Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant outperformance relative to the benchmark index over the next 6 to 12 months [6][13]. Core Insights - The company is focusing on a multi-category product matrix, aiming for a clear path to achieve a 10 billion yuan target in the nut category and over 100 million yuan in the beverage sector. The nut category remains the primary focus, with plans to optimize product lines and introduce high-end sub-series to enhance competitive differentiation [4]. - The company has announced its entry into the beverage market, launching 60 products, with initial sales showing strong performance, validating the strategy of replicating successful snack products. The snack business has seen rapid growth, with multiple billion-level products and numerous ten-million-level categories being developed [4]. - The distribution business is experiencing high growth, with new store formats like convenience stores and lifestyle shops being introduced. The company is actively exploring online short video content e-commerce and expanding offline channels, achieving significant growth in GMV through platforms like Douyin [5]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 138.47 billion yuan, 177.63 billion yuan, and 205.76 billion yuan, representing year-on-year growth rates of 30.36%, 28.28%, and 15.84% respectively. The net profit attributable to the parent company is projected to be 4.85 billion yuan, 6.75 billion yuan, and 8.23 billion yuan for the same period, with growth rates of 19%, 39.18%, and 21.84% respectively [6][9]. - The earnings per share (EPS) for the next three years are expected to be 1.21 yuan, 1.68 yuan, and 2.05 yuan, corresponding to price-to-earnings (P/E) ratios of 22, 16, and 13 times [6][9].

Core Viewpoint - The company, Three Squirrels, is undergoing a significant transformation, emerging from a challenging period and aiming for a "rebirth" in 2025, with a focus on brand expansion and new retail formats [2][10][29] Group 1: Strategic Direction - The founder, Zhang Liaoyuan, emphasized that the past three years have been a period of self-reflection, leading to a clear strategic direction for the future [2][10] - Three Squirrels plans to launch multiple new brands across various categories, moving beyond its original focus on nuts to encompass a wide range of consumer products [5][10] - The company has identified a growing consumer demand for high-quality, cost-effective products, positioning itself to capture market share in the private label segment [8][10] Group 2: New Retail Formats - Three Squirrels is set to introduce all-category lifestyle stores, approximately 500 square meters in size, featuring a variety of self-owned brands [12][14] - The company is also launching a franchise model for convenience stores, with a significant portion of products sourced from its own brands [14][16] - The first all-category lifestyle store is expected to open in June, with plans for 20 locations by the end of the year [12][14] Group 3: Supply Chain and Manufacturing - The company has established multiple supply bases across China and is planning to expand its supply chain capabilities, including potential overseas manufacturing in Southeast Asia [17][19] - Zhang Liaoyuan stated that the company aims to build over 30 factories, enhancing its supply chain efficiency and responsiveness to consumer needs [19][21] - The focus is on creating an open supply chain model that allows for both competition and collaboration with other retailers [23][21] Group 4: Organizational Changes - Three Squirrels has restructured its organization to a network-based model, eliminating traditional hierarchies to enhance market responsiveness [25][29] - The introduction of the "MINI CEO" role empowers employees with decision-making authority, fostering innovation and agility within the company [27][29] - This organizational shift is a response to the challenges faced during the past three years, aiming to unlock individual creativity and potential [29]