Three Squirrels(SZ:300783) 贝塔投资智库·2025-07-11 03:59Company Overview - Three Squirrels (300783.SH) was founded in 2012 and is an innovative manufacturing self-owned brand retailer focused on providing high-quality and cost-effective snacks to consumers. The product range includes nuts, baked goods, mixed snacks, meat products, and dried fruits, along with a children's snack brand "Little Deer Blue" [1] - The company has diversified sales channels, covering major e-commerce platforms like Douyin and Taobao online, and offline through Squirrel Feeding Stores and alliance stores. It submitted its listing application to the Hong Kong Stock Exchange on April 25, 2025, with CITIC Securities as the sponsor [1] Financial Performance - Revenue for the years 2022, 2023, 2024, and Q1 2025 was 72.93 billion, 71.15 billion, 106.22 billion, and 37.23 billion RMB respectively [4] - The revenue decline in 2023 was primarily due to a reduction in SKU count from over 1000 at the end of 2022 to around 600 in 2023, and a decrease in revenue contribution from traditional e-commerce platforms [5] - In 2024, revenue increased by 49.3%, driven by explosive growth in short video e-commerce channels and the expansion of multiple product categories and brands, with "Little Deer Blue" revenue growing by 58.8% [6] - Gross profit margins for 2022, 2023, 2024, and Q1 2025 were 26.2%, 22.7%, 23.8%, and 26.7% respectively [7] - Net profit for the years 2022, 2023, 2024, and Q1 2025 was 1.29 billion, 2.19 billion, 4.07 billion, and 2.39 billion RMB respectively, with a net profit margin of 1.8%, 3.1%, 3.8%, and 6.4% [11] Revenue Breakdown - In 2022, the revenue breakdown by product category was as follows: nuts (56.3%), baked goods (15.6%), mixed snacks (12.0%), meat products (9.5%), and dried fruits (4.6%) [5] - The decline in gross profit margin in 2023 was attributed to high raw material prices and increased costs associated with short video e-commerce channels [9] Operational Efficiency - As of Q1 2025, inventory decreased by 62% to 790 million RMB, and accounts payable decreased by 68% to 670 million RMB, indicating effective inventory management [12] - The company expanded its offline distribution, with revenue from offline distributors growing by 46.4% to 1.48 billion RMB in 2024 [12] Competitive Advantages - Three Squirrels maintains a high repurchase rate of 35-40%, with its children's snack brand "Little Deer Blue" also achieving a repurchase rate of around 35% [15] - The company has developed a multi-channel sales system that integrates online and offline channels, enhancing customer engagement and loyalty [15] - The company has streamlined its SKU count from over 1000 to around 400, focusing resources on creating best-selling products [17] - Over 70% of revenue comes from self-owned brands, which typically offer higher profit margins and pricing power [18] - The company operates with a low fixed asset ratio of 12.45%, allowing for flexible supply chain management and rapid expansion [20] Industry Context - The Chinese snack food industry has seen continuous growth, with market size increasing from 410 billion RMB in 2010 to 1.17 trillion RMB in 2022, and projected to reach 1.24 trillion RMB by 2027 [28] - Three Squirrels ranks as the largest domestic snack food company in China by sales, with a significant market share in the nut segment [28]