Three Squirrels(300783) Huaxin Securities·2024-09-01 07:42Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has demonstrated continuous revenue growth, with a significant increase in total revenue of 50.75 billion yuan for H1 2024, representing a 75% year-on-year increase, driven by the successful implementation of its strategic initiatives [1] - The net profit attributable to shareholders reached 290 million yuan, up 89% year-on-year, while the net profit excluding non-recurring items was 228 million yuan, reflecting a substantial increase of 212% [1] - The company's gross margin improved to 25.85%, an increase of 1 percentage point, attributed to supply chain optimization [1] - The company has successfully expanded its distribution channels, with revenue from third-party e-commerce platforms reaching 40.90 billion yuan, a growth of 80% year-on-year [1] Financial Performance Summary - Total revenue for H1 2024 was 50.75 billion yuan, with a net profit of 290 million yuan, and a net profit excluding non-recurring items of 228 million yuan [1] - The company reported a total revenue of 14.29 billion yuan for Q2 2024, a 44% increase year-on-year, although it experienced a net loss of 19 million yuan [1] - The company’s EPS for 2024-2026 is projected to be 0.89, 1.15, and 1.54 yuan respectively, with corresponding PE ratios of 20, 15, and 12 times [2][4]