Three Squirrels(300783) 光大证券·2025-04-11 02:44Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company achieved a total revenue of 10.622 billion yuan in 2024, representing a year-on-year increase of 49.30%, with a net profit attributable to shareholders of 408 million yuan, up 85.51% year-on-year [1] - The company is expanding its distribution business and product categories, with e-commerce platforms contributing 74.07 billion yuan, accounting for 70% of total revenue [2] - The gross profit margin for the year was 24.25%, with a slight increase in Q4, driven by scale effects and an increase in self-produced nuts [3] - The company plans to increase its self-production ratio and reduce production costs by establishing new snack factories [3] - The profit forecast for 2025-2026 has been adjusted downwards, with net profit estimates of 541 million yuan and 701 million yuan respectively [4] Revenue and Profitability - In 2024, the company reported revenues from various product categories: nuts (5.366 billion yuan), baked goods (1.501 billion yuan), meat products (961 million yuan), dried fruits (582 million yuan), and others (2.017 billion yuan), with significant year-on-year growth across all categories [2] - The company’s net profit margin for 2024 was 3.84%, with a slight decrease in Q4 compared to the previous year [3] Future Outlook - The company plans to launch over 100 new SKUs in 2024 and aims to expand into the beverage category in 2025 [2] - The forecast for net profit in 2027 is set at 866 million yuan, with corresponding EPS estimates of 2.16 yuan [4]