Three Squirrels(300783)2025-01-22 02:38Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][5] Core Views - The company is expected to achieve a revenue of 102 to 108 billion yuan in 2024, representing a year-on-year growth of 43% to 52%, with a net profit forecast of 4.0 to 4.2 billion yuan, indicating a growth of 82% to 91% [5] - The revenue growth is attributed to the expansion of its multi-channel business and the successful development of its multi-brand matrix, with significant contributions from both offline and online sales channels [5] - The company's supply chain strategy, "One Product One Chain," is showing positive results, leading to an expected increase in profitability [5] - The company aims to enter a new growth phase in 2025, focusing on high-end cost-performance strategies and expanding into new product categories [5] Financial Forecast Summary - Revenue Forecast: - 2023A: 7114.58 million yuan - 2024E: 10502.02 million yuan (growth rate: 47.61%) - 2025E: 13694.63 million yuan (growth rate: 30.40%) - 2026E: 17834.52 million yuan (growth rate: 30.23%) [2][7] - Net Profit Forecast: - 2023A: 219.79 million yuan - 2024E: 410.65 million yuan (growth rate: 86.84%) - 2025E: 565.42 million yuan (growth rate: 37.69%) - 2026E: 756.28 million yuan (growth rate: 33.75%) [2][7] - Earnings Per Share (EPS): - 2023A: 0.55 yuan - 2024E: 1.02 yuan - 2025E: 1.41 yuan - 2026E: 1.89 yuan [2][7] - Price-to-Earnings (PE) Ratio: - 2023A: 65.10 - 2024E: 34.84 - 2025E: 25.30 - 2026E: 18.92 [2][7] - Price-to-Book (PB) Ratio: - 2023A: 5.69 - 2024E: 4.98 - 2025E: 4.25 - 2026E: 3.55 [2][7]