三只松鼠（300783）：全品类全渠道经营，打造高端性价比

食品饮料 2025 年 03 月 20 日 三只松鼠(300783.SZ) | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,293 | 7,115 | 10,466 | 13,608 | 17,711 | | YOY(%) | -25.4 | -2.4 | 47.1 | 30.0 | 30.2 | | 净利润(百万元) | 129 | 220 | 409 | 535 | 740 | | YOY(%) | -68.6 | 70.3 | 86.1 | 30.8 | 38.4 | | 毛利率(%) | 26.7 | 23.3 | 23.6 | 23.4 | 23.2 | | 净利率(%) | 1.8 | 3.1 | 3.9 | 3.9 | 4.2 | | ROE(%) | 5.5 | 8.7 | 14.8 | 17.3 | 20.9 | | EPS(摊薄/元) | 0.32 | 0.55 | 1.02 | 1.33 | 1.85 | | P/E(倍) | 90.0 | ...