Performance Overview - In 2024, the company achieved revenue of 5.25 billion, a year-on-year increase of 21%, and recorded a net profit attributable to shareholders of 630 million, a year-on-year increase of 45.7% [1] - In Q4 2024, revenue reached 1.57 billion, a year-on-year increase of 29.6%, with a net profit of 150 million, a year-on-year increase of 34.8% [1] - In Q1 2025, revenue was 1.48 billion, a year-on-year increase of 34.8%, and net profit was 200 million, a year-on-year increase of 37.7% [1] Dividend Plan - The company proposed a cash dividend of 2.5 yuan for every 10 shares [2] Business Segmentation - Pet snacks generated revenue of 2.48 billion, a year-on-year increase of 14.7% [2] - Main food products achieved revenue of 2.69 billion, a year-on-year increase of 28.9%, benefiting from the increasing influence of proprietary brands [2] - Health products and other revenues were 50 million, a year-on-year decrease of 19% [2] - Domestic revenue was 3.55 billion, a year-on-year increase of 24%, while overseas revenue was 1.7 billion, a year-on-year increase of 16% [2] Brand Performance - The proprietary brand "Mafudi" ranked first in Tmall's comprehensive ranking during the Double 11 shopping festival [2] - High-end brand "Fuleijiate" saw a year-on-year sales increase of 190%, while "Bafu" experienced a 150% increase in sales [2] - Total revenue from proprietary brands reached 3.54 billion, a year-on-year increase of 29% [2] OEM/ODM Performance - OEM/ODM revenue was 1.68 billion, a year-on-year increase of 19% [3] Profitability Metrics - The overall gross margin increased by 5.43 percentage points to 42.3% for the year [3] - In Q4 2024, the gross margin rose by 3.3 percentage points to 42.9% [3] - The increase in gross margin was attributed to the high-end positioning of proprietary brands and stable raw material costs [3] Expense Analysis - The expense ratio for 2024 increased by 3.09 percentage points to 26.91%, mainly due to increased brand promotion and service fees [3] - Sales expense ratio increased by 3.45 percentage points, while management expense ratio rose by 0.07 percentage points [3] - Financial and R&D expense ratios decreased by 0.36 and 0.06 percentage points, respectively [3] Future Projections - The company expects to achieve net profits of 800 million, 960 million, and 1.15 billion in 2025, 2026, and 2027, representing year-on-year growth of 27%, 21.3%, and 19% respectively [4] - Earnings per share (EPS) are projected to be 1.99 yuan, 2.41 yuan, and 2.87 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 50, 41, and 34 [4]
乖宝宠物(301498)：业绩强劲 自主品牌出色