Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.427 billion yuan, a year-on-year increase of 17.48%, and net profit of 308 million yuan, up 49.92% [1]. - The domestic pet food market is expanding rapidly, and the company is well-positioned to capitalize on this growth through its strong brand presence and innovative product offerings [2]. - The company has successfully developed a comprehensive product line under its brand "Mai Fu Di," which has gained substantial market recognition and sales growth [2]. - The overseas market has seen a normalization of exports after inventory adjustments, with the company focusing on its OEM/ODM business model to strengthen international partnerships [3]. Summary by Sections Domestic Market - The company is leveraging the growing demand for pet food in China by maintaining product quality, continuous innovation, and an efficient sales network, particularly through its flagship brand "Mai Fu Di" [2]. - During the 618 shopping festival, the company's brands achieved sales exceeding 470 million yuan, with a year-on-year growth of over 40% [2]. - "Mai Fu Di" has consistently ranked first in various e-commerce platforms for pet food and supplies, showcasing its market dominance [2]. International Market - The company has established strong relationships with international retailers and has been exporting products to North America, Europe, and Asia [3]. - The acquisition of the American pet food brand "Waggin' Train" has further solidified the company's presence in the overseas market [3]. Financial Projections - The company is projected to achieve revenues of 5.303 billion yuan, 6.595 billion yuan, and 8.197 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits expected to grow significantly during this period [4]. - The report anticipates a compound annual growth rate (CAGR) of approximately 30% for net profit from 2024 to 2026 [4].
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