Three Squirrels(300783) Xinda Securities·2025-01-26 00:23Investment Rating - The investment rating for the company is "Buy" [1] 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 43.4% to 51.8%. The net profit attributable to the parent company is projected to be between 400 to 420 million yuan, reflecting a year-on-year increase of 82.0% to 91.1% [1][4] - The company's high-end cost-performance strategy has shown significant results, with the sub-brand Xiao Lu Lan Lan expected to achieve nearly 1 billion yuan in sales in 2024, validating the effectiveness of strategic adjustments [4] - The company plans to maintain its business model as a "manufacturing-based self-owned brand retailer," with expectations for offline distribution to contribute to growth in 2025 [4] Financial Summary - Total revenue for 2022 was 7.293 billion yuan, with a projected increase to 10.5 billion yuan in 2024 and 13.055 billion yuan in 2025, indicating a growth rate of 47.6% and 24.3% respectively [3] - The net profit attributable to the parent company is forecasted to rise from 129 million yuan in 2022 to 410 million yuan in 2024 and 573 million yuan in 2025, with year-on-year growth rates of 86.6% and 39.6% respectively [3] - The company's EPS (Earnings Per Share) is expected to increase from 0.32 yuan in 2022 to 1.02 yuan in 2024 and 1.43 yuan in 2025 [3][4]