Three Squirrels(300783) 东兴证券·2025-04-01 04:03Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% year-on-year [1]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver of growth, with a focus on customized supply chain solutions for different product categories [2]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3]. - The company is leveraging digitalization to optimize its operations, resulting in improved profit margins and operational efficiency [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, a 49.3% increase from the previous year, and a net profit of 408 million yuan, reflecting an 85.51% growth [1]. - The fourth quarter revenue was 3.453 billion yuan, with a year-on-year growth of 36.35% [1]. Strategic Initiatives - The company is focusing on high-end cost performance and has implemented a customized supply chain strategy, particularly in the nut category, achieving a high level of self-manufacturing [2]. - The company plans to expand its product offerings, including beverages and new brands, to enhance its market presence [2]. Distribution and Sales Channels - Online sales through platforms like Douyin, Tmall, and JD.com have shown significant growth, with Douyin revenue increasing by 81.73% year-on-year [3]. - The company has also made strides in offline distribution, with a revenue increase of over 80% in this channel [3]. Operational Efficiency - The company has adopted a digital-driven "product-sales integration" model, enhancing overall operational efficiency and improving profit margins [4]. - The gross margin for 2024 was reported at 24.25%, an increase of 0.92 percentage points year-on-year [4].