三只松鼠：经销大会跟踪点评：分销业务初步反响较好，积极备战春节旺季

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company held an offline distributor conference, focusing on feedback from the offline distribution business, preparations for the New Year festival, and the performance of business partners [2] - The offline distribution data showed strong results, with sales growth of 7% in Q2, 51% in Q3, and 285% in October year-on-year, continuing to implement a cost-performance strategy [2] - The company is confident in its preparations for the New Year festival, setting ambitious sales targets and showcasing significant products and promotional strategies [2] - Business partners shared positive business overviews, highlighting the strengths of various subsidiaries and their alignment with the company's cost-performance strategy [2] Financial Forecasts and Valuation - The company is expected to achieve revenues of 101.1 billion, 133.0 billion, and 176.2 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 42%, 32%, and 32% [3] - The net profit attributable to the parent company is projected to be 4.1 billion, 5.5 billion, and 8.3 billion yuan for the same years, with growth rates of 86%, 34%, and 53% [3] - The corresponding P/E ratios are forecasted to be 32, 24, and 15 times for 2024, 2025, and 2026 respectively [3]