三只松鼠2024Q2点评：线上高增，盈利改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [13] Core Views - The company is expected to achieve revenue of approximately 1.394 to 1.454 billion yuan in Q2 2024, representing a year-on-year growth of 40.45% to 46.49% [13] - The net profit attributable to the parent company is forecasted to be between 0.023 to 0.016 billion yuan, with a year-on-year increase of 40.25% to 57.32% [13] - The online channel, particularly through Douyin, is anticipated to contribute significantly to revenue growth, with an expected year-on-year increase of 173% [13] - The company's profitability is expected to improve due to supply chain efficiency and a comprehensive channel collaboration strategy [13] Financial Performance Summary - Revenue projections for 2024 to 2026 are 10.407 billion, 13.891 billion, and 17.745 billion yuan, reflecting year-on-year growth rates of 46.3%, 33.5%, and 27.7% respectively [14] - The net profit attributable to the parent company is projected to be 0.376 billion, 0.580 billion, and 0.860 billion yuan for the same years, with year-on-year growth rates of 71.0%, 54.4%, and 48.3% respectively [14] - The gross margin is expected to improve from 23.3% in 2023 to 24.2% by 2026 [14] - Return on equity (ROE) is projected to increase from 8.7% in 2023 to 24.5% in 2026 [14]