Investment Rating - The investment rating for the company is "Buy" based on the report's analysis of its performance and growth potential [1]. Core Views - The report highlights that the company's revenue for Q3 2024 reached 1.245 billion yuan, representing an 18.92% year-on-year increase, while the net profit attributable to shareholders was 162 million yuan, up 49.11% year-on-year [1]. - The company is expected to achieve significant growth driven by its proprietary brands, with a focus on expanding sales channels and enhancing brand recognition [1]. - The report anticipates that the company will exceed its profit targets for 2024, supported by a strong performance in Q4 due to promotional events [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 3.671 billion yuan, a year-on-year increase of 17.96%, and a net profit of 470 million yuan, up 49.64% year-on-year [1]. - The gross profit margin for Q3 2024 was 41.84%, an increase of 3 percentage points year-on-year, while the net profit margin was 13.07%, up 2.74 percentage points year-on-year [1]. - The report projects the company's net profit for 2024 to be 556 million yuan, with a target of 1.478 billion yuan for Q4, reflecting a 22% year-on-year growth [1][3]. Market Position and Strategy - The company is actively expanding its market presence by leveraging platforms like Douyin and Pinduoduo, in addition to maintaining its stronghold on Tmall and JD.com [1]. - The report notes that the company's leading brand, Maifudi, continues to strengthen its market position, while the Fliegate brand is rapidly becoming a top player in the premium cat food segment [1]. - The company has set ambitious revenue growth targets of 19% for 2024 and 2025, indicating confidence in its operational capabilities and market demand [1][3].
乖宝宠物：24Q3点评：自主品牌贡献主要增长、盈利能力持续改善