Three Squirrels(300783) Huaxin Securities·2025-01-22 04:33Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company is expected to achieve a revenue target of 102-108 billion yuan for 2024, representing a year-on-year growth of 43%-52%. The net profit attributable to shareholders is projected to be between 4.0-4.2 billion yuan, with a growth of 82%-91% [5]. - The company is implementing a "high-end cost-performance" strategy, focusing on a comprehensive product and channel approach, and aims to return to a revenue level of 100 billion yuan by 2024 [5][6]. - Structural reforms are being advanced to enhance brand and channel competitiveness, including a full-category supply chain layout and multi-brand matrix development [6]. Summary by Sections Financial Performance - The company forecasts a revenue of 102-108 billion yuan for 2024, with a net profit of 4.0-4.2 billion yuan, and a non-recurring net profit of 3.0-3.3 billion yuan, indicating significant growth rates [5]. - For Q4 2024, revenue is expected to be between 30.31-36.31 billion yuan, with a net profit of 0.59-0.79 billion yuan [5]. Strategic Initiatives - The company is focusing on a "high-end cost-performance" strategy, maintaining a "full-category + full-channel" operational model, and reinforcing its identity as a "manufacturing self-owned brand retailer" [5]. - Key initiatives include global raw material direct procurement, expansion of offline distribution, and the establishment of a network-type organization with 248 small operational units [6]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are adjusted to 1.02, 1.43, and 1.95 yuan respectively, with corresponding price-to-earnings (PE) ratios of 35, 25, and 18 times [7]. - The company's long-term confidence in its "high-end cost-performance" strategy is expected to drive sustainable growth and achievement of performance targets [7].