Three Squirrels(300783) Soochow Securities·2024-10-30 04:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 7.169 billion yuan in Q1-3 2024, representing a year-on-year increase of 56.5%, and a net profit attributable to shareholders of 341 million yuan, up 101.2% year-on-year [2] - In Q3 2024, the company reported a revenue of 2.095 billion yuan, a year-on-year increase of 24.0%, and a net profit attributable to shareholders of 52 million yuan, up 221.9% year-on-year [2] - The company is enhancing cooperation with volume sales channels and has successfully launched 105 daily sales products in distribution channels, receiving positive market feedback [2] - The company is initiating a merger and acquisition strategy, which aligns with its development stage [4] Financial Forecasts and Valuation - The company is expected to achieve revenues of 10.108 billion yuan, 13.302 billion yuan, and 17.616 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 42%, 32%, and 32% [4] - The net profit attributable to shareholders is projected to be 409 million yuan, 588 million yuan, and 835 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 86%, 44%, and 42% [4] - The report adjusts the earnings per share (EPS) forecast to 1.02 yuan, 1.47 yuan, and 2.08 yuan for 2024, 2025, and 2026 respectively [4] - The price-to-earnings (P/E) ratio is expected to be 26, 18, and 13 for 2024, 2025, and 2026 respectively [4] Investment Announcements - The company plans to acquire control or related businesses/assets of "Ai Ling Shi" for no more than 200 million yuan, "Ai Zhe Kou" for no more than 60 million yuan, and Anhui Zhi Yang Food Co., Ltd. for no more than 100 million yuan [3] - The company intends to invest up to 200 million yuan to enhance the construction of snack supply chains and centralized bases [3] - The company aims to invest no more than 100 million yuan to incubate new sub-brands focusing on various food categories [3]