Three Squirrels(SZ:300783) Guohai Securities·2024-08-04 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Viewpoints - The company has successfully transformed from an online brand to a national snack brand, leveraging e-commerce platforms like Taobao and JD.com since its inception in 2012 [2][21] - The company has implemented a "High-end Cost Performance" strategy to adapt to changing consumer preferences, focusing on value-driven products and expanding its presence on platforms like Douyin [2][4] - The company aims to achieve a revenue target of 20 billion yuan by 2026, with a compound annual growth rate of 32% [3][4] Summary by Sections Company Overview - The company was founded in 2012 and quickly became a leader in the nut and snack food sector by capitalizing on e-commerce growth [21] - In 2019, the company achieved over 10 billion yuan in revenue, with online sales accounting for over 97% [21] Channel Development History - The company has undergone three phases of channel development: 1. 2012-2019: Focused on e-commerce growth, becoming a top brand on platforms like Taobao and JD [22] 2. 2020-2022: Adjusted strategies due to declining online sales, exploring offline channels and new distribution models [22][24] 3. 2023-Present: Implemented a "D+N" omnichannel strategy, emphasizing high-quality, competitively priced products [22][28] Product Development History - Initially focused on nuts, the company has expanded its product range to include various snack categories, achieving a diverse SKU count of nearly 600 by 2019 [31][33] - The company has accelerated product launches, introducing over 1,000 new SKUs since March 2023, with several products ranking top in their categories on Douyin [35][36] Organizational Structure - The company's founder holds approximately 42.02% of the shares, ensuring strong leadership and control over strategic decisions [37] - The company has implemented employee stock ownership plans to enhance organizational cohesion and align interests [37] Financial Projections - Revenue projections for 2024-2026 are 10.31 billion, 13.25 billion, and 16.04 billion yuan, with expected growth rates of 45%, 29%, and 21% respectively [4][5] - The net profit is projected to reach 402 million, 557 million, and 706 million yuan for the same period, with significant year-on-year growth [4][5]