Core Viewpoint - Three Squirrels reported significant growth in revenue and net profit for 2024, indicating strong business performance and strategic initiatives in supply chain and digital capabilities [1] Financial Performance - In 2024, Three Squirrels achieved revenue of approximately 10.622 billion yuan, representing a year-on-year increase of 49.30% [1] - The net profit attributable to shareholders was approximately 408 million yuan, reflecting a year-on-year growth of 85.51% [1] Food Safety and Supply Chain Management - The company has established a comprehensive food safety management system, including supplier admission, regular assessments, inspections, and a transparent traceability system across the supply chain [1] - Three Squirrels is enhancing its self-manufacturing capabilities and has successfully established supply chain bases in the East, North, and Southwest regions, significantly increasing the proportion of self-produced products [1] Hong Kong Listing Plans - Three Squirrels announced plans to list in Hong Kong, aiming to support global supply chain layout, digital capability enhancement, and offline channel expansion [1] - The funds raised from the Hong Kong listing will be used for global supply chain development, online and offline sales channel expansion, digital capability improvement, strategic investments, and general operational funds [1]

Core Viewpoint - In 2024, Three Squirrels (300783.SZ) is focusing on investment plans and advancing its "high-end cost-performance" strategy, achieving significant revenue growth and profitability [1] Financial Performance - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, marking a return to the 10 billion yuan scale [1] - The net profit attributable to shareholders increased by over 80% to 408 million yuan [1] Sales Channels - Offline sales revenue grew by nearly 50%, with offline sales reaching 3.215 billion yuan, a year-on-year increase of 48.62%, accounting for 30.27% of total revenue [2] - The offline distribution revenue saw a significant increase of 80%, while revenue from offline stores grew by only 12.85% to 404 million yuan [3] Store Expansion and Management - As of the end of last year, Three Squirrels had opened a total of 333 offline stores, with 296 being national snack stores and only 37 alliance stores [3] - The company employs a mixed model of franchising and direct management, focusing on franchise stores while using direct stores to set benchmarks [3] Capital Operations and Investments - In October 2024, Three Squirrels announced multiple capital operations, including investments in new brands, supply chain, and offline channels, with plans to invest up to 1 billion yuan in new brand incubation and up to 200 million yuan in supply chain construction [4] - The company is also planning to acquire control or related assets of companies with over 1,800 offline stores [4] New Brand Development - Three Squirrels has established subsidiaries for new brand incubation, focusing on pet food and coffee products [5] - The company aims to enhance its supply chain capabilities, including plans to expand into Southeast Asia [5] Strategic Goals - The company is planning to go public in Hong Kong to support key investments in global supply chain layout, digital capabilities, and offline channel expansion, while optimizing its capital structure [5] - Three Squirrels is committed to a "high-end cost-performance" strategy and a "full-category + full-channel" layout, aiming for a cohesive operational approach [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, and a net profit of 408 million yuan, up 85.5% year-on-year [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain with plans for factories in Cambodia and Thailand, aiming for brand globalization [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a growth rate of 49.3% [10] - The net profit for 2024 was 408 million yuan, with a growth rate of 85.5% [10] - The diluted earnings per share (EPS) for 2024 was 1.02 yuan, projected to increase to 1.23 yuan in 2025 [10] Supply Chain and Product Strategy - The company is focusing on optimizing supply chain efficiency, which has led to a continuous improvement in profitability [5] - The revenue from various product categories in 2024 showed significant growth, with nuts, baked goods, and dried fruits increasing by 41%, 38%, and 66% respectively [6] - The company aims to enhance its self-production ratio and extend its upstream supply chain [6] Market and Channel Development - The company reported online and offline channel revenues of 7.407 billion yuan and 3.215 billion yuan respectively in 2024, both showing substantial growth [6] - The company is implementing a "Dou+N" channel strategy to leverage the benefits of short video platforms and enhance offline distribution [6] Future Outlook - The company expects to maintain a high-end cost-performance strategy, with projected EPS of 1.23, 1.70, and 2.20 yuan for 2025, 2026, and 2027 respectively [8] - The report anticipates a continued increase in revenue and net profit over the next few years, with a projected net profit of 495 million yuan in 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, with a net profit of 408 million yuan, up 86% [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain, with a factory in Cambodia expected to start production in mid-2025 [7] - Earnings per share (EPS) are projected to be 1.23 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22, 16, and 12 for 2025, 2026, and 2027 respectively [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan and a net profit of 408 million yuan, with significant growth rates of 49% and 86% respectively [4][10] - The company’s gross margin increased to 24.25%, while the net profit margin rose to 3.84% [5] Product and Channel Strategy - The company’s revenue from various product categories showed strong growth, with nuts, baked goods, and dried fruits achieving increases of 41%, 38%, and 66% respectively [6] - Online and offline channel revenues reached 7.407 billion yuan and 3.215 billion yuan, reflecting growth rates of 50% and 49% respectively [6] Future Outlook - The company aims to enhance its global supply chain and brand presence, with plans for a factory in Cambodia and ongoing site selection for a factory in Thailand [7] - The long-term strategy focuses on high-end cost-performance, SKU optimization, and brand expansion [8]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 5.36 billion, 7.04 billion, and 9.06 billion for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 31.45%, 31.26%, and 28.85% [5] Core Insights - The company achieved total revenue of 10.622 billion in 2024, a year-on-year increase of 49.30%, and a net profit of 408 million, up 85.51% year-on-year [1] - The company's strategy of "high-end cost performance" continues to deepen, with significant growth in e-commerce channels, particularly through Douyin, which generated 2.188 billion in revenue, a year-on-year increase of 81.73% [2] - The company plans to issue H shares and list on the Hong Kong Stock Exchange, with the proposal already approved by the board [3] Revenue and Profitability - In Q4 2024, the company reported total revenue of 3.453 billion, a year-on-year increase of 36.35%, and a net profit of 67 million, up 32.63% year-on-year [1] - The gross profit margin for 2024 was 24.25%, an increase of 0.92 percentage points year-on-year, attributed to improved supply chain efficiency [4] - The company’s net profit margin for 2024 was 3.84%, reflecting a year-on-year increase of 0.75 percentage points [4] Sales Channels and Product Development - The third-party e-commerce platform revenue reached 7.407 billion, accounting for 69.73% of total revenue, with significant contributions from Douyin, Tmall, and JD.com [2] - The company launched over 1,000 SKUs in 2024, successfully creating more than 20 billion-level single products [2] - The company’s sub-brands, including "Little Deer Blue Blue," generated 794 million in revenue, a year-on-year increase of 35.03% [3] Future Projections - The company is projected to achieve revenues of 13.668 billion, 17.041 billion, and 20.609 billion for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 28.67%, 24.68%, and 20.94% [7] - The expected earnings per share for 2025, 2026, and 2027 are 1.34, 1.75, and 2.26 respectively [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% [1][11]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver for growth, with a focus on customized supply chain solutions for different product categories [2][11]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3][11]. - Digital transformation has led to a more efficient organizational structure, improving overall operational efficiency and profit margins [4][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a net profit of 408 million yuan, and a non-recurring net profit of 319 million yuan, reflecting year-on-year growth rates of 49.3%, 85.51%, and 214.33% respectively [1][11]. - The company plans to achieve revenues of 13.313 billion, 16.718 billion, and 18.968 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 473 million, 700 million, and 911 million yuan [11]. Strategic Initiatives - The company is expanding its product categories and enhancing its supply chain capabilities, particularly in the snack segment, with a focus on self-manufacturing and cost optimization [2][11]. - The company is also planning to increase its presence in the beverage market and develop new brands, indicating a multi-brand strategy [2][11]. Distribution and Sales Channels - The company has seen substantial growth in its distribution channels, with offline distribution revenue increasing by over 80% year-on-year [3][11]. - The company has expanded its distributor network to 1,871, indicating a strong push into the offline market [3][11]. Profitability and Efficiency - The company's gross margin improved to 24.25% in 2024, driven by scale, supply chain enhancements, and increased self-production [4][11]. - Management and sales expense ratios have shown slight improvements, indicating better cost control and operational efficiency [4][11].

Core Viewpoint - The company reported significant growth in revenue and profit for 2024, indicating a strong recovery and expansion in both online and offline channels [1][2][4]. Revenue Performance - In 2024, the company achieved a revenue of 10.622 billion yuan, a year-on-year increase of 49.30% [1] - Online revenue reached 7.407 billion yuan, up 49.60% year-on-year, with notable contributions from Douyin, Tmall, and JD [2] - Offline revenue was 3.215 billion yuan, increasing by 48.6%, driven by strong performance in distribution and stores [2] Product Category Growth - Core nut products generated 5.366 billion yuan in revenue, a growth of 41%, accounting for 50.52% of total revenue [3] - Non-nut categories saw a continued increase in share, with significant growth in dried fruits, meat products, and baked goods [3] Profitability Improvement - The company's gross margin improved by 0.92 percentage points to 24.25%, while the net profit margin also increased [4] - The optimization of management fees contributed to enhanced profitability, with a non-GAAP net profit margin of 3.01% [4] Strategic Initiatives - The company plans to launch H-share listings to enhance its global supply chain and financing capabilities [4] - A multi-brand strategy is being implemented to diversify product offerings and increase revenue resilience [3][4] Future Outlook - Revenue projections for 2025-2027 are set at 13.429 billion, 17.054 billion, and 20.086 billion yuan, with expected growth rates of 26%, 27%, and 18% respectively [5] - The company anticipates continued market share growth in online channels and improved performance in offline distribution [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% year-on-year [1]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver of growth, with a focus on customized supply chain solutions for different product categories [2]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3]. - The company is leveraging digitalization to optimize its operations, resulting in improved profit margins and operational efficiency [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, a 49.3% increase from the previous year, and a net profit of 408 million yuan, reflecting an 85.51% growth [1]. - The fourth quarter revenue was 3.453 billion yuan, with a year-on-year growth of 36.35% [1]. Strategic Initiatives - The company is focusing on high-end cost performance and has implemented a customized supply chain strategy, particularly in the nut category, achieving a high level of self-manufacturing [2]. - The company plans to expand its product offerings, including beverages and new brands, to enhance its market presence [2]. Distribution and Sales Channels - Online sales through platforms like Douyin, Tmall, and JD.com have shown significant growth, with Douyin revenue increasing by 81.73% year-on-year [3]. - The company has also made strides in offline distribution, with a revenue increase of over 80% in this channel [3]. Operational Efficiency - The company has adopted a digital-driven "product-sales integration" model, enhancing overall operational efficiency and improving profit margins [4]. - The gross margin for 2024 was reported at 24.25%, an increase of 0.92 percentage points year-on-year [4].

证券代码：300783 证券简称：三只松鼠 公告编号：2025-021 三只松鼠股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为便于广大投资者进一步了解三只松鼠股份有限公司（以下简称"公司"） 2024 年度经营情况，公司将于 2025 年 4 月 3 日（星期四）下午 15:00-16:00 在全 景网举办 2024 年度业绩说明会。现将本次业绩说明会的相关内容公告如下： 一、业绩会说明安排 二、征集问题事项 为了做好中小投资者保护工作，本公司现就本次业绩说明会提前向投资者征集 相关问题，广泛听取投资者意见和建议。 投资者可提前扫描下方二维码进入问题征集专题页面进行提问，本公司将在 2024 年度业绩说明会上对投资者普遍关注的问题进行回答，提升本次业绩说明会 1 （一）会议召开时间：2025 年 4 月 3 日 15:00-16:00 （二）会议召开方式：网络方式 （三）会议召开地点：全景网"投资者关系互动平台" （https://ir.p5w.net） （四）本次出席人员：公司董事长、总经理章燎 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within six months [6][17]. Core Views - The company is expected to achieve revenues of 10.62 billion yuan and a net profit of 407.74 million yuan in 2024, reflecting year-on-year growth of 49.30% and 85.51% respectively [1][4]. - The company's strategy of "high-end cost performance" is being validated at the terminal level, and the "D+N" channel synergy is expected to strengthen overall channel performance [4]. Revenue Growth - All product categories have shown growth, with significant increases in revenue for nuts, baked goods, and meat products. The revenue for the company's brands, including Three Squirrels and Little Deer Blue, reached 982.5 million yuan and 79.4 million yuan respectively, marking year-on-year growth of 50.57% and 35.03% [2]. - The company has launched over 1,000 SKUs, with products like buffalo milk layered toast achieving over 10 million yuan in sales within months of launch [2]. Channel Performance - Online revenue reached 7.407 billion yuan in 2024, up 49.60% year-on-year, with Douyin, Tmall, and JD contributing significantly to this growth [3]. - Offline revenue also increased to 3.215 billion yuan, with a notable 80%+ growth in distribution channels [3]. Profitability and Financial Metrics - The company improved its gross margin to 24.25% and net margin to 3.84% in 2024, with a significant reduction in management expenses [3]. - The projected revenues for 2025-2027 are 13.78 billion yuan, 17.27 billion yuan, and 20.83 billion yuan, with corresponding net profits of 547.56 million yuan, 717.44 million yuan, and 895.70 million yuan [5][4]. Future Projections - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 30%, 25%, and 21% for the years 2025, 2026, and 2027 respectively [4]. - The price-to-earnings ratio is projected to decrease from 20X in 2025 to 12X in 2027, indicating improving valuation metrics [4].