Three Squirrels(300783) HUAXI Securities·2024-12-03 01:50Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on the latest closing price of 33.86 CNY, corresponding to a PE ratio of 33/25/19 for the years 2024-2026 [2][6]. Core Insights - The company plans to distribute a cash dividend of 1.25 CNY per 10 shares, totaling 50.09 million CNY, which represents 14.68% of the net profit attributable to shareholders for the first three quarters [2][3]. - The company is actively preparing for the upcoming Spring Festival sales, with enhanced inventory and product offerings, including new categories such as baked goods and meat products, aiming for a significant increase in sales during the peak season [4]. - The company is implementing a multi-channel strategy under its "Return to 10 Billion" initiative, focusing on both online and offline sales channels, which is expected to drive rapid growth across all categories and improve profitability through cost optimization [5]. Financial Summary - The company forecasts revenue for 2024-2026 to be 10.33 billion CNY, 13.10 billion CNY, and 15.74 billion CNY, respectively, with a year-on-year growth of 45.2%, 26.8%, and 20.2% [7][14]. - The net profit attributable to shareholders is projected to be 407 million CNY, 554 million CNY, and 708 million CNY for the same period, reflecting a year-on-year growth of 85.3%, 36.0%, and 27.9% [7][14]. - The report indicates an increase in EPS estimates for 2024-2026 to 1.02 CNY, 1.38 CNY, and 1.77 CNY, respectively [6][10].