Three Squirrels(300783) 东吴证券·2025-01-22 03:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 102-108 billion RMB in 2024, representing a year-on-year growth of 43.37% to 51.80%. The net profit attributable to shareholders is projected to be between 400 to 420 million RMB, reflecting a year-on-year increase of 81.99% to 91.09% [8] - The company's performance is driven by several factors, including a comprehensive supply chain layout, a focus on short video and multi-channel strategies, a successful multi-brand matrix, and an efficient network organization [8] - The company is anticipated to continue its upward momentum into 2025, with significant sales growth in offline distribution channels and stable online performance [8] Financial Projections - Total revenue is forecasted to be 10,749 million RMB in 2024, with a year-on-year growth of 51.08%. The net profit attributable to shareholders is expected to reach 406.84 million RMB, marking an 85.10% increase [1][9] - The earnings per share (EPS) for 2024 is projected at 1.01 RMB, with a price-to-earnings (P/E) ratio of 35.17 [1][9] - The company’s revenue is expected to grow to 13,297 million RMB in 2025 and 17,734 million RMB in 2026, with corresponding net profits of 550.46 million RMB and 845.61 million RMB respectively [1][9]