一文拆解溜溜果园招股书：梅+战略深化，创新牵引成长

Investment Rating - The report provides a positive investment rating for the industry, highlighting strong growth potential and market leadership of the company in the dried fruit snack sector [5][6]. Core Insights - The company has established itself as a leading brand in the dried fruit snack market in China, benefiting from the expansion of emerging sales channels and a robust product matrix [6][19]. - Revenue growth has accelerated, with a compound annual growth rate (CAGR) of 17.3% projected from 2022 to 2024, and a significant increase in net profit, which is expected to double over two years [5][19]. - The company is actively expanding its product offerings and sales channels, including direct sales, supermarkets, and membership stores, which are contributing to its rapid growth [6][43]. Financial Performance - Revenue increased from 11.7 billion yuan in 2022 to 16.2 billion yuan in 2024, with a year-on-year growth of 22.2% in 2024 [5][19]. - Net profit rose from 0.7 billion yuan in 2022 to 1.5 billion yuan in 2024, achieving a CAGR of 46.9% [5][19]. - The gross margin decreased slightly, but the net margin improved, reaching 9.1% in 2024, up from 7.5% in 2023 [5][24]. Business Performance - The company has successfully developed a second growth curve through its product lines, with significant growth in its plum and jelly products [36][39]. - The dried plum snacks, plum products, and jelly products generated revenues of 9.7 billion yuan, 2.2 billion yuan, and 4.1 billion yuan respectively in 2024, with respective CAGRs of 9.7%, 35.5%, and 33.5% from 2022 to 2024 [39][40]. - The company has established a comprehensive sales channel network, leveraging both online and offline platforms, with emerging channels showing high growth rates [43][44]. Industry Situation - The demand for snack foods is expanding, with the dried fruit market, particularly for plums, experiencing high growth rates [75][76]. - The overall market for fruit snacks in China is projected to grow significantly, with the plum snack segment leading the growth [76][79]. - The natural jelly market is also benefiting from an increase in consumption scenarios, aligning with consumer trends towards healthier options [78][79].