CHINA PET FOODS(002891) 申万宏源·2025-01-20 01:07Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to achieve a significant year-on-year increase in net profit for 2024, with estimates ranging from 360 to 400 million yuan, representing a growth of 54.40% to 71.55% [6]. - The company's self-owned brand revenue is recovering rapidly, with online GMV for its brands increasing by 26% year-on-year [6]. - The overseas ODM business is showing steady growth, with a 22.8% increase in pet food exports from China [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 3,747 million yuan in 2023 to 5,920 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.2% [6][8]. - The net profit attributable to the parent company is expected to rise from 233 million yuan in 2023 to 510 million yuan in 2026, reflecting a CAGR of about 19.2% [6][8]. - The gross margin is anticipated to improve from 26.3% in 2023 to 30.2% by 2026, indicating enhanced profitability [6].