Three Squirrels(300783) 华鑫证券·2025-04-02 13:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, with a net profit of 408 million yuan, up 86% [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain, with a factory in Cambodia expected to start production in mid-2025 [7] - Earnings per share (EPS) are projected to be 1.23 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22, 16, and 12 for 2025, 2026, and 2027 respectively [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan and a net profit of 408 million yuan, with significant growth rates of 49% and 86% respectively [4][10] - The company’s gross margin increased to 24.25%, while the net profit margin rose to 3.84% [5] Product and Channel Strategy - The company’s revenue from various product categories showed strong growth, with nuts, baked goods, and dried fruits achieving increases of 41%, 38%, and 66% respectively [6] - Online and offline channel revenues reached 7.407 billion yuan and 3.215 billion yuan, reflecting growth rates of 50% and 49% respectively [6] Future Outlook - The company aims to enhance its global supply chain and brand presence, with plans for a factory in Cambodia and ongoing site selection for a factory in Thailand [7] - The long-term strategy focuses on high-end cost-performance, SKU optimization, and brand expansion [8]