Three Squirrels(300783) Xinda Securities·2024-10-30 14:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q3 2024 performance report shows revenue of 2.095 billion yuan, a year-on-year increase of 24.03%, and a net profit attributable to shareholders of 52 million yuan, up 221.89% year-on-year, indicating strong growth [1] - The high-end cost-performance strategy has significantly improved profitability, with the company achieving five consecutive quarters of revenue growth, validating the effectiveness of this strategy [1] - The company plans to invest up to 200 million yuan to enhance its snack supply chain and centralized base, aiming to increase the self-production ratio of snack products and improve supply chain efficiency [1] Financial Performance Summary - Total revenue for 2022 was 7.293 billion yuan, with a year-on-year decrease of 25.4%, while 2023 revenue is projected at 7.115 billion yuan, a decrease of 2.4% [2] - The net profit attributable to shareholders for 2022 was 129 million yuan, with a significant increase projected for 2023 at 220 million yuan, reflecting a year-on-year growth of 69.9% [2] - The company expects EPS to grow from 0.32 yuan in 2022 to 1.78 yuan by 2026, indicating a strong upward trend in profitability [3]