研報掘金丨中金:維持三隻松鼠“跑贏行業”評級,上調目標價20%至27元
中金公司日前研報指出,三隻松鼠(300783.SZ)預吿3Q24淨利潤約0.48- 0.52億元,同比+200.45%至+224.81%,利潤超市場預期,預計主因公司經營提效下利潤率改善好於預期。公司今年3Q重新梳理線下分銷渠道並且對中秋、國慶活動準備較為充分。根據中金商超渠道數據三隻松鼠7-8月商超渠道合計GMV+48%(均價同比-11%),明顯好於行業整體表現;預計線上渠道整體雙位數增長,其中抖音渠道增速更快。考慮到2024年公司性價比產品終端需求旺盛,我們預計2024 年完成激勵目標的確定性較高(激勵目標為收入100億元,不考慮激勵費用的利潤4億元)。考慮到近期板塊估值上調,上調目標價20%至27元,維持“跑贏行業”評級。
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