Three Squirrels(300783) China Post Securities·2025-01-23 04:31Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company is expected to achieve a revenue of 10.2 to 10.8 billion yuan in 2024, representing a year-on-year growth of 43.37% to 51.80%. The fourth quarter revenue is projected to be between 3.03 to 3.63 billion yuan, with a year-on-year increase of 19.68% to 43.37%. The net profit attributable to shareholders is forecasted to be 400 to 420 million yuan, reflecting a growth of 81.99% to 91.09% [5][6]. - The company's high-end cost-performance strategy has shown significant results, with strong performance during the New Year sales period. The company has effectively implemented a "D+N" all-channel strategy, focusing on daily sales products and achieving a successful first round of distribution [6]. - The company has deepened its supply chain layout, enhancing product competitiveness and significantly improving net profit margins. The expected net profit margin for 2024 is approximately 3.7% to 4.1%, an increase of about 0.6 to 1 percentage points year-on-year [6]. Financial Projections - The company forecasts revenues of 10.471 billion, 13.627 billion, and 16.704 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.18%, 30.14%, and 22.58%. The net profit attributable to shareholders is expected to be 405 million, 545 million, and 752 million yuan for the same years, with growth rates of 84.35%, 34.61%, and 37.80% [7][10]. - Earnings per share (EPS) are projected to be 1.01, 1.36, and 1.87 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 33, 24, and 18 times [7][10].