证券代码：300783 证券简称：三只松鼠 公告编号：2024-049 三只松鼠股份有限公司 关于参加消费行业上市公司 2024 年度集中路演活动的公告 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。 为进一步加强与投资者的互动交流，三只松鼠股份有限公司（以下简称"公 司"）将于 2024 年 9 月 13 日（星期五）下午 15:00-17:00 在深圳证券交易所参加 "消费行业上市公司 2024 年度集中路演"活动。现将相关事项公告如下： 欢迎广大投资者参与本次活动。在此，公司对长期以来关心和支持公司发展并 积极提出建议的投资者表示衷心感谢！ 特此公告。 三只松鼠股份有限公司董事会 2024 年 9 月 10 日 1 1、召开时间：2024 年 9 月 13 日 15:00-17:00 2、召开方式：网络方式 3、召开地点：互动易"云访谈"平台（http://irm.cninfo.com.cn） 4、本次出席人员：公司董事、董事会秘书潘道伟先生。 公司本次路演以网络互动形式召开，将就公司所处行业状况、发展战略、经营 成果及财务指标等具体情况与投资者进行互动 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2024-048 三只松鼠股份有限公司 关于持股 5%以上股东减持股份的预披露公告 持股 5%以上股东 NICE GROWTH LIMITED 保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 近日，三只松鼠股份有限公司（以下简称"公司"、"发行人"）收到公司持 股 5%以上股东 NICE GROWTH LIMITED 的《减持计划告知函》，其拟减持公司股份。 截至本公告披露日，NICE GROWTH LIMITED 持有公司股份 20,038,800 股（占公 司总股本比例 5.0006%）。NICE GROWTH LIMITED 计划在自本公告披露之日起 15 个 交易日后的 3 个月内通过集中竞价交易或大宗交易等深圳证券交易所认可的合法方 式减持公司股份合计不超过 3,200,000 股，即不超过公司总股本的 0.80%。 注：公司"总股本"有效计算基数为 400,729,300 股，即目前总股本 401,000,000 股剔除公司最新披 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 09 月 02 日 三只松鼠 (300783) ——上半年收入亮眼 盈利持续改善 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 17.53 | | 一年内最高 / 最低（元） | 27.53/14.68 | | 市净率 | 2.6 1.43 | | 息率（分红/股价） | 4,901 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 6.83 | | 资产负债率 % | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company achieved revenue of 5.075 billion yuan in the first half of 2024, representing a year-on-year increase of 75.39%, with a net profit of 290 million yuan, up 88.57% year-on-year [5]. - The company is committed to a "high-end cost-performance" strategy and has implemented three major structural reforms to enhance its business, supply chain, and organizational structure [5]. - The company has seen significant growth in its e-commerce channels, particularly on Douyin, which generated 1.224 billion yuan in revenue, a year-on-year increase of 180.73% [5]. - The gross margin for Q2 2024 was 21.9%, an increase of 3.24 percentage points year-on-year, indicating improved profitability [5]. - The company forecasts revenues of 10.548 billion yuan, 13.845 billion yuan, and 16.511 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 392 million yuan, 525 million yuan, and 702 million yuan [5][8]. Financial Summary - The company reported a total revenue of 7,293.16 million yuan in 2022, with a projected revenue of 10,548.00 million yuan in 2024, reflecting a growth rate of 48.26% [8]. - The net profit for 2022 was 129.06 million yuan, with an expected increase to 392.01 million yuan in 2024, indicating a growth rate of 78.36% [8]. - The earnings per share (EPS) are projected to be 0.98 yuan in 2024, increasing to 1.31 yuan in 2025 and 1.75 yuan in 2026 [8].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][4]. Core Views - The company achieved a revenue of 5.07 billion yuan in the first half of 2024, representing a year-on-year increase of 75.4%. The net profit attributable to shareholders was 290 million yuan, up 88.6% year-on-year, while the net profit excluding non-recurring items reached 230 million yuan, a significant increase of 211.8% [1]. - The company's product model has matured, leading to rapid growth across all categories and channels. Online sales through platforms like Douyin, Tmall, and JD.com saw increases of 180.7%, 28.3%, and 20.3% respectively, contributing to 70% of the performance growth. Offline distribution revenue more than doubled, with the number of distributors increasing by 12.2% to 1,192 [1]. - Profitability is improving, with a net profit margin of 5.7% in the first half of 2024, up 0.4 percentage points year-on-year. The gross margin for Q2 2024 was 21.9%, an increase of 3.2 percentage points, attributed to direct sourcing of nuts and cost savings from the supply chain [1]. Financial Forecasts - The forecast for net profit attributable to shareholders is 380 million yuan for 2024, 530 million yuan for 2025, and 700 million yuan for 2026, reflecting year-on-year growth rates of 73.0%, 38.3%, and 32.4% respectively. The expected EPS for these years is 0.95 yuan, 1.31 yuan, and 1.74 yuan, with corresponding PE ratios of 18, 13, and 10 times [2][3]. - The projected revenue for 2024 is 10.21 billion yuan, with a growth rate of 43.5%, followed by 13.32 billion yuan in 2025 and 17.31 billion yuan in 2026, with growth rates of 30.43% and 30.00% respectively [3]. Strategic Focus - The company is focusing on offline distribution and enhancing its competitive edge through high-end cost performance. The short video marketing strategy has stabilized online sales growth, while new product launches are expected to contribute to daily sales in Q3 [1]. - The D+N and B+N product models are being successfully implemented, with ongoing development of customized products and continued investment in production bases to maintain cost leadership and efficiency across the supply chain [1].

Investment Rating - The report maintains a rating of "Add" for the company [2] Core Views - The company achieved total revenue of 5.075 billion yuan in H1 2024, representing a year-on-year increase of 75.39%, with a net profit attributable to shareholders of 290 million yuan, up 88.57% year-on-year [2][3] - The growth in revenue was primarily driven by the Douyin e-commerce platform, which saw a remarkable year-on-year growth of 180.73%, contributing 1.224 billion yuan to the total revenue [3] - The company continues to expand its national snack store network, opening 209 new stores by the end of H1 2024, with a revenue contribution of 175 million yuan from these stores [3] - The three main product categories, nuts, baked goods, and mixed products, showed strong performance, with revenues of 2.760 billion yuan, 609 million yuan, and 934 million yuan respectively, reflecting year-on-year growth rates of 67.90%, 38.85%, and 164.82% [3] - The company has optimized its supply chain, leading to an increase in gross margin to 25.85%, up 0.88 percentage points year-on-year, and a significant improvement in net profit margin [3] Financial Data and Valuation - The company is projected to achieve net profits of 401 million yuan, 574 million yuan, and 768 million yuan for the years 2024, 2025, and 2026, with growth rates of 82.63%, 43.02%, and 33.75% respectively [4] - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 18, 12, and 9 times respectively, based on a market capitalization of 7.1 billion yuan as of August 30 [4] - The company's revenue is expected to reach 10.205 billion yuan in 2024, with a year-on-year growth of 43.44% [4] Key Metrics - The company reported a return on equity (ROE) of 14.06% for 2024, projected to increase to 19.67% by 2026 [4] - The earnings per share (EPS) is expected to rise from 0.55 yuan in 2023 to 1.91 yuan in 2026 [4] - The company’s total assets are projected to grow from 55.43 billion yuan in 2023 to 84.12 billion yuan in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has shown significant growth in revenue and profit, with a 75.39% year-on-year increase in revenue to 5.075 billion yuan and an 88.57% increase in net profit to 290 million yuan for the first half of 2024 [1]. - The online sales channel has been a major contributor, accounting for 81% of total revenue, with notable growth in platforms like Douyin, Tmall, and JD [1]. - The company is focusing on enhancing its offline distribution network, with a strong emphasis on its distribution business, which saw over 100% growth in revenue [1]. - The gross margin improved to 25.85% in the first half of 2024, driven by better sourcing and manufacturing practices [2]. - The company is expected to continue its recovery in profitability, with net profit forecasts for 2024-2026 adjusted upwards significantly [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 5.075 billion yuan, a 75.39% increase year-on-year, and a net profit of 290 million yuan, up 88.57% [1]. - The gross margin for H1 2024 was 25.85%, with a slight decrease in Q2 to 21.90% [2]. - The company’s net profit margin for H1 2024 was 5.71%, reflecting a year-on-year increase of 0.40 percentage points [2]. Revenue Breakdown - Online sales contributed 4.09 billion yuan, representing 81% of total revenue, with Douyin, Tmall, and JD showing significant growth rates of 180.73%, 28.32%, and 20.33% respectively [1]. - The offline distribution business generated 669 million yuan in revenue, more than doubling year-on-year [1]. Future Outlook - The company is expected to enhance its supply chain and production capabilities, which should help reduce costs and improve competitiveness [2]. - Profit forecasts for 2024-2026 have been raised to 394 million yuan, 560 million yuan, and 737 million yuan respectively, indicating strong growth potential [2].

Investment Rating - The investment rating for the company is maintained at "Accumulate - B" [1][3]. Core Views - The company has shown significant strategic effectiveness and is determined to achieve a revenue target of 10 billion yuan. The focus is on high-end cost performance and strengthening major products across all channels [3][4]. - The company reported a revenue of 5.075 billion yuan for H1 2024, representing a year-on-year growth of 75.39%, with a net profit attributable to shareholders of 290 million yuan, up 88.57% year-on-year [1][4]. - The revenue for Q2 2024 was 1.429 billion yuan, a year-on-year increase of 43.93%, while the net profit attributable to shareholders was a loss of 19 million yuan, showing a reduction in losses compared to the previous year [1][4]. Revenue Analysis - The company's revenue growth is driven by effective strategic implementation, with significant increases across all channels. Online revenue for H1 2024 reached 4.09 billion yuan, accounting for 81% of total revenue, with notable growth from platforms like Douyin, Tmall, and JD [1][3]. - The offline distribution business also showed strong performance, with revenue exceeding 100% growth year-on-year, and the number of regional distributors increasing to 1,192 by the end of June [1][3]. Product and Brand Performance - In H1 2024, the company achieved revenue of 2.76 billion yuan from nuts, a year-on-year increase of 67.90%, and 610 million yuan from baked goods, up 38.85% [1][4]. - The sub-brand "Little Deer Blue" has been positioned as a high-end healthy snack for children, achieving revenue growth of 66% in H1 2024 and contributing to sustainable profitability [3][4]. Financial Projections - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 10.413 billion yuan, 13.722 billion yuan, and 17.052 billion yuan, respectively, with year-on-year growth rates of 46.4%, 31.8%, and 24.3% [3][4]. - The net profit forecasts for the same period have also been revised, with expected figures of 391 million yuan, 594 million yuan, and 800 million yuan, reflecting growth rates of 77.8%, 52.0%, and 34.7% [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has demonstrated continuous revenue growth, with a significant increase in total revenue of 50.75 billion yuan for H1 2024, representing a 75% year-on-year increase, driven by the successful implementation of its strategic initiatives [1] - The net profit attributable to shareholders reached 290 million yuan, up 89% year-on-year, while the net profit excluding non-recurring items was 228 million yuan, reflecting a substantial increase of 212% [1] - The company's gross margin improved to 25.85%, an increase of 1 percentage point, attributed to supply chain optimization [1] - The company has successfully expanded its distribution channels, with revenue from third-party e-commerce platforms reaching 40.90 billion yuan, a growth of 80% year-on-year [1] Financial Performance Summary - Total revenue for H1 2024 was 50.75 billion yuan, with a net profit of 290 million yuan, and a net profit excluding non-recurring items of 228 million yuan [1] - The company reported a total revenue of 14.29 billion yuan for Q2 2024, a 44% increase year-on-year, although it experienced a net loss of 19 million yuan [1] - The company’s EPS for 2024-2026 is projected to be 0.89, 1.15, and 1.54 yuan respectively, with corresponding PE ratios of 20, 15, and 12 times [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in online sales, with a 75.39% year-on-year increase in revenue for the first half of 2024, driven by strong performance on platforms like Douyin [1] - The company's "D+N" strategy is effectively enhancing online channel growth and overall operational efficiency [1] - Profitability is improving due to supply chain enhancements and management efficiency, with a gross margin increase of 3.24 percentage points in Q2 2024 [1] Financial Performance Summary - Q2 2024 revenue reached 1.429 billion yuan, up 43.93% year-on-year, while net profit attributable to shareholders was -0.19 billion yuan, an increase of 51.21% [1] - For the first half of 2024, revenue was 5.075 billion yuan, up 75.39%, with a net profit of 0.29 billion yuan, reflecting an 88.57% increase [1] - The company expects to achieve a total revenue of 10.407 billion yuan in 2024, with a year-on-year growth of 46.3% [2][3] Profitability and Efficiency - The gross margin for Q2 2024 improved to 21.90%, primarily due to direct sourcing of nuts and streamlined production processes [1] - The net profit margin for Q2 2024 improved to -1.30%, indicating a reduction in losses [1] - The company is focusing on enhancing its supply chain efficiency and management effectiveness to drive profitability [1] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 13.891 billion yuan and 17.745 billion yuan for 2025 and 2026, respectively [2][3] - The company plans to accelerate its offline distribution and continue expanding its online presence despite potential challenges from increased competition [1]