渤海证券研究所晨会纪要（2025.04.23）-20250423

Group 1: Fixed Income Research - The issuance and transaction scale of credit bonds increased, with most yields rising, indicating a mixed market sentiment [2] - The net financing amount for credit bonds decreased, with corporate bonds and directed tools showing negative net financing, while medium-term notes and short-term financing bonds saw positive net financing [2] - The credit spread showed differentiation, with short-term notes fluctuating and corporate bonds' short-end spreads narrowing while long-end spreads widened [2] Group 2: Real Estate Market - The real estate market is stabilizing due to ongoing supportive policies, with first-quarter housing prices showing positive changes across various cities [3] - The recovery in sales is expected to significantly impact bond valuations, with a focus on high-quality central and state-owned enterprise bonds [3] - City investment bonds are considered a key investment category, with low default risk anticipated in the short term [3] Group 3: Company Research - Guai Bao Pet (乖宝宠物) - Guai Bao Pet reported a revenue of 5.245 billion yuan in 2024, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% [5] - The company's gross margin improved to 42.27% in 2024, with a net margin of 11.96%, reflecting enhanced profitability [6] - The self-owned brand revenue reached 3.545 billion yuan in 2024, growing by 29.14%, and accounted for 67.59% of total revenue [6] - Direct sales channels saw significant growth, with revenue from direct sales reaching 1.969 billion yuan, a 59.33% increase [6] - The company is projected to have an EPS of 2.03, 2.57, and 3.21 yuan for 2025-2027, maintaining a "buy" rating due to its strong market position [7]