Three Squirrels(300783) 东兴证券·2024-07-19 00:00Investment Rating - The report maintains a "Strong Buy" rating for the company [4][12]. Core Views - The company's "high-end cost-performance" strategy has shown results, with four consecutive quarters of revenue and net profit growth since Q3 2023 [4][12]. - The company is expected to achieve revenue of 50.4 to 51 billion yuan in the first half of the year, representing a year-on-year increase of 74.19% to 76.27% [1]. - The second quarter of 2024 is projected to yield revenue of 13.94 to 14.54 billion yuan, a year-on-year increase of 40.45% to 46.49% [1]. Summary by Sections Company Overview - The company specializes in the research, testing, packaging, and sales of its own brand of snack foods, including nuts, dried fruits, baked goods, and meat products [5]. Financial Performance - The company forecasts revenues of 107.99 billion, 136.97 billion, and 161.15 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 3.84 billion, 5.31 billion, and 6.65 billion yuan [12]. - The earnings per share (EPS) are projected to be 0.96, 1.32, and 1.66 yuan for the same years [12]. Growth Channels - The company has seen significant growth in its online channels, particularly on Douyin, where revenue reached 12.04 billion yuan, a year-on-year increase of 118.51% [2]. - The company has opened over 220 community snack stores within a year, indicating strong potential in the bulk snack market [2]. Strategic Initiatives - The company is focusing on supply chain innovation and organizational transformation to enhance product competitiveness and activate all-channel business potential [4]. - A new sub-brand targeting children's healthy snacks has been established, achieving double-digit growth in the first half of the year [5]. Market Position - The company is positioned to benefit from the growing trend of social e-commerce and is expected to maintain a robust growth trajectory in this area [2][12].