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]

Investment Rating - The investment rating for the company is "Buy" with the previous rating also being "Buy" [1]. Core Views - The company achieved revenue of 508 million yuan, net profit attributable to shareholders of 29 million yuan, and net profit excluding non-recurring items of 22.8 million yuan for the first half of 2024, representing year-on-year growth of 75.4%, 88.6%, and 211.8% respectively [1]. - The online channels continued to show high growth, validating the high-end cost-performance strategy, with significant revenue increases from platforms like Tmall, JD, and Douyin [1]. - Supply chain efficiency improvements have driven profitability upward, with gross margin and net profit margin showing positive year-on-year changes [1]. Financial Summary - Total revenue for 2022 was 7,293 million yuan, with a projected increase to 10,350 million yuan in 2024, reflecting a growth rate of 45.5% [2]. - Net profit attributable to shareholders is expected to rise from 129 million yuan in 2022 to 402 million yuan in 2024, indicating an 83.0% year-on-year growth [2]. - The company's EPS is projected to increase from 0.32 yuan in 2022 to 1.00 yuan in 2024 [2]. Profitability Metrics - The gross margin for 2024 is estimated to be 23.2%, slightly down from 26.7% in 2022, while the net asset return (ROE) is expected to improve from 5.5% in 2022 to 13.8% in 2024 [2]. - The P/E ratio is projected to decrease from 52.50 in 2022 to 16.89 in 2024, indicating a more favorable valuation as earnings grow [2]. Future Outlook - The high-end cost-performance strategy is expected to enhance product competitiveness, with online penetration likely to continue increasing [1]. - The company is positioned to benefit from changes in supply-demand dynamics in the retail sector, with significant potential for growth in offline distribution channels [1].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——2024 年中报点评 淡季验证逻辑，增长势能持续 三只松鼠(300783) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------| | | [table_Authors] 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | 021-38676442 | 021-38677618 | | | | | zimeng@gtjas.com | chenliyu@gtjas.com | | | | 登记编号 | S0880513120002 | S0880522090005 | | | 本报告导读： 公司"高端性价比"战略引领下，淡季改善盈利验证自主供应链逻辑，现有渠道保 持增长势能的同时，线下分销或有望迎来新突破，增量可期。 投资要点： [Table_Summary] 投资建议：维持"增持"评级。维持 ...

第 1 页 | 其他关联 | | 往 来方与上市公司 | | 2024年期初 | 2024年 上半年 | 2024年 上半年 | 2024年 上半年 | 2024年 上半年 | | 往 来 性质（经营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金往来 | 资 金 往来方名称 | 的 关 联关系 | 上 市 公 司核算的会计科目 | 往来资金余额 | 往 来 累 计发生金额 （不含利息） | 往 来 资 金的利息 （如有） | 偿 还 累 计发生金额 | 期 末 往 来资金余额 | 往 来 形 成原因 | 性往来、非经营 性往来） | | | 三只松鼠（无为）有限责任公司 | 控股子公司 | 其他应收款 | 71,438.42 | 9,057.70 | | | 80,496.12 | | 非经营性往来 | | | 安徽小鹿蓝蓝婴童食品有限公司 | 控股子公司 | 其他应收款 | 42.78 | 6,093.33 | | 6, 136.11 | - | | 非经营性往来 | | | 安徽三只松鼠电子商务有限公司 ...

三只松鼠股份有限公司 2024 年半年度报告全文 让 坚 果 和 好 零 食 普 及 大 众 三只松鼠股份有限公司 2024 年半年度报告 2024 年 8 月 1 三只松鼠股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人章燎源、主管会计工作负责人周庭及会计机构负责人(会计主 管人员)吴明婧声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节管理层讨论与分析"之"十、公司面临的风险和应对措施"， 敬请投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 三只松鼠股份有限公司 2024 年半年度报告全文 第一节 重要 ...

近一月换手（%） 2.37 2024 年 08 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn [Table_Title] 深化供应链改革， "D+N"全渠道突围，零食龙 头征程再起 ——三只松鼠（300783）公司深度研究 投资要点: 最近一年走势 深谙流量玩法，从淘系品牌成长为国民零食品牌。从 2012 年开始， 创始人章燎源先生精准把握淘宝和京东等货架电商发展红利，以及 坚果品类品牌缺失的战略机遇，通过线上渠道的精耕细作，逐步将 公司从初代淘系品牌发展为国民零食品牌，2019 年公司营收突破百 亿元，其中线上占比超 97%，位列天猫品牌粉丝榜第一名。公司对 线上流量的运作有着深刻的洞察和丰富的实战经验，深谙用户获取 和维护之道，能够有效利用电商平台的算法和用户行为特征，制定 出精准的流量获取策略和平台运营策略，逐步沉淀出品牌影响力和 忠实客户，也为后续抖音渠道的成功打下基础。 相对沪深 300 表现 2024/08/02 表 ...

今天是我们第二会议汇报的一个时间点我们今天给大家分享的是我们最近发的三中新股的一个真正的报告这个三中新股我们认为它是临时转向当中今年相较于去年来的话变化比较大或者说是非常多的一个公司然后公司提出了高端性价比的一个战略 然后对于这种一个消费趋势进行一个非常有利的这种一个配合的一个迎合然后呢包括对于这种一个当下的这种一个消费的一个氛围和这种一个状态的一种把握那公司内部的话也做了一系列的这种一个供应链呀然后包括这种一个渠道啊这方面的整顿和这种一个调整那从这个最终的一个结果来看的话 披露的一个半沿途异地来看,预告来看的话,整体的效果就是非常的明显的。那在这种过程当中的话,就是军心的话就是比较明显的经济的一个改变和改进。那我们也就知道,就是整个实验版当中的话,投资了很多军心啊。其实更多的时候还是来自于就是军事管理层做的一个战略战术上面的一个调整,因为我们都知道,例如说是这个, 整个的赛道就在这里了,然后当这个因素发生变化的时候,就可以把这种一个原理的权利也就发挥出来。 那我们对于后续来说的话公司的话就是在这种一个大的这种一个品牌ID的一个支撑之下然后依托量化零食和这种一个零食市场这种一个发展的一个趋势呢依然有一个比较大 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][12]. Core Views - The company's "high-end cost-performance" strategy has shown results, with four consecutive quarters of revenue and net profit growth since Q3 2023 [4][12]. - The company is expected to achieve revenue of 50.4 to 51 billion yuan in the first half of the year, representing a year-on-year increase of 74.19% to 76.27% [1]. - The second quarter of 2024 is projected to yield revenue of 13.94 to 14.54 billion yuan, a year-on-year increase of 40.45% to 46.49% [1]. Summary by Sections Company Overview - The company specializes in the research, testing, packaging, and sales of its own brand of snack foods, including nuts, dried fruits, baked goods, and meat products [5]. Financial Performance - The company forecasts revenues of 107.99 billion, 136.97 billion, and 161.15 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 3.84 billion, 5.31 billion, and 6.65 billion yuan [12]. - The earnings per share (EPS) are projected to be 0.96, 1.32, and 1.66 yuan for the same years [12]. Growth Channels - The company has seen significant growth in its online channels, particularly on Douyin, where revenue reached 12.04 billion yuan, a year-on-year increase of 118.51% [2]. - The company has opened over 220 community snack stores within a year, indicating strong potential in the bulk snack market [2]. Strategic Initiatives - The company is focusing on supply chain innovation and organizational transformation to enhance product competitiveness and activate all-channel business potential [4]. - A new sub-brand targeting children's healthy snacks has been established, achieving double-digit growth in the first half of the year [5]. Market Position - The company is positioned to benefit from the growing trend of social e-commerce and is expected to maintain a robust growth trajectory in this area [2][12].

三只松鼠（ [Table_StockNameRptType] 300783） 敬请参阅末页重要声明及评级说明 证券研究报告 | --- | --- | --- | --- | --- | --- | |-------------|-------------------------------|-------|------------------------|--------------|------------------| | ⚫ | 重要财务指标 \n主要财务指标 | 2023A | 2024E | 单位 \n2025E | : 百万元 \n2026E | | 营业收入 | | | 7115 10407 13891 17745 | | | | 收入同比（ | % ） | -2.4% | 46.3% | 33.5% | 27.7% | | | 归属母公司净利润 | | 220 376 580 860 | | | | | 净利润同比（ % ） | 69.9% | 71.0% | 54.4% | 48.3% | | 毛利率（ % | ） | 23.3% | 23.4% | 23.8% | 24.2% | | R ...