持续加码供应链，三只松鼠下一步怎么走

Core Insights - The company is implementing a "high-end cost-performance" strategy, investing up to 200 million yuan to enhance its snack supply chain and centralized bases in East China, North China, and Southwest China [1][3] - The company has experienced a decline in revenue from 2020 to 2023, with a notable 68.61% drop in net profit in 2022 [3] - The "high-end cost-performance" strategy aims to improve product quality and differentiation while maintaining competitive pricing, leveraging brand strength to enhance consumer value [3][4] - In 2024, the company reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, marking the highest revenue and profit growth since its listing [3][4] Financial Performance - The company's gross margin decreased from 29.38% in 2021 to 24.25% in 2024, indicating pressure on profitability despite revenue growth [4] - Average selling prices for core products decreased significantly, with nuts, baked goods, and snacks seeing price drops of 9.3%, 16.5%, and 8.8% respectively [4] - In Q1 2025, the company reported a slight revenue increase of 2.13% to 3.723 billion yuan, but net profit fell by 22.46% to 239 million yuan, indicating a trend of revenue growth without corresponding profit increase [4] Strategic Developments - The company is incubating 33 sub-brands across various sectors, including beverages and pre-prepared foods, to support its full-category expansion [5] - Significant investments are being made in supply chain construction, with plans for centralized bases in multiple cities, including Wuhu and Tianjin [5] - The "one product, one chain" strategy aims to streamline the supply chain by integrating global raw material sourcing [5]