Three Squirrels(SZ:300783)2024-04-30 02:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1]. Core Views - The company has announced an employee stock ownership and stock option incentive plan, aiming to anchor high revenue growth over the next three years [1]. - The incentive plan involves a total of 1.98 million shares, accounting for 0.49% of the current total share capital, with a purchase price of 12.01 yuan per share [1]. - The stock option plan proposes 2.44 million options, representing 0.61% of the current total share capital, with an exercise price of 24.02 yuan per option [1]. - The plan targets core personnel, covering up to 96 individuals, to align team efforts with the company's long-term development [1]. - The revenue targets for the unlocking periods are set at 11.5 billion yuan for 2024 (up 46.5% YoY), 15 billion yuan for 2025 (up 30.4% YoY), and 20 billion yuan for 2026 (up 33.3% YoY) [1]. - The company expects a compound annual growth rate (CAGR) of over 36% in revenue from 2024 to 2026, significantly higher than the CAGR of approximately 10% from 2019 to 2023 [1]. - Short-term performance is anticipated to continue benefiting from the ongoing e-commerce boom and optimized distribution channels [1]. - The company is focusing on a high-end cost-performance strategy, which is expected to drive significant growth over the next three years [1]. Financial Summary - Projected revenues (in million yuan) are as follows: 2023: 7114.58, 2024: 10102.70, 2025: 12729.40, 2026: 14638.81 [2]. - Projected net profits (in million yuan) are as follows: 2023: 219.79, 2024: 339.72, 2025: 437.14, 2026: 576.11 [2]. - The expected earnings per share (EPS) are projected to be 0.55 yuan in 2023, increasing to 1.44 yuan by 2026 [2]. - The price-to-earnings (P/E) ratios are projected to be 43.04 for 2023, decreasing to 16.42 by 2026 [2]. - The company’s gross margin is expected to improve from 23.33% in 2023 to 26.87% in 2026 [2].