Three Squirrels(300783)2025-02-05 09:10Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. 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%, with a midpoint growth estimate of 48% [1]. - 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 81.99% to 91.09%, with a midpoint estimate of 87% [1]. - The company aims to return to a revenue level of 10 billion yuan in 2024, driven by a strategy focused on "high-end cost performance" and a comprehensive approach of "full category + full channel" [1][2]. Summary by Sections Financial Performance - The company reported a total revenue of 7.29 billion yuan in 2022, which decreased to 7.11 billion yuan in 2023, but is expected to rebound to approximately 10.46 billion yuan in 2024, marking a growth rate of 47.09% [3][9]. - The net profit attributable to the parent company was 129.06 million yuan in 2022, increasing to 219.79 million yuan in 2023, and is projected to reach 401.62 million yuan in 2024, indicating a growth rate of 82.73% [3][9]. Strategic Initiatives - The company is implementing a "one product, one chain" supply chain strategy to enhance product competitiveness through global raw material sourcing and establishing concentrated supply bases [1]. - A "D+N" (short video + full channel) strategy is being adopted to strengthen sales across all channels, particularly in offline distribution, which has seen significant growth [1][2]. - The introduction of multiple sub-brands aims to enhance sales scale, with the sub-brand "Xiao Lu Lan Lan" expected to achieve nearly 1 billion yuan in sales in 2024 [1]. Market Performance - As of January 2, 2025, the company's online traditional e-commerce channel sales reached 840 million yuan, while offline distribution sales exceeded 1.8 billion yuan, showing a year-on-year growth of over 40% [2]. - The company anticipates maintaining high profit growth due to the successful implementation of its strategic initiatives [2].