [Table_Header] 公司点评●休闲食品 2024 年 04 月 16 日 [Table_StockCode] 三只松鼠(300783) [Table_InvestRank] 谨慎推荐 (维持) 分析师 [Table_Authors] 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 | --- | --- | |--------------------------------------|----------| | [Table_Market] 市场数据 2024-04-16 | | | 股票代码 | 300783 | | A 股收盘价(元) | 22.84 | | 上证指数 | 3,007.07 | | 总股本(万股) | 40,100 | | 实际流通 A股( 万股) | 27,960 | | 流通 A 股市值(亿元) | 64 | 资料来源：中国银河证券研究院 [Table_ReportType] 公司点评 数据来源：公司数据 中国银河证券研究院 [Table_Repo ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a relative strength compared to the market performance [8][20]. Core Views - The company achieved a revenue of 7.11 billion yuan in 2023, a decrease of 2.4% year-on-year, while the net profit attributable to shareholders increased by 69.9% to 220 million yuan. The fourth quarter of 2023 saw a revenue of 2.53 billion yuan, up 29.2% year-on-year, and a net profit of 50 million yuan, up 41.1% year-on-year, aligning with previous forecasts and market expectations [7][8]. - The company has set a revenue target of 10 billion yuan for 2024, focusing on a "high-end cost-performance" strategy and enhancing its product offerings and distribution channels [9][13]. Financial Summary - The company reported a gross margin of 23.3% in 2023, down 3.4 percentage points year-on-year. The net profit margin improved to 3.1%, up 1.3 percentage points year-on-year [10][14]. - Revenue projections for 2024 to 2026 are 10.2 billion yuan, 12.25 billion yuan, and 13.95 billion yuan, respectively, with corresponding net profits of 323 million yuan, 422 million yuan, and 547 million yuan [14][23]. - The earnings per share (EPS) are projected to be 0.80 yuan, 1.05 yuan, and 1.36 yuan for 2024, 2025, and 2026, respectively [14][23]. Market Performance - The company's stock closed at 22.85 yuan on March 28, 2024, with a price-to-earnings (PE) ratio of 42 for 2023 and projected PE ratios of 29, 22, and 17 for 2024, 2025, and 2026, respectively [19][23]. - The company has a market capitalization of 6.389 billion yuan, with a price-to-book (PB) ratio of 3.6 [19].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company's revenue has slightly declined, but profitability has significantly improved. In 2023, the company's revenue decreased by 2.45% year-on-year, with a gross profit margin decline of 3.41 percentage points, leading to a gross profit decrease of 14.91%. However, effective cost control resulted in a reduction of total expense ratio by 4.52 percentage points, contributing to a 56.43% year-on-year increase in total profit. Additionally, a decrease in income tax rate by 5.70% year-on-year led to a 69.85% increase in net profit attributable to the parent company [4][18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 71.15 billion yuan, a year-on-year decrease of 2.45%. The net profit attributable to the parent company was 2.2 billion yuan, reflecting a year-on-year increase of 69.85% [18]. - The company forecasts revenues of 100.64 billion yuan, 126.43 billion yuan, and 148.02 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.43 billion yuan, 5.11 billion yuan, and 6.93 billion yuan [7][31]. Product Strategy - The company focuses on nuts as its core product category, maintaining the top market share online. During the New Year Festival, the company achieved over 60% year-on-year revenue growth across all channels, with "nut gifts" capturing over 35% of the online market share. The company has launched over 1,000 new SKUs since March 2023, with several products ranking top in their categories on platforms like Douyin and Tmall [5][20]. Market Positioning - The company has adopted a "high-end cost-performance" strategy, which has helped it navigate through challenging market conditions. The third and fourth quarters of 2023 saw significant performance growth, contributing over 1 billion yuan in incremental revenue, laying a solid foundation for substantial growth during the 2024 New Year Festival [19][22]. Channel Development - The company has established a "Douyin + N" multi-channel layout, achieving a revenue of 12.04 billion yuan from Douyin, representing a year-on-year growth of 118.51%. The offline revenue from community snack stores and optimized existing store types also contributed to overall sales [20][22]. Supply Chain Enhancement - The company has entered the self-manufacturing segment for nuts, enhancing its supply chain capabilities. It has upgraded automated production lines and established procurement points in key regions, collaborating with major global suppliers to strengthen its supply chain [22].

公 司 研 究 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 高端性价比战略初见成效，2024 年锚定百亿目标 P2 2024 年 03 月 28 日 公司点评 增持/维持 三只松鼠(300783) 目标价: 25.8 昨收盘:22.97 高端性价比战略初见成效，2024 年锚定百亿目标 公司点评 风险提示:食品安全风险、渠道开拓不及预期、行业竞争加剧风险。 | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 7,115 | 10,162 | 12,755 | 15,532 | | 营业收入增长率 (%) | -2.45% | 42.83% | 25.51% | 21.78% | | 归母净利（百万元） | 220 | 345 | 521 | 652 | | 净利润增长率 (%) | 69.85% | 57.17% | 50.68% | 25.17% | | 摊薄每股收益 ...