Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust business momentum and market positioning [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.25 billion yuan, a year-on-year increase of 21.2%, and a net profit of 630 million yuan, up 45.7% [1]. - For Q1 2025, revenue reached 1.48 billion yuan, reflecting a 34.8% increase year-on-year, with net profit at 200 million yuan, a growth of 37.7% [1]. - Earnings per share (EPS) for 2024 and Q1 2025 were 1.56 yuan and 0.51 yuan, respectively [1]. Product and Business Segmentation - The staple food product segment saw a revenue increase of 28.9%, accounting for 51.3% of total revenue, surpassing the zero-food category for the first time [2]. - The company's proprietary brand business revenue grew by 29.1%, making up 67.6% of total revenue [2]. - Direct sales mode revenue surged by 59.3%, representing 37.6% of total revenue [2]. Profitability and Cost Management - The overall gross margin improved by 5.5 percentage points to 42.3% in 2024, driven by high-margin product categories and effective cost control [2]. - The gross margin for the direct sales model reached 53.1%, benefiting from significant sales through platforms like Alibaba and Douyin [2]. Brand Development and Market Position - The company continues to lead the industry with its proprietary brand, 麦富迪, consistently ranking at the top of consumption lists across various platforms [2]. - The brand 弗列加特 has rapidly developed in the high-end cat product segment, while the newly launched 汪臻醇 targets the premium dog food market, enhancing the multi-brand strategy [2]. Marketing and Expense Management - In Q1 2025, the company increased its sales expenses to enhance brand visibility, with sales, management, financial, and R&D expense ratios at 17.8%, 5.1%, -0.5%, and 1.5%, respectively [3]. - The increase in promotional and sales service expenses aligns with the growth of proprietary brands and direct sales channels [3]. Future Projections - The company forecasts revenues of 6.34 billion yuan, 7.56 billion yuan, and 9.28 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 746 million yuan, 1.005 billion yuan, and 1.190 billion yuan [3]. - Corresponding price-to-earnings (PE) ratios are projected at 55.71, 41.36, and 34.94 times for the same years [3].
乖宝宠物(301498)：自主品牌持续增量 盈利水平显著提升