Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [8]. Core Insights - The company achieved a revenue of RMB 5.25 billion in 2024, representing a year-on-year growth of 21%, with a net profit of RMB 630 million, up 45.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of RMB 1.48 billion, a 34.8% increase year-on-year, and a net profit of RMB 200 million, reflecting a 37.7% growth [5]. - The company maintains strong growth momentum, driven by its proprietary brands, with significant sales increases in both domestic and international markets [5]. Financial Performance Summary - The company’s net profit is projected to grow from RMB 795 million in 2025 to RMB 1.15 billion in 2027, with respective year-on-year growth rates of 27%, 21.3%, and 19% [7]. - Earnings per share (EPS) are expected to rise from RMB 1.99 in 2025 to RMB 2.87 in 2027, with corresponding growth rates of 27.37% and 21.30% [7]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 50 in 2025 to 34 in 2027, indicating improving valuation metrics [7]. Revenue Breakdown - The revenue composition shows that staple foods account for 51.30% and snacks for 47.35% of total sales, with health products and others making up 0.88% [2]. - The company’s proprietary brand sales reached RMB 3.54 billion in 2024, a 29% increase year-on-year, with significant growth in high-end brands [5]. Margin Analysis - The gross margin improved by 5.43 percentage points to 42.3% in 2024, benefiting from the high-end positioning of proprietary brands and stable raw material costs [5]. - The company’s operating expenses increased, primarily due to higher marketing and service costs, leading to a total expense ratio of 26.91% in 2024 [5].

Core Insights - The company, Guibao Pet, has become the highest revenue-generating domestic pet food listed company in 2024, achieving a revenue of 5.245 billion yuan, a year-on-year increase of 21.2%, and a net profit of 625 million yuan, up 45.7% [1] Revenue and Profitability - Guibao Pet's self-owned brand revenue reached 3.545 billion yuan in 2024, growing by 29.14%, accounting for 67.59% of total revenue, an increase from 63.44% in 2023 [3] - The company's gross profit margin in 2024 was 42.27%, an increase of 5.43 percentage points from the previous year, with the main food gross margin at 44.70% and snacks at 39.47% [6] Market Position and Strategy - Guibao Pet has established a strong market position, with its main brand, Myfoodie, ranking first in the Tmall Double Eleven pet food sales for four consecutive years [10] - The company is focusing on high-end product offerings, aligning with the trend of refined and high-nutrition pet care, which has shown resilience even during the pandemic [6] Brand Development and Product Range - The company has developed a matrix of self-owned brands since 2013, including Myfoodie and Fuleijiate, and has launched various product lines targeting different market segments [2] - Guibao Pet has also introduced a budget brand, "Baicui," which operates independently and aims to penetrate the lower price segment while leveraging the company's brand effect and supply chain [8][7] Industry Trends - The rise of domestic pet food brands is increasingly replacing imported pet food, reflecting a broader trend in the industry [9] - The domestic pet food market is characterized by a shift towards online marketing and sales, with domestic brands investing heavily in digital channels to enhance brand recognition [10] Export Challenges - Guibao Pet faces potential risks from tariff disputes, particularly with the U.S., which could impact its export orders and pricing strategies [11] - In 2024, the company's overseas revenue was 1.693 billion yuan, a year-on-year increase of 15.70%, accounting for 32.29% of total revenue, indicating a stable export performance despite external pressures [11]

Core Insights - The company has achieved a year-on-year increase of 32% in net profit attributable to shareholders in Q1 2025, driven by the expansion of its own brand business and increased revenue from overseas OEM operations [1] - The overall revenue for Q1 2025 reached 1.48 billion yuan, reflecting a year-on-year growth of 34.82% [1] Group 1: Financial Performance - Q1 2025 revenue was 1.48 billion yuan, with a quarter-on-quarter decrease of 5.97% but a year-on-year increase of 34.82% [1] - Net profit attributable to shareholders for Q1 2025 was 204 million yuan, showing a quarter-on-quarter increase of 32.31% and a year-on-year increase of 37.37% [1] - Gross margin for Q1 2025 was 41.56%, with a year-on-year increase of 0.42 percentage points [1] - Net margin for Q1 2025 was 13.82%, with a quarter-on-quarter increase of 3.93 percentage points and a year-on-year increase of 0.26 percentage points [1] Group 2: Expense Management - Sales expenses for Q1 2025 amounted to 264 million yuan, representing a year-on-year increase of 38.83%, with a sales expense ratio of 17.81% [2] - Management expenses for Q1 2025 were 75 million yuan, showing a year-on-year increase of 23.92%, with a management expense ratio of 5.09% [2] - R&D expenses for Q1 2025 were 22 million yuan, reflecting a year-on-year increase of 27.22%, with an R&D expense ratio of 1.47% [2] Group 3: Strategic Initiatives - The company is actively expanding its direct sales of its own brands, with direct sales revenue reaching 1.969 billion yuan in 2024, a year-on-year increase of 59.33% [2] - The proportion of direct sales in total revenue from own brands has increased to 55.54%, surpassing revenue from distribution for the first time [2] - The gross margin for direct sales in 2024 was 53.11%, which is significantly higher than the gross margin for distribution [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [17]. Core Insights - The company achieved a total revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [2][4]. - The company's proprietary brand business continues to perform strongly, with revenue from self-owned brands reaching 3.545 billion yuan in 2024, a 29.14% increase year-on-year [3]. - The gross profit margin for 2024 was 42.3%, an increase of 5.4 percentage points year-on-year, with a net profit margin of 12% [4][11]. Financial Performance Summary - In 2024, the company reported total revenue of 5.245 billion yuan, with a year-on-year growth rate of 21% [6]. - The net profit for 2024 was 625 million yuan, reflecting a growth rate of 46% [6]. - The earnings per share (EPS) for 2024 was 1.56 yuan, with a price-to-earnings (P/E) ratio of 63.2 [6][11]. - The company forecasts revenues of 6.377 billion yuan, 7.780 billion yuan, and 9.454 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 745 million yuan, 955 million yuan, and 1.206 billion yuan [4][6]. Business Segment Analysis - The direct sales channel revenue increased significantly to 1.969 billion yuan in 2024, a 59% year-on-year growth, accounting for 56% of the self-owned brand revenue [3]. - The company launched a high-end dog food brand, filling a gap in the domestic market for ultra-premium pet food [3]. - The revenue from the company's snack, staple food, and health products in 2024 was 2.484 billion yuan, 2.690 billion yuan, and 46 million yuan respectively, with year-on-year growth rates of 15%, 29%, and a decline of 19% [3].

25Q1 乖宝实现营收15 亿元，同比+35%；其中1）内销；预计营收同比增长超40%，或系弗列加特及 barf 系列营收同比高增带来。2）出口：预计营收同比增长15%~25%左右，或系关税背景下客户提前囤 货。原材料价格低位+品牌高端化成效显著，公司盈利能力持续提升，25Q1实现毛利率41.6%、同比 +0.42pct、环比-1.4pct（或系海外业务占比相对24Q4 略高、正常波动）；实现归母净利润2.0 亿元，同 比+38%；剔除股权激励及绩效考核费用后的归母净利润或近2.1 亿元，同比增速或更高。 盈利预测与估值 考虑到关税加征及公司计提股权、绩效激励费用等影响，我们下调公司25年盈利预测至7.9 亿元（下调 幅度6%），维持26 年盈利预测11.2 亿不变，新增2027 年盈利预测15.0 亿元。参考可比公司25E 估值 24XPE，考虑到公司为国产宠食龙头，品牌壁垒深厚，且代工业务占比低，国内自主品牌增速快，给予 公司25E 65.5XPE，对应目标价130 元，维持"买入"评级。 2024 年完美收官，毛利率大幅改善 在国内高端产品营收及占比提升，原材料价格低位等带动下，公司实现了营收及盈利的同 ...

上 市 公 司 农林牧渔 2025 年 04 月 22 日 乖宝宠物 (301498) ——自有品牌营收高增，盈利能力继续上行 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 22 日 | | --- | --- | | 收盘价（元） | 98.73 | | 一年内最高/最低（元） | 103.00/41.52 | | 市净率 | 9.1 | | 股息率%（分红/股价） | 0.43 | | 流通 A 股市值（百万元） | 17,675 | | 上证指数/深证成指 | 3,299.76/9,870.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.86 | | 资产负债率% | 16.26 | | 总股本/流通 A 股（百万） | 400/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-2 ...

证券研究报告 乖宝宠物 (301498 CH) Q1 盈利超预期，品牌高端化成效显著 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 22 日│中国内地 | 饲料 | 公司公布 2024A及 2025年一季报业绩：24A收入 52.5 亿元，同比增长 21%； 归母净利润 6.25 亿元，同比+46%。其中第四季度收入 15.7 亿元，同比/环 比 29.5%/26.4%；归母净利润 1.54 亿元，同比/环比 34.8%/-4.7%。2025Q1 公司实现营收 14.8 亿元，同比增长 34.8%，实现归母净利润 2.04 亿元，同 比增长 37.7%。公司 2024 年略低于我们此前 6.4 亿元的预期，主系 Q4 激 励费用计提较多；2025Q1 略超我们此前 1.8~2.0 亿元的预期，主系以弗列 加特、barf 系列为代表的高端产品营收同比高增带来。国内宠物经济高增红 利+进口宠粮加关税或加速国产替代，公司产品/渠道/营销方面无短板，强 者恒强逻辑得到充分验证，我们上调目标价至 130 元，维持"买入"评级。 2024 年完美收官，毛利率大幅 ...

农林牧渔/饲料 乖宝宠物（301498.SZ） 国内自有品牌快速增长，盈利规模持续扩大 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 101.35 | | 一年最高最低(元) | 103.00/41.52 | | 总市值(亿元) | 405.45 | | 流通市值(亿元) | 181.44 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.79 | | 近 3 个月换手率(%) | 75.16 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 乖宝宠物 沪深300 相关研究报告 《国内自有品牌快速增长，盈利规模 持 续 扩 大 — 公 司 信 息 更 新 报 告 》 -2024.10.26 《归母净利润高速增长，电商平台销 售亮眼 — 公 司 信 息 更 新 报 告 》 -2024.8.28 《拟推第一期股票激励计划，健全激 励机制护航成长—公司信息更新报 告》-2024.7.7 陈雪丽（分析师） 朱本伦（联 ...

农林牧渔/饲料 乖宝宠物（301498.SZ） 国内自有品牌快速增长，盈利规模持续扩大 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 乖宝宠物 沪深300 相关研究报告 《国内自有品牌快速增长，盈利规模 持 续 扩 大 — 公 司 信 息 更 新 报 告 》 -2024.10.26 《归母净利润高速增长，电商平台销 售亮眼 — 公 司 信 息 更 新 报 告 》 -2024.8.28 《拟推第一期股票激励计划，健全激 励机制护航成长—公司信息更新报 告》-2024.7.7 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 101.35 | | 一年最高最低(元) | 103.00/41.52 | | 总市值(亿元) | 405.45 | | 流通市值(亿元) | 181.44 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.79 | | 近 3 个月换手率(%) | 75.16 | 股价走势图 陈雪丽（分析师） 朱本伦（联 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected EPS of 1.92 yuan and 2.40 yuan for 2025 and 2026 respectively, corresponding to PE ratios of 53 times and 42 times [5]. Core Insights - The company, Guai Bao Pet (stock code: 301498.SZ), reported a revenue of 52.45 billion yuan for 2024, representing a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 6.25 billion yuan, up 45.68% year-on-year [4]. - The company's self-owned brand revenue grew by 29% in 2024, with significant contributions from direct sales channels and improved profitability in staple food products [4][5]. - The company achieved a comprehensive gross margin of 42.27% in 2024, an increase of 5.43 percentage points year-on-year, with a focus on enhancing its self-owned brand business and expanding its research and development capabilities [4]. Financial Performance Summary - For 2024, the company reported a revenue of 52.45 billion yuan, with a net profit of 6.25 billion yuan, and a gross margin of 42.27% [4]. - In Q1 2025, the company achieved a revenue of 14.80 billion yuan, a year-on-year increase of 34.82%, and a net profit of 2.04 billion yuan, up 37.68% year-on-year [4]. - The company’s self-owned brand business generated 35.45 billion yuan in revenue in 2024, reflecting a 29.14% increase, with notable sales performance during the Double 11 shopping festival [4]. Revenue and Profitability Forecast - The forecast for 2025 estimates revenue of 64.06 billion yuan, with a net profit of 7.68 billion yuan, indicating growth rates of 22.13% and 22.99% respectively [6]. - The projected EPS for 2025 and 2026 is 1.92 yuan and 2.40 yuan, with ROE expected to rise from 15.11% in 2024 to 16.15% in 2025 [6][8].