Three Squirrels(300783) 国盛证券·2025-04-29 09:21Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.72 billion yuan in Q1 2025, a year-on-year increase of 2.1%, while the net profit attributable to the parent company was 240 million yuan, a decrease of 22.5% year-on-year [1] - The revenue growth was impacted by a 12-day delay in the Spring Festival, but when considering Q4 2024 and Q1 2025 together, the revenue shows a year-on-year increase of 16.2% [1] - The company is expanding its distribution channels to enhance offline growth, leveraging its competitive advantages in brand and pricing [1][3] Financial Performance - The company's net profit margin decreased by 2.0 percentage points to 6.4% in Q1 2025, primarily due to the Spring Festival delay and a decline in gift box sales [2] - The gross profit margin also saw a decline of 0.7 percentage points to 26.7% [2] - Sales expense ratio increased by 2.4 percentage points to 18.7%, attributed to increased marketing expenses during the Spring Festival and initial costs for distribution expansion [2] Future Outlook - The company is expected to achieve revenue growth of 25.2%, 24.9%, and 19.7% for the years 2025, 2026, and 2027, respectively, reaching 13.30 billion, 16.61 billion, and 19.89 billion yuan [3] - Net profit is projected to grow by 10.3%, 33.3%, and 25.4% for the same years, reaching 450 million, 599 million, and 752 million yuan [3] - The company is actively participating in retail transformation and has plans to deepen its supply chain advantages through investments and acquisitions [3]