Three Squirrels(SZ:300783) Guohai Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant reform results, with expectations for revenue to return to over 10 billion yuan in 2024 [1][9] - The company has successfully implemented a "high-end cost-performance" strategy, leading to a notable increase in online sales through platforms like Douyin [5][9] - The company aims to strengthen its core product lines and expand its community snack store layout, targeting a revenue goal of 10 billion yuan [9] Financial Performance Summary - In 2023, the company achieved a total revenue of 7.115 billion yuan, a year-on-year decrease of 2.45% [3] - The net profit attributable to shareholders was 220 million yuan, an increase of 69.85% year-on-year, while the net profit excluding non-recurring items was 102 million yuan, up 148.72% year-on-year [3] - The fourth quarter of 2023 saw a revenue of 2.532 billion yuan, a year-on-year increase of 29.18% [3] Revenue and Profit Forecast - The company forecasts revenues of 10.043 billion yuan in 2024, representing a growth rate of 41% [10] - Expected net profit for 2024 is 353 million yuan, with a growth rate of 61% [10] - The projected earnings per share (EPS) for 2024 is 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 26 [10][13] Market Performance - The company's stock has outperformed the CSI 300 index, with a 12-month return of 20% compared to the index's -12% [5] - The current stock price is 22.85 yuan, with a 52-week price range of 14.68 to 23.70 yuan [5] Strategic Initiatives - The company has launched over 1,000 new SKUs since March 2023, with significant performance in categories like spicy marinated gift packs and quail eggs [2] - The sub-brand "Little Deer Blue" achieved a revenue of 588 million yuan in 2023, marking a year-on-year growth of 19.76% [2]