三只松鼠：高端性价比，全渠拓未来

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has successfully transitioned to a "high-end cost-performance" strategy, leading to a recovery in revenue and significant profit growth [1][17]. - The company has restructured its supply chain and operational model to enhance efficiency and adapt to market demands, resulting in improved profitability [1][19]. - The online sales channel, particularly through Douyin, has shown explosive growth, while the company is also expanding its offline distribution network [1][18]. Summary by Sections Company Overview - Founded in 2012, the company quickly became a leading online snack brand, achieving over 10 billion in revenue by 2019. However, it faced revenue decline starting in 2020 due to market changes and the pandemic [1][14]. - The company has shifted its focus to a "high-end cost-performance" strategy since late 2022, which has begun to yield positive results in 2023 [1][13]. Supply Chain and Operational Efficiency - The company has implemented a "one product, one chain" model to optimize its supply chain, focusing on direct sourcing and self-manufacturing to reduce costs [1][19]. - Internal organization has been restructured to align with market demands, enhancing product development and channel operations [1][19]. Channel Strategy - The company utilizes a "D+N" strategy, leveraging Douyin for effective marketing and sales, which has resulted in a 180.7% year-on-year revenue increase from this channel [1][18]. - The offline distribution strategy has been revamped, with a focus on expanding the national distribution network and enhancing daily sales performance [1][18]. Financial Projections - Revenue is projected to grow significantly, with estimates of 10.3 billion, 13.4 billion, and 16.2 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 45.2%, 30.0%, and 20.6% [2][17]. - Net profit is expected to increase substantially, with forecasts of 416 million, 568 million, and 713 million for the same years, indicating growth rates of 89.3%, 36.6%, and 25.4% [2][17].