Three Squirrels(SZ:300783) Xin Lang Zheng Quan·2025-10-31 06:31Core Viewpoint - Three Squirrels, a leading snack brand in China, has shown strong revenue performance but faces challenges in profitability and debt levels [2][3]. Group 1: Company Overview - Three Squirrels was established on February 16, 2012, and went public on July 12, 2019, on the Shenzhen Stock Exchange [1]. - The company specializes in the research, testing, packaging, and sales of its own brand of snacks, primarily nuts and dried fruits, leveraging a digital supply chain and multi-channel sales model for competitive advantage [1]. Group 2: Financial Performance - For Q3 2025, Three Squirrels reported revenue of 7.759 billion yuan, ranking second among 11 companies in the industry, with the top competitor, Wancheng Group, generating 36.562 billion yuan [2]. - The net profit for the same period was 153 million yuan, placing the company seventh in the industry, while Wancheng Group led with a net profit of 1.591 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.70%, an increase from 38.92% in the previous year and above the industry average of 40.61% [3]. - The gross profit margin for the same period was 25.27%, slightly down from 25.44% year-on-year and below the industry average of 26.24% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.02% to 51,200, with an average holding of 5,471.89 shares, a decrease of 10.71% [5]. - Notably, Hong Kong Central Clearing Limited became the fourth-largest shareholder, increasing its holdings by 32,900 shares [5]. Group 5: Management Compensation - Chairman Zhang Liaoyuan's compensation for 2024 was 3.8126 million yuan, reflecting an increase of 558,800 yuan from 2023 [4]. Group 6: Analyst Ratings and Forecasts - Guotai Junan Securities maintains an "overweight" rating for Three Squirrels, adjusting the EPS forecasts for 2025-2027 to 0.49, 1.07, and 1.40 yuan, respectively, with a target price set at 30.0 yuan [5]. - Guosheng Securities also maintains a "buy" rating, projecting revenues of 11.62 billion, 13.65 billion, and 15.65 billion yuan for 2025-2027, with net profits of 220 million, 330 million, and 410 million yuan [6].