Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [17]. Core Insights - The company achieved a total revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [2][4]. - The company's proprietary brand business continues to perform strongly, with revenue from self-owned brands reaching 3.545 billion yuan in 2024, a 29.14% increase year-on-year [3]. - The gross profit margin for 2024 was 42.3%, an increase of 5.4 percentage points year-on-year, with a net profit margin of 12% [4][11]. Financial Performance Summary - In 2024, the company reported total revenue of 5.245 billion yuan, with a year-on-year growth rate of 21% [6]. - The net profit for 2024 was 625 million yuan, reflecting a growth rate of 46% [6]. - The earnings per share (EPS) for 2024 was 1.56 yuan, with a price-to-earnings (P/E) ratio of 63.2 [6][11]. - The company forecasts revenues of 6.377 billion yuan, 7.780 billion yuan, and 9.454 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 745 million yuan, 955 million yuan, and 1.206 billion yuan [4][6]. Business Segment Analysis - The direct sales channel revenue increased significantly to 1.969 billion yuan in 2024, a 59% year-on-year growth, accounting for 56% of the self-owned brand revenue [3]. - The company launched a high-end dog food brand, filling a gap in the domestic market for ultra-premium pet food [3]. - The revenue from the company's snack, staple food, and health products in 2024 was 2.484 billion yuan, 2.690 billion yuan, and 46 million yuan respectively, with year-on-year growth rates of 15%, 29%, and a decline of 19% [3].
乖宝宠物（301498）：24A、25Q1业绩点评：再创新高，β和α优势凸显