Three Squirrels(300783) Huaxin Securities·2024-11-03 01:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to demonstrate strong growth momentum, driven by both organic and external factors [1] - The company's revenue for Q1-Q3 2024 reached 7.169 billion yuan, a year-on-year increase of 56%, while net profit attributable to shareholders was 341 million yuan, up 101% year-on-year [1] - The company is actively expanding its product categories and enhancing production capacity through strategic investments and partnerships [1] Financial Performance - For Q3 2024, the company reported revenue of 2.095 billion yuan, a 24% increase year-on-year, and a net profit of 52 million yuan, reflecting a 222% year-on-year growth [1] - The gross margin for Q3 2024 remained stable at 24.46%, indicating improved supply chain efficiency [1] - The company expects EPS for 2024-2026 to be 0.99, 1.36, and 1.81 yuan respectively, with corresponding PE ratios of 27, 20, and 15 times [1][3] Strategic Initiatives - The company plans to invest up to 360 million yuan in collaboration with snack brands to expand its offline market presence and enter new beverage segments [1] - It aims to enhance its production capabilities by investing up to 200 million yuan in the construction of a snack industrial park and supply chain bases [1] - The company is also focusing on nurturing new sub-brands through additional investments to leverage existing advantages in new markets [1]