三只松鼠：经营全面向上，利润超预期

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 34 to 41 million yuan for Q3 2024, representing a year-on-year increase of 200.45% [1] - The company's profitability has shown significant improvement, driven by structural changes and a high-end cost-performance strategy that enhances product competitiveness while maintaining stable gross margins [1][2] - The company has successfully completed the first round of offline distribution, with positive market feedback and a strong competitive position for its cost-effective products [1] Financial Summary - Total revenue for 2022 was 7,293 million yuan, with a projected increase to 10,188 million yuan in 2024, reflecting a year-on-year growth rate of 43.2% [2] - The net profit attributable to shareholders is expected to rise from 129 million yuan in 2022 to 419 million yuan in 2024, indicating a growth rate of 90.7% [2] - The company's gross margin is projected to stabilize around 23% in the coming years, with a return on equity (ROE) expected to increase from 5.5% in 2022 to 14.3% in 2024 [2][3] - The earnings per share (EPS) is forecasted to grow from 0.32 yuan in 2022 to 1.05 yuan in 2024 [2]