Three Squirrels(300783) 新浪财经·2025-04-01 04:44Core Viewpoint - The company reported significant growth in revenue and profit for 2024, indicating a strong recovery and expansion in both online and offline channels [1][2][4]. Revenue Performance - In 2024, the company achieved a revenue of 10.622 billion yuan, a year-on-year increase of 49.30% [1] - Online revenue reached 7.407 billion yuan, up 49.60% year-on-year, with notable contributions from Douyin, Tmall, and JD [2] - Offline revenue was 3.215 billion yuan, increasing by 48.6%, driven by strong performance in distribution and stores [2] Product Category Growth - Core nut products generated 5.366 billion yuan in revenue, a growth of 41%, accounting for 50.52% of total revenue [3] - Non-nut categories saw a continued increase in share, with significant growth in dried fruits, meat products, and baked goods [3] Profitability Improvement - The company's gross margin improved by 0.92 percentage points to 24.25%, while the net profit margin also increased [4] - The optimization of management fees contributed to enhanced profitability, with a non-GAAP net profit margin of 3.01% [4] Strategic Initiatives - The company plans to launch H-share listings to enhance its global supply chain and financing capabilities [4] - A multi-brand strategy is being implemented to diversify product offerings and increase revenue resilience [3][4] Future Outlook - Revenue projections for 2025-2027 are set at 13.429 billion, 17.054 billion, and 20.086 billion yuan, with expected growth rates of 26%, 27%, and 18% respectively [5] - The company anticipates continued market share growth in online channels and improved performance in offline distribution [5]