特别提示： 1、2024 年 10 月 28 日，三只松鼠股份有限公司（以下简称"公司"或"三只 松鼠"）第三届董事会第十七次会议审议通过《关于签订<投资意向协议>的议 案》，公司全资子公司安徽一件事创业投资有限公司拟以不超过人民币 2 亿元收购 湖南爱零食科技有限公司（以下简称"爱零食"）的控制权或相关业务及资产；拟 以不超过人民币 0.6 亿元收购未来已来（天津）科技发展有限责任公司（以下简称 "爱折扣"）的控制权或相关业务及资产；拟以不超过人民币 1 亿元收购安徽致养 食品有限公司（以下简称"致养食品"）的控制权或相关业务及资产。 证券代码：300783 证券简称：三只松鼠 公告编号：2024-055 三只松鼠股份有限公司 关于签订《投资意向协议》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。 2、本次交易尚处于初步筹划阶段，具体交易方案（包括但不限于收购方式、 交易金额、实施方案等）尚需在完成尽职调查、审计、评估后，由交易各方进一步 协商确定，并以各方签署的正式协议为准。 3、本次《投资意向协议》的签订不存在重大风险，不涉及关联交易，也不构 成 ...

三只松鼠股份有限公司 第三届监事会第十六次会议决议公告 本公司及监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。 一、监事会会议召开情况 三只松鼠股份有限公司（以下简称"公司"）第三届监事会第十六次会议通知 于 2024 年 10 月 18 日以电子邮件等方式通知全体监事。监事会会议于 2024 年 10 月 28 日以现场方式召开。会议由监事会主席孙芳女士主持，会议应到监事 3 名， 实到监事 3 名，董事会秘书列席本次会议。本次会议出席人数、召开程序、议事内 容均符合《中华人民共和国公司法》等相关法律、规范性文件和《三只松鼠股份有 限公司章程》的规定。 二、监事会会议审议情况 与会监事经过讨论，以投票表决的方式审议了以下议案： 证券代码：300783 证券简称：三只松鼠 公告编号：2024-054 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符 合法律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准 确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗 漏。 具体内容详见公司 2024 年 10 月 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2024-056 三只松鼠股份有限公司 关于拟加大投资建设零食供应链及集约基地的公告 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。 三只松鼠股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第 三届董事会第十七次会议审议通过了《关于拟加大投资建设零食供应链及集约基 地的议案》，公司拟以自有或自筹资金增加投资不超过人民币 2 亿元，进一步完 善华东零食产业园（芜湖）、北区供应链集约基地（天津）、西南供应链集约基 地（简阳）等的建设。 一、本次投资概述 为进一步落实"高端性价比"总战略，实现从坚果到零食的供应链制造布局、 从单一基地到全国五大集约基地的交付布局，公司拟以自有或自筹资金合计投资 不超过人民币 2 亿元，进一步完善华东零食产业园（芜湖）、北区供应链集约基 地（天津）、西南供应链集约基地（简阳）等的建设。其中华东零食产业园整体 规划建设七大工厂、共计 17 条产线，目前已全资成立安徽一号蛋食品有限公司， 并联合供应商共同投资并控股安徽松鼠农动食品有限公司、安徽松鼠金麦食品有 限 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2024-053 三只松鼠股份有限公司 第三届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 三只松鼠股份有限公司（以下简称"公司"）第三届董事会第十七次会议通知 于 2024 年 10 月 18 日以电子邮件等方式通知全体董事。董事会会议于 2024 年 10 月28日上午以通讯方式召开。会议由董事长章燎源先生主持，会议应到董事7名， 实到董事 7 名，公司监事和高级管理人员列席了会议。本次会议出席人数、召开程 序、议事内容均符合《中华人民共和国公司法》等相关法律、规范性文件和《三只 松鼠股份有限公司章程》（以下简称"公司章程"）的规定。 二、董事会会议审议情况 基于对中国休闲食品行业发展的长期看好及中国零售行业正在经历供需全域变 革的当下判断；政策积极鼓励上市公司加强产业整合，助力传统行业通过重组合理 提升产业集中度；公司在"高端性价比"总战略牵引下重返增长并沉淀了一套"品 销合一"系统化管理知识体系。 公司迈向三年新目标过程中主动谋划未来以构建新发展 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥2,094,571,842.82, representing a 24.03% increase year-over-year[3]. - Net profit attributable to shareholders was ¥51,532,400.38, a significant increase of 221.89% compared to the same period last year[3]. - The net profit after deducting non-recurring gains and losses was ¥38,115,242.57, reflecting a 210.13% increase year-over-year[3]. - Total operating revenue for Q3 2024 reached ¥7,169,130,106.63, a significant increase from ¥4,582,139,960.67 in Q3 2023, representing a growth of approximately 56.5%[12]. - Net profit for Q3 2024 was ¥341,204,254.45, compared to ¥169,626,593.62 in Q3 2023, indicating a year-over-year increase of about 101.5%[13]. - Operating profit for Q3 2024 was ¥407,376,899.28, up from ¥209,700,984.94 in the same period last year, reflecting a growth of approximately 94.4%[12]. - The company reported a total comprehensive income of ¥341,204,254.45 for Q3 2024, compared to ¥169,626,593.62 in Q3 2023, indicating a strong performance in overall profitability[13]. - Basic earnings per share for Q3 2024 were ¥0.86, compared to ¥0.42 in Q3 2023, marking an increase of 104.8%[13]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,588,060,420.69, a decrease of 17.23% from the end of the previous year[3]. - The company's total liabilities decreased to approximately CNY 1.45 billion, down from CNY 1.55 billion, indicating a reduction of 6.5%[10]. - Total assets as of Q3 2024 amounted to ¥4,588,060,420.69, down from ¥5,543,066,058.24 at the end of the previous period[11]. - Total liabilities decreased to ¥1,785,505,804.89 from ¥3,029,197,797.82, showing a reduction of about 41.1%[11]. - The company's long-term equity investments decreased to approximately CNY 20.16 million from CNY 21.24 million, a decline of 5.1%[10]. - Fixed assets decreased to approximately CNY 493.83 million from CNY 506.75 million, reflecting a decrease of 2.5%[10]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥31,803,595.91, down 86.82% compared to the previous year[3]. - The total cash inflow from operating activities for the current period reached ¥8,299,266,848.44, a significant increase from ¥5,274,766,742.40 in the previous period, representing a growth of approximately 57.4%[14]. - The net cash flow from operating activities was ¥31,803,595.91, compared to ¥241,303,885.12 in the same period last year, indicating a decline of about 86.8%[14]. - Cash inflow from investment activities amounted to ¥2,145,286,324.64, slightly up from ¥2,116,764,515.15 in the previous year[14]. - The net cash flow from investment activities was ¥254,111,525.13, a recovery from a negative cash flow of -¥127,622,895.15 in the previous year[14]. - Cash inflow from financing activities totaled ¥363,165,201.24, down from ¥748,149,222.23 in the previous year, reflecting a decrease of approximately 51.5%[15]. - The net cash flow from financing activities was -¥276,778,396.75, compared to a positive cash flow of ¥92,052,633.68 in the same period last year[15]. - The ending balance of cash and cash equivalents was ¥321,980,924.57, down from ¥368,412,225.80 in the previous year[15]. Current Assets - As of September 30, 2024, the total current assets amounted to approximately CNY 3.34 billion, a decrease of 22.9% from the beginning of the period[10]. - The cash and cash equivalents increased to approximately CNY 333.83 million from CNY 327.72 million, reflecting a slight growth of 1.7%[10]. - Accounts receivable decreased significantly to approximately CNY 449.93 million, down 24.2% from CNY 594.04 million at the beginning of the period[10]. - Inventory decreased to approximately CNY 656.39 million, down 52.7% from CNY 1.39 billion at the beginning of the period[10]. - The total non-current assets decreased to approximately CNY 1.06 billion, down from CNY 1.08 billion, indicating a decline of 2.1%[10]. - The company's total assets decreased to approximately CNY 4.40 billion from CNY 5.41 billion, a decline of 19.2%[10]. Strategic Initiatives - The company plans to expand its supply chain with a new centralized base in the northern region, contributing to future growth[7]. - The company experienced a notable increase in promotional expenses, indicating a strategic focus on marketing and brand awareness[7]. - The company reported a significant increase in trading financial assets, up 309.08% from the previous year-end, primarily due to the purchase of wealth management products[7]. Research and Development - Research and development expenses for Q3 2024 were ¥18,050,806.77, slightly down from ¥18,738,803.49 in Q3 2023, suggesting a focus on cost control in R&D[12].

Key Points Industry/Company 1. **Company in Focus**: Three Squirrels [doc id='1'] 2. **Industry**: Not specified [doc id='1'] Core Views and Arguments 1. **Significant Change**: The company has undergone a significant change over the past year [doc id='1'] 2. **Close Communication**: The analyst has been in close communication with the company throughout the year [doc id='1'] 3. **Investment Logic**: The analyst aims to share the investment logic for Three Squirrels [doc id='1']

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant increase in profitability, with a projected net profit of 338-342 million yuan for the first three quarters of 2024, representing a year-on-year increase of 99.13-101.43% [1] - The company has shown strong performance in Q3, with an expected net profit of 48.1-52 million yuan, a year-on-year increase of 200.45-224.81% [1] - The ongoing reforms and supply chain innovations are contributing to improved profitability, with a focus on cost control and revenue growth through a multi-channel strategy [1][2] Summary by Sections Financial Performance - For Q3 2024, the company anticipates a net profit of 48.1-52 million yuan, with a non-recurring profit of 10.9963-14.0963 million yuan, primarily from government subsidies [1] - The company expects to achieve a net profit of 400 million yuan for the full year 2024, with a high confidence level in meeting this target [2] - Revenue projections for 2024-2026 are 10.306 billion, 13.254 billion, and 16.037 billion yuan, respectively, with growth rates of 45%, 29%, and 21% [5] Profitability Metrics - The company’s return on equity (ROE) is projected to increase from 9% in 2023 to 21% by 2026 [7] - The gross margin is expected to remain stable at around 24% from 2024 to 2026 [7] - The net profit margin is projected to improve from 3% in 2023 to 4% by 2026 [7] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month return of 50.3%, a 3-month return of 20.7%, and a 12-month return of 40.4% [1] - The current stock price is 25.01 yuan, with a 52-week price range of 14.68-30.38 yuan [3] Strategic Initiatives - The company is implementing a "one product, one chain" supply chain strategy, which is enhancing cost control and maintaining price advantages [1] - The D+N multi-channel strategy is driving revenue growth and optimizing overall cost structure [1][2]

2024-06-07 三只松鼠（ [Table_StockNameRptType] 300783） 公司点评 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------|----------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 三只松鼠（300783.SZ）：Q3 业绩超 预期，改革效果进一步释放 事件：公司发布三季度业绩预告，2024 年 1-9 月预计归母净利润 3.38-3.42 亿 元，同比+99.13-101.43%，扣非净利润预计 2.62-2.69 亿元，同比+206.74%- 214.92%；24 年 Q3 公司预计归母净利润 4810-5200 万元，同比+200.45%-2 24.81%，扣非净利润预计 3400-4100 万元，同比+176.65%-233.60%。公司 第三季度业绩超预期。 公司自去年 3 季度开始便收入利润双增长，至今已连续 5 个季度增长，公司经 营状况发生了实质性的改变，值得重点关注。公司去年同期基数并不低，我们 推测公司 9 月主动控制线上费用投放，Q3 在毛利率保持稳定的前提下，公司 费效比较以往更优，带动业绩高增，这也证明了公司变革带来的改善可持续性 较强。 坚定"高端性价比"战略，改革持续推动。公司去年年初制定了"高端性价比" 战略，通过对渠道、供应链和组织的变革公司产品开始在抖音放量，形成规模 效应 ...

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