国盛证券：三只松鼠利润阶段性承压 维持买入评级

Core Viewpoint - Guosheng Securities reported that Three Squirrels is expected to achieve a net profit attributable to shareholders of 135 million to 175 million yuan in 2025, representing a year-on-year decline of 57.1% to 66.9% [1] - The fourth quarter net profit attributable to shareholders is projected to be between -26 million to 14 million yuan, with a year-on-year decline of 78.5% to 138.6%, indicating a phase of profit pressure [1] Company Strategy - The company, as a comprehensive snack retailer, has a deep insight into consumer demand and is driving growth through differentiated new products [1] - It maintains an advantage in the online market and plans to accelerate the distribution network layout in 2025, exploring multi-category private label supply systems in lifestyle stores and tapping into incremental opportunities in instant retail [1] - Based on a "high-end cost-performance" strategy, the company is upgrading towards high-end, quality, and differentiated products while maintaining a "buy" rating [1]