Three Squirrels(300783) 东兴证券·2025-04-01 05:23Investment 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% [1][11]. - The company's strategy of "high-end cost performance" and "one product, one chain" is a key driver for growth, with a focus on customized supply chain solutions for different product categories [2][11]. - The "D+N" model has opened up growth opportunities through enhanced distribution channels, with online sales accounting for approximately 70% of total revenue [3][11]. - Digital transformation has led to a more efficient organizational structure, improving overall operational efficiency and profit margins [4][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a net profit of 408 million yuan, and a non-recurring net profit of 319 million yuan, reflecting year-on-year growth rates of 49.3%, 85.51%, and 214.33% respectively [1][11]. - The company plans to achieve revenues of 13.313 billion, 16.718 billion, and 18.968 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 473 million, 700 million, and 911 million yuan [11]. Strategic Initiatives - The company is expanding its product categories and enhancing its supply chain capabilities, particularly in the snack segment, with a focus on self-manufacturing and cost optimization [2][11]. - The company is also planning to increase its presence in the beverage market and develop new brands, indicating a multi-brand strategy [2][11]. Distribution and Sales Channels - The company has seen substantial growth in its distribution channels, with offline distribution revenue increasing by over 80% year-on-year [3][11]. - The company has expanded its distributor network to 1,871, indicating a strong push into the offline market [3][11]. Profitability and Efficiency - The company's gross margin improved to 24.25% in 2024, driven by scale, supply chain enhancements, and increased self-production [4][11]. - Management and sales expense ratios have shown slight improvements, indicating better cost control and operational efficiency [4][11].