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三只松鼠(300783):贯彻“高端性价比” 如期达成“重回百亿”目标
Xin Lang Cai Jing· 2025-03-29 00:39
Core Insights - The company reported a revenue of 10.622 billion yuan for the year 2024, representing a year-on-year growth of 49.30% [1] - The net profit attributable to shareholders was 408 million yuan, an increase of 85.51% year-on-year, while the net profit excluding non-recurring items reached 319 million yuan, up 214.33% [1] - A cash dividend of 1.25 yuan per 10 shares (including tax) is proposed for all shareholders [1] Product Strategy - The company is accelerating the launch of snack products to build a "full-category" product matrix under the "high-end cost performance" strategy, with over 1,000 new SKUs launched in 2024 [2] - The core category of nuts generated revenue of 5.366 billion yuan, a year-on-year increase of 40.76%, accounting for 50.52% of total revenue [2] - The company is expanding its multi-brand matrix, with the infant food brand "Little Deer Blue" achieving revenue of 794 million yuan, representing 7.48% of total revenue [2] Sales Channels - Online channels continue to show strong performance, with revenue of 7.407 billion yuan in 2024, a year-on-year growth of 49.60%, accounting for 69.73% of total revenue [3] - The Douyin channel contributed 2.188 billion yuan, growing 81.73% year-on-year, while Tmall and JD contributed 1.937 billion yuan and 1.340 billion yuan, growing 11.45% and 11.95% respectively [3] - Offline distribution is officially ramping up, with offline channel revenue reaching 3.215 billion yuan, a year-on-year increase of 48.62%, accounting for 30.27% of total revenue [3] Profitability and Financial Metrics - The company achieved a gross margin of 24.25%, an increase of 0.92 percentage points year-on-year, driven by scale effects and improved supply chain efficiency [4] - The net profit margin improved to 3.84%, up 0.75 percentage points year-on-year, indicating significant enhancement in profitability [4] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 537 million yuan, 747 million yuan, and 972 million yuan respectively, with corresponding EPS of 1.34, 1.86, and 2.42 yuan [4]
三只松鼠迈入新战场
Hu Xiu· 2025-03-28 11:03
Core Viewpoint - Three Squirrels has successfully returned to the 10 billion revenue mark in 2024, achieving a 49% revenue growth and an 85% increase in net profit, driven by a comprehensive category and multi-brand strategy while expanding into new areas like warehousing stores and instant retail [2][4]. Financial Performance - In 2024, the company reported revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, marking its return to the 10 billion revenue club after three years [2] - Net profit reached 408 million yuan, up 85.5% year-on-year, with operating cash flow increasing by 80.1% to 602 million yuan [2] - The net profit margin improved from 3.09% in 2023 to 3.84% in 2024, indicating enhanced profitability through supply chain optimization and cost control [2] Product and Category Analysis - The revenue share of nut products decreased from 53.59% to 50.52%, while comprehensive products (gift boxes, combination packs) grew by 85.1% to 2.017 billion yuan, reflecting diverse consumer demand [3] - The company achieved a record quarterly revenue of 3.453 billion yuan in Q4, validating its successful inventory strategy for the New Year festival [3] Sales Channels and Distribution - Online sales accounted for 69.7% of total revenue, slightly down from 2023, while offline distribution revenue grew over 80% to 2.641 billion yuan [3] - The number of national snack stores increased from 149 to 296, with offline channel contribution rising from 30.4% to 33.85% [3] - Revenue from Douyin channel reached 2.188 billion yuan, up 81.7%, contributing 20.6% to total revenue [3] Strategic Initiatives - The company has implemented a "high-end cost-performance" strategy, establishing direct procurement partnerships with global suppliers, resulting in an 8% reduction in raw material costs [4] - The proportion of self-produced nuts increased from 35% in 2022 to 62% in 2024, leading to a gross margin increase of 1.2 percentage points to 24.25% [4] New Brand Development - The children's snack brand, Xiao Lu Lan Lan, generated 794 million yuan in sales, contributing 7.48% to total revenue and achieving profitability [5] - The company plans to pilot warehouse-style membership stores in the Yangtze River Delta, aiming to enhance customer spending and differentiate from competitors [5] Market Trends and Competitive Landscape - The snack market in China is projected to exceed 400 billion yuan in 2024, growing over 30%, with intense competition from low-price strategies of emerging brands [6][8] - Three Squirrels aims to leverage its scale advantage in lower-tier markets while establishing differentiated barriers in new retail formats [8] - The growth rate of snack consumption in third- and fourth-tier cities reached 45%, significantly outpacing first- and second-tier cities [7]