Investment Rating - The investment rating for the company is "Accumulate" [2][3]. Core Views - The company is a leading player in the domestic pet food market, benefiting from the rise of domestic brands in the pet food sector. The company has significant advantages in brand strength, product quality, research and development, and distribution channels. The recent implementation of restricted stock incentives and performance incentives is expected to effectively motivate core talent [3][15]. - Revenue and net profit growth targets have been set for 2024-2026, with revenue growth not less than 19%/42%/68% and net profit growth rates not less than 21%/39%/59%, leading to a compound annual growth rate (CAGR) of 19%/17% for revenue and net profit respectively [2][3]. Financial Forecasts - The company’s projected revenue for 2024-2026 is 5.36 billion, 6.58 billion, and 8.03 billion respectively, with year-on-year growth rates of 23.79%, 22.93%, and 22.00% [14]. - The projected net profit for the same period is 549.49 million, 730.59 million, and 921.42 million, with year-on-year growth rates of 28.13%, 32.96%, and 26.12% [14]. - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 38.44, 28.91, and 22.92 respectively [14]. Cash Flow and Valuation Metrics - The operating cash flow for 2024 is projected to be 492 million, with a net increase in cash of 279 million [9]. - The return on invested capital (ROIC) is expected to be 13.81% in 2024, increasing to 16.82% by 2026 [9]. - The company’s asset-liability ratio is projected to be 12.50% in 2024, slightly increasing to 12.89% by 2026 [9].
乖宝宠物：发布限制性股权激励及绩效激励，调动核心人才积极性