Three Squirrels(300783) GOLDEN SUN SECURITIES·2024-12-01 08:00Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is actively sharing its high-quality development results with investors through a cash dividend distribution plan, proposing a cash dividend of 1.25 yuan per 10 shares, totaling 50.09 million yuan, which accounts for 14.68% of the net profit attributable to shareholders for the first three quarters of 2024 [2] - The company has achieved significant revenue growth, with a year-on-year increase of 56.46% to 7.169 billion yuan in the first three quarters of 2024, driven by the rapid expansion on Douyin and a focus on offline distribution channels [2][3] - The company is enhancing its supply chain by establishing a nationwide layout of nut factories and building seven snack factories, which is expected to improve profit margins through self-production capabilities [2][3] - The company signed an investment agreement to acquire control or related business and assets of Ailing Food, Aizhekou, and Zhiyang Food, aiming to participate in the retail industry transformation [3] - Short-term catalysts include preparations for the New Year’s Festival, targeting an 800 million yuan increase in offline sales, while long-term growth is supported by a focus on high-end cost performance and channel expansion [3] Financial Summary - The company forecasts revenue growth of 45.2%, 30.0%, and 20.6% for 2024, 2025, and 2026, reaching 10.333 billion, 13.430 billion, and 16.191 billion yuan respectively [3] - Net profit attributable to shareholders is expected to grow by 89.3%, 37.1%, and 25.8% for the same years, reaching 416 million, 570 million, and 718 million yuan respectively [3] - The company’s earnings per share (EPS) is projected to be 1.04 yuan, 1.42 yuan, and 1.79 yuan for 2024, 2025, and 2026 respectively [3][9]