公司深度报告：高端性价比战略，供应链重构升级

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook on its future performance [2]. Core Insights - The company is undergoing a strategic transformation towards a "high-end cost-performance" strategy, which has shown initial success through rapid growth in the Douyin channel and strong sales of gift boxes in 2024 [2][8]. - The company has significantly upgraded its supply chain over the past two years, which is expected to enhance its competitiveness in both online and offline markets [2][8]. - The snack market, particularly the nut segment, presents substantial growth opportunities, with the company positioned as a leading brand in this space [7][8]. Summary by Sections Company Overview - The company, founded in 2012, initially focused on online sales and has expanded into offline channels, including community snack stores [10][21]. - It has established a strong brand presence in the nut category, leveraging its online origins to capture market share [10][30]. Financial Performance - The company reported total revenue of 7,021 million yuan for 2023, with an expected increase to 9,936 million yuan in 2024, reflecting a growth rate of 41.5% [5]. - The net profit attributable to the parent company is projected to grow from 213 million yuan in 2023 to 327 million yuan in 2024, indicating a significant recovery from previous years [5]. Strategic Initiatives - The "high-end cost-performance" strategy has led to successful product launches and increased market penetration, particularly in the nut category [8][16]. - The company has optimized its supply chain, enhancing its ability to meet consumer demand effectively and efficiently [17][30]. Market Dynamics - The snack market in China is valued at approximately 1,512 billion yuan, with significant room for growth in per capita consumption of nuts compared to countries like the USA and Japan [7][8]. - The rise of new e-commerce platforms such as Douyin and the emergence of more efficient offline retail formats are reshaping the competitive landscape, providing opportunities for the company to expand its market share [7][8].