Three Squirrels(300783)2024-10-29 03:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3][4]. Core Views - The company achieved a revenue of 7.17 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 56%, with a net profit of 340 million yuan, up 101% year-on-year [2]. - The company plans to invest up to 2 billion yuan in building a snack supply chain and centralized base, 1 billion yuan to incubate new sub-brands, and 3.6 billion yuan for deep cooperation with partners [2]. - The company's high-end cost-performance strategy is responding to terminal demand, with a 24% year-on-year revenue growth in Q3 2024 [2][3]. - The company is focusing on enhancing its supply chain efficiency and expanding its product and channel offerings, which is expected to strengthen its competitive edge [3]. Financial Performance Summary - The company forecasts revenue growth from 7.11 billion yuan in 2023 to 17.31 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 30% [6][7]. - The net profit is projected to increase from 219.79 million yuan in 2023 to 752.29 million yuan in 2026, reflecting a strong growth trajectory [6][7]. - The diluted EPS is expected to rise from 0.55 yuan in 2023 to 1.88 yuan in 2026, indicating improved profitability [6][7]. - The PE ratio is projected to decrease from 48.39 in 2023 to 14.14 in 2026, suggesting a more attractive valuation over time [6][7].