Three Squirrels(300783)2024-10-29 08:12Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 7.169 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 56.46%. The net profit attributable to shareholders reached 341 million yuan, up 101.15% year-on-year [4][6]. - The company is focusing on a "D+N" all-channel strategy, enhancing its distribution network and product offerings, which has led to improved market response and profitability [4][5]. - The company plans to invest up to 2 billion yuan in acquiring control of snack brands and enhancing its supply chain infrastructure, indicating a strategic move towards expansion and diversification [5]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 10.197 billion yuan, with a year-on-year growth rate of 43.3%. The net profit is expected to reach 402 million yuan, reflecting an 82.8% increase [6][8]. - The gross margin for the third quarter of 2024 improved to 24.5%, with a net profit margin of 2.5%, an increase of 1.5 percentage points year-on-year [4][6]. - The earnings per share (EPS) for 2024 is forecasted at 1.00 yuan, with subsequent years showing continued growth [6][8].