三只松鼠(300783)：阶段性费用投入增加利润短期承压 关注淡季线下分销进展

Group 1 - The company reported Q1 2025 revenue of 3.723 billion yuan, a year-on-year increase of 2.13%, and a net profit attributable to shareholders of 239 million yuan, a year-on-year decrease of 22.46% [1] - The gross profit margin decreased to 26.74%, down 0.66 percentage points year-on-year, primarily due to the high base effect from the Spring Festival [2] - The company launched a cost-effective snack and beverage product line, with offline distribution growth in March reaching 215%, including significant increases in meat products (506%) and convenient vegetarian options (2745%) [2] Group 2 - Revenue projections for 2025-2027 are 13.820 billion yuan, 18.028 billion yuan, and 20.806 billion yuan, with year-on-year growth rates of 30.11%, 30.44%, and 15.41% respectively [3] - Expected net profits for 2025-2027 are 470 million yuan, 691 million yuan, and 842 million yuan, with year-on-year growth rates of 15.32%, 47.00%, and 21.86% respectively [3] - The projected price-to-earnings ratios for 2025-2027 are 23.7, 16.1, and 13.2 times [3]