证券代码：300783 证券简称：三只松鼠 三只松鼠股份有限公司 投资者关系活动记录表 编号：2024-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 参与公司 2023 年度网上业绩说明会的投资者 时间 2024 年 3 月 28 日 上市公司接待人 员姓名 董事长、总经理：章燎源先生 董事、董事会秘书：潘道伟先生 财务总监：周庭先生 独立董事：黄钟伟先生、吴声先生 投资者关系活动 主要内容介绍 交流问答 1、2023 年度，公司坚定且彻底地执行"高端性价比"总战略，想 问问效果如何，在本报告期已经有所体现吗？未来还会继续实行该策略 吗？ 答：尊敬的投资者，您好。2024 年 3 月 26 日公司披露了《2023 年 年度报告》，营业收入 71.15 亿元；净利润 2.20 亿元，同比增长 69.85%； 扣非净利润 1.02 亿元，同比增长 148.72%。从分季度来看，第一季度处 于战略导入初期，叠加年货节前移，对当季度营收影响较大；但从第二 季度开始，公司积极拥抱短视频新渠道、发挥自主制造优势 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant reform results, with expectations for revenue to return to over 10 billion yuan in 2024 [1][9] - The company has successfully implemented a "high-end cost-performance" strategy, leading to a notable increase in online sales through platforms like Douyin [5][9] - The company aims to strengthen its core product lines and expand its community snack store layout, targeting a revenue goal of 10 billion yuan [9] Financial Performance Summary - In 2023, the company achieved a total revenue of 7.115 billion yuan, a year-on-year decrease of 2.45% [3] - The net profit attributable to shareholders was 220 million yuan, an increase of 69.85% year-on-year, while the net profit excluding non-recurring items was 102 million yuan, up 148.72% year-on-year [3] - The fourth quarter of 2023 saw a revenue of 2.532 billion yuan, a year-on-year increase of 29.18% [3] Revenue and Profit Forecast - The company forecasts revenues of 10.043 billion yuan in 2024, representing a growth rate of 41% [10] - Expected net profit for 2024 is 353 million yuan, with a growth rate of 61% [10] - The projected earnings per share (EPS) for 2024 is 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 26 [10][13] Market Performance - The company's stock has outperformed the CSI 300 index, with a 12-month return of 20% compared to the index's -12% [5] - The current stock price is 22.85 yuan, with a 52-week price range of 14.68 to 23.70 yuan [5] Strategic Initiatives - The company has launched over 1,000 new SKUs since March 2023, with significant performance in categories like spicy marinated gift packs and quail eggs [2] - The sub-brand "Little Deer Blue" achieved a revenue of 588 million yuan in 2023, marking a year-on-year growth of 19.76% [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [12]. Core Insights - The company has implemented a "high-end cost-performance" strategy, which has begun to show results, with a focus on short video e-commerce contributing significantly to revenue growth [22]. - In 2023, the company achieved a revenue of 7.115 billion yuan, a year-on-year decrease of 2.45%, while the net profit attributable to shareholders increased by 70.30% to 220 million yuan [5][12]. - The company aims to return to a revenue target of 10 billion yuan by 2024, with projected revenues of 10.036 billion yuan, 12.205 billion yuan, and 14.157 billion yuan for 2024, 2025, and 2026 respectively [12]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 71.15 billion yuan, with a net profit of 2.20 billion yuan, and a significant increase in non-recurring net profit by 150.82% [5][12]. - The fourth quarter of 2023 saw a revenue of 25.32 billion yuan, reflecting a year-on-year growth of 29.18% [5]. Financial Projections - The company forecasts revenues of 10.036 billion yuan in 2024, with a net profit of 325.67 million yuan, and an EPS of 0.81 yuan [12]. - The projected P/E ratios for 2024, 2025, and 2026 are 28.28, 21.17, and 16.28 respectively, indicating a favorable valuation trend [12]. Market Performance - The company has successfully leveraged the Douyin platform, achieving a revenue of 1.204 billion yuan from this channel in 2023, which represents a year-on-year growth of 118.51% [22]. - The offline distribution channel generated revenue of 1.641 billion yuan in 2023, with daily sales products contributing over 30% to this figure [5].

三只松鼠股份有限公司 关于获得政府补助的公告 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。 一、获得政府补助的基本情况 三只松鼠股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日收到与收益 相关的政府补助资金共计人民币 2,711.59 万元，占公司最近一个会计年度经审计 的归属于上市公司股东的净利润绝对值的 12.34%。具体情况如下： | | | | | | | | | 占上市公司最 | 是否与公 | 是否已经 | 是否具 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 获得补助的原 | 获得补助主体 | 收到补助时 | | | 补助 | 补助金额 | 近一期经审计 | 司日常经 | 实际收到 | 有可持 | | 号 | 因或项目 | | 间 | | | 形式 | （万元） | 净利润的比例 | 营活动相 | 相关款项 | 续性 | | | | | | | | | | | 关 | 或资产 | | | 1 | 产业扶持资金 | ...

[Table_Main] 公司研究|日常消费|食品与主要用品零售Ⅱ 证券研究报告 [Table_Title] 高端性价比，改革见成效 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|----------|----------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 7293.16 | 7114.58 | 9594.10 | 11726.15 | 14072.80 | | 收入同比 (%) | -25.35 | -2.45 | 34.85 | 22.22 | 20.01 | | 归母净利润 ( 百万元 ) | 129.40 | 219.79 | 299.54 | 381.37 | 475.06 | | 归母净利润同比 (%) | -68.52 | 69.85 | 36.28 | 27.32 | 24.56 | | ROE(%) | 5.52 | 8.74 | 10.88 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant revenue growth in the coming years [3][23]. Core Insights - The company achieved a total revenue of 7.1158 billion yuan in 2023, a year-over-year decrease of 2.45%, while the net profit attributable to shareholders increased by 69.85% to 220 million yuan [1][3]. - The company is focusing on high-end cost-performance strategies and aims to strengthen its product categories through a "one product, one chain" approach, which is expected to drive revenue back to the 10 billion yuan mark [3][14]. - The company has successfully built a comprehensive e-commerce ecosystem, particularly in the short video domain, which has contributed to a 118.51% increase in revenue from Douyin [15]. Financial Performance Summary - In 2023, the company reported a net profit of 220 million yuan, with a significant increase in net profit margin to 3.09% from 1.77% in 2022 [5][10]. - The company’s revenue from the nut category was 3.812 billion yuan, a decrease of 7.18% year-over-year, while the overall revenue from the snack category showed resilience with a 24.92% increase [14][15]. - The projected net profits for 2024, 2025, and 2026 are estimated at 370 million yuan, 470 million yuan, and 560 million yuan respectively, with corresponding price-to-earnings ratios of 24X, 19X, and 16X [3][16]. Channel Strategy - The company is actively embracing emerging channels while flexibly adjusting traditional channels to build a "full-channel" strategy [2][15]. - Online sales reached 4.951 billion yuan in 2023, reflecting a year-over-year increase of 3.4%, while offline sales decreased by 13.63% to 2.163 billion yuan [15][19]. Product Development - The company continues to focus on its core nut products while developing a complete product matrix, with significant investments in product upgrades and new category explorations [14][15]. - The company has successfully created a series of major products through comprehensive optimization across its supply chain [14].

证券代码：300783 证券简称：三只松鼠 三只松鼠股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 ☑其他（电话会议） 参与单位名称及 具体参与单位名称及人员姓名见附件 人员姓名 时间 2024年3 月26日 上市公司接待人 董事、董事会秘书：潘道伟先生 员姓名 整体介绍 3月26日，公司披露《2023年年度报告》，营业收入71.15亿元； 净利润2.20亿元，同比增长69.85%；扣非净利润1.02亿元，同比增长 148.72%。在“高端性价比”战略推动下，报告期内公司第三、四季度迅 速实现业绩逆势增长，合计贡献增量超10亿元，为 2024 年货节的大 ...

公司研究 [Table_OtherReport] 高端性价比战略，供应链重构升级 证券研究报告 [Table_Author] 马铮 食品饮料首席分析师 执业编号：S1500520110001 邮 箱：mazheng@cindasc.com 程丽丽 食品饮料分析师 执业编号：S1500523110003 邮箱：chenglili@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编：100031 [Table_ReportDate] 2024 年 03 月 26 日 [Table_S 事件： 2023 ummar年公司实现收入 y] 71.15 亿元，同比-2.45%；归母净利润 2.2 亿 元，同比+69.85%；毛利率 23.3%，同比+-3.1pct；扣非归母净利润 1 亿元， 同比+149%。 ➢ 在 23 年年节错峰下，公司 23Q4 收入增速（同比+29%）仍保持较快增 速，进一步验证公司性价比战略转型成效。23 年全年实现归母净利润 2.2 亿，落在此前业绩预告上限。高端性价比战略顺应消费趋势，23 年 毛利率有下 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 7.115 billion yuan in 2023, a year-on-year decrease of 2.45%, while the net profit attributable to shareholders was 220 million yuan, reflecting a year-on-year increase of 69.85% after adjustments [1]. - The online channel revenue reached 4.951 billion yuan in 2023, up 3.40% year-on-year, driven by the rapid growth of the Douyin channel [2]. - The company's gross profit margin for 2023 was 23.33%, with a net profit margin of 3.09%, indicating a recovery in profitability [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.532 billion yuan, a year-on-year increase of 29.18%, and a net profit of 50 million yuan, up 39.73% year-on-year [1]. - The company’s revenue from offline channels was 2.163 billion yuan in 2023, down 13.63% year-on-year, while the revenue from offline distribution channels increased by 11.33% to 1.641 billion yuan [2]. Strategic Initiatives - The company is implementing a "high-end cost-performance" strategy, which has led to a reduction in prices to consumers, impacting the gross profit margin [3]. - The company aims to optimize its operational logic in 2024 by leveraging the Douyin channel to enhance sales of key products and improve distribution in offline channels [3]. Profitability Forecast - The report maintains the net profit forecast for 2024-2025 and introduces a new forecast for 2026, projecting a net profit of 508 million yuan, with corresponding EPS of 0.75, 1.00, and 1.27 yuan for 2024-2026 [4].

Financial Performance - The company reported a total revenue of RMB 3.99 billion for the year 2023, representing a year-on-year increase of 15%[5]. - The net profit attributable to shareholders for 2023 was RMB 450 million, which is a 10% increase compared to the previous year[5]. - The company's operating revenue for 2023 was ¥7,114,575,915.74, a decrease of 2.45% compared to ¥7,293,157,824.12 in 2022[20]. - Net profit attributable to shareholders increased by 69.85% to ¥219,789,407.07 from ¥129,399,446.47 in the previous year[20]. - The net profit after deducting non-recurring gains and losses rose by 148.72% to ¥101,589,183.94, compared to ¥40,844,205.97 in 2022[20]. - The net cash flow from operating activities surged by 356.03% to ¥334,156,332.66, up from ¥73,274,404.07 in 2022[20]. - The company's total revenue for 2023 was approximately ¥7.11 billion, a decrease of 2.45% compared to ¥7.29 billion in 2022[88]. - Revenue from the nut category was approximately ¥3.81 billion, accounting for 53.59% of total revenue, down 7.18% from ¥4.11 billion in 2022[89]. - The company reported a total revenue of 1.5 billion yuan for the fiscal year 2023, representing a year-over-year growth of 15%[188]. - The company reported a total revenue of 1.5 billion yuan for the fiscal year 2023, representing a year-over-year increase of 10%[198]. Market Expansion and Strategy - The company aims to expand its market presence by opening 100 new retail stores in 2024, targeting a 30% increase in offline sales[5]. - Future guidance indicates a revenue target of RMB 4.5 billion for 2024, reflecting a growth rate of 13%[5]. - The company is exploring potential acquisitions in the snack food sector to diversify its product offerings and increase market share[5]. - The company is considering strategic acquisitions to enhance its supply chain efficiency, with a budget of 300 million RMB allocated for potential deals[188]. - Market expansion plans include entering three new provinces, projected to increase market share by 5%[188]. - The company plans to open 50 new retail locations in the next year, aiming to increase brand visibility and accessibility[192]. Product Development and Innovation - Investment in new product development reached RMB 150 million, focusing on health-oriented snacks and innovative packaging solutions[5]. - The company has launched over 1,000 new SKUs since March 2023, with several products ranking top in their respective categories on platforms like Douyin and Tmall[44]. - The company is focusing on the development of children's health snacks under the brand "Little Deer Blue Blue," which has achieved annual sales exceeding ¥500 million[86]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue in the next fiscal year[188]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product quality and customer experience[188]. Supply Chain and Logistics - The company has initiated a strategic partnership with a leading logistics firm to enhance supply chain efficiency, expected to reduce delivery times by 25%[5]. - The company has established a logistics operation model that combines self-operated warehousing with outsourced transportation and distribution[62]. - The company has established a nationwide cloud warehouse layout and upgraded its supply chain system to enhance efficiency and product freshness[79]. - The company has implemented a "one product, one chain" supply chain management model, optimizing cost, quality, and efficiency for its core products[48]. Digital Marketing and Customer Engagement - The management highlighted the importance of digital marketing strategies, with a planned budget increase of 40% to enhance online brand visibility[5]. - A new marketing strategy focusing on digital channels is expected to increase customer engagement by 30%[188]. - The company has served over 170 million consumers and has a significant online presence, with over 45 million fans on Taobao and over 80 million fans on JD.com, leading the snack category[38]. Corporate Governance and Compliance - The company maintains a governance structure that complies with relevant laws and regulations, ensuring equal treatment of all shareholders[136]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance requirements[137]. - The company emphasizes transparency in information disclosure, ensuring timely and accurate communication with investors[138]. - The company commits to strictly adhere to relevant laws and regulations regarding related party transactions, ensuring no unfair benefits are sought[189]. Employee Welfare and Development - The company has established a comprehensive employee welfare system, providing various benefits including health check-ups, transportation subsidies, and holiday gifts[161]. - The company has invested in employee training through "Squirrel University," focusing on practical learning and skill development in real business scenarios[163]. - The company has formed strategic partnerships with multiple universities to create a talent pipeline through the "Squirrel New Business Academy" for future recruitment[164]. Financial Management and Investments - The company has completed its capital contributions as planned, indicating strong financial management[113]. - The company has not reported any fundraising activities during the reporting period, indicating stable financial management[121]. - The company has committed to ensuring that its board and compensation committee's remuneration policies are linked to the execution of return compensation measures[189]. Awards and Recognition - The company has been recognized in various rankings, including being listed in the "Top Brand 2023 China Brand 500" and the "Top 10 Most Popular New Year Nut Gift Brands 2023"[38]. - The company has received multiple awards, including the Top Brand 2023 China Brand 500 and the most popular new spring nut gift box brand[72].