Three Squirrels(300783) 华鑫证券·2025-04-02 14:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, and a net profit of 408 million yuan, up 85.5% year-on-year [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain with plans for factories in Cambodia and Thailand, aiming for brand globalization [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a growth rate of 49.3% [10] - The net profit for 2024 was 408 million yuan, with a growth rate of 85.5% [10] - The diluted earnings per share (EPS) for 2024 was 1.02 yuan, projected to increase to 1.23 yuan in 2025 [10] Supply Chain and Product Strategy - The company is focusing on optimizing supply chain efficiency, which has led to a continuous improvement in profitability [5] - The revenue from various product categories in 2024 showed significant growth, with nuts, baked goods, and dried fruits increasing by 41%, 38%, and 66% respectively [6] - The company aims to enhance its self-production ratio and extend its upstream supply chain [6] Market and Channel Development - The company reported online and offline channel revenues of 7.407 billion yuan and 3.215 billion yuan respectively in 2024, both showing substantial growth [6] - The company is implementing a "Dou+N" channel strategy to leverage the benefits of short video platforms and enhance offline distribution [6] Future Outlook - The company expects to maintain a high-end cost-performance strategy, with projected EPS of 1.23, 1.70, and 2.20 yuan for 2025, 2026, and 2027 respectively [8] - The report anticipates a continued increase in revenue and net profit over the next few years, with a projected net profit of 495 million yuan in 2025 [10]