三只松鼠：前三季度业绩预告点评：盈利能力大幅提升，改革成效持续验证

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]