Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [8]. Core Insights - The company achieved a revenue of RMB 5.25 billion in 2024, representing a year-on-year growth of 21%, with a net profit of RMB 630 million, up 45.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of RMB 1.48 billion, a 34.8% increase year-on-year, and a net profit of RMB 200 million, reflecting a 37.7% growth [5]. - The company maintains strong growth momentum, driven by its proprietary brands, with significant sales increases in both domestic and international markets [5]. Financial Performance Summary - The company’s net profit is projected to grow from RMB 795 million in 2025 to RMB 1.15 billion in 2027, with respective year-on-year growth rates of 27%, 21.3%, and 19% [7]. - Earnings per share (EPS) are expected to rise from RMB 1.99 in 2025 to RMB 2.87 in 2027, with corresponding growth rates of 27.37% and 21.30% [7]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 50 in 2025 to 34 in 2027, indicating improving valuation metrics [7]. Revenue Breakdown - The revenue composition shows that staple foods account for 51.30% and snacks for 47.35% of total sales, with health products and others making up 0.88% [2]. - The company’s proprietary brand sales reached RMB 3.54 billion in 2024, a 29% increase year-on-year, with significant growth in high-end brands [5]. Margin Analysis - The gross margin improved by 5.43 percentage points to 42.3% in 2024, benefiting from the high-end positioning of proprietary brands and stable raw material costs [5]. - The company’s operating expenses increased, primarily due to higher marketing and service costs, leading to a total expense ratio of 26.91% in 2024 [5].
乖宝宠物（301498）：24 年报及 25Q1 点评：业绩强劲，自主品牌出色