Three Squirrels(300783) Minsheng Securities·2024-10-28 11:45Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a significant increase in revenue and net profit for Q1-Q3 2024, achieving total revenue of 716.9 million yuan and net profit of 34.1 million yuan, representing year-on-year growth of 56.46% and 101.15% respectively [2]. - The company is actively advancing a comprehensive transformation in its distribution strategy, focusing on adapting products to various channels and price ranges, with a significant emphasis on new product launches [2]. - The company plans to enhance its supply chain and manufacturing layout through acquisitions and investments, aiming to integrate the industry chain and foster new brand growth [2]. Financial Performance Summary - For 2024, the company expects total revenue to reach 10.27 billion yuan, with a growth rate of 44.4% compared to 2023 [3][5]. - The projected net profit for 2024 is 405 million yuan, reflecting an increase of 84.1% year-on-year [3][5]. - The earnings per share (EPS) is forecasted to be 1.01 yuan for 2024, with a price-to-earnings (P/E) ratio of 26 [3][5]. Revenue and Profit Forecast - The company anticipates revenues of 10.27 billion yuan in 2024, 13.53 billion yuan in 2025, and 17.81 billion yuan in 2026, with corresponding growth rates of 44.4%, 31.8%, and 31.6% respectively [3][5]. - The net profit is expected to be 405 million yuan in 2024, 585 million yuan in 2025, and 772 million yuan in 2026, with growth rates of 84.1%, 44.6%, and 31.9% respectively [3][5]. Strategic Initiatives - The company is focusing on a "high-end cost-performance" strategy, aiming to cover all price ranges and product categories, including snacks and nuts [2]. - The company plans to invest up to 2 billion yuan in enhancing its snack industry park and supply chain bases across various regions [2]. - New brand incubation efforts will be supported with investments of up to 1 billion yuan, targeting categories such as convenient meals and health foods [2].