Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has implemented a stock incentive plan that binds key personnel to the core brand business, further stimulating company vitality. This is the first stock incentive plan since the company went public, covering core employees who previously held little to no shares. The focus on proprietary brands is crucial as the business is still in a rapid growth phase [1][1]. - The performance assessment targets set in the incentive plan are reasonable, considering future uncertainties such as raw material costs and exchange rates, which will effectively leverage the stock incentive plan to motivate employees [1][1]. - The company is expected to maintain its leading position in the industry, with strong brand-building capabilities being continuously validated. The main brand, Mai Fudi, is projected to achieve a compound annual growth rate (CAGR) of approximately 19% in revenue and 21% in net profit over the next few years [1][1]. Financial Projections - Revenue is projected to grow from 3,398 million yuan in 2022 to 7,864 million yuan by 2026, with year-on-year growth rates of 31.9% in 2022, 27.4% in 2023, and expected rates of 21.1% to 23.2% in the following years [1][1]. - Net profit is expected to increase from 267 million yuan in 2022 to 1,042 million yuan by 2026, with significant growth rates of 90.3% in 2022 and 60.7% in 2023, tapering to around 30% in the later years [1][1]. - Earnings per share (EPS) are projected to rise from 0.67 yuan in 2023 to 2.60 yuan by 2026, reflecting the company's strong growth trajectory [1][1]. Market Position - The company is positioned as a leader in the pet food industry, with a strong focus on high-end products. Recent launches include the premium dog food brand Wang Zhen Chun, which completes the high-end dog food market matrix [1][1]. - The stock price as of the report date is 52.80 yuan, with a market capitalization of 21,122 million yuan [1][1].
乖宝宠物：限制性股票激励绑定品牌业务核心骨干，公司活力进一步激发