Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company, Guai Bao Pet (301498), has demonstrated strong revenue growth, achieving 5.245 billion yuan in revenue for 2024, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year. In Q1 2025, revenue reached 1.48 billion yuan, reflecting a 34.82% year-on-year growth, with a net profit of 204 million yuan, up 37.68% year-on-year [5][7] Summary by Sections Recent Performance - Over the past year, Guai Bao Pet outperformed the CSI 300 index, with a 12-month return of 88.2% compared to the index's 7.2% [4] Revenue Breakdown - In 2024, the company's main food revenue was 2.69 billion yuan, accounting for 51.3% of total revenue, while snack revenue was 2.484 billion yuan, making up 47.35%. The product structure is continuously optimizing, with self-owned brand revenue at 3.545 billion yuan, representing 67.59% of total revenue [7] Market Position - The company's domestic market share has doubled from 2.4% in 2015 to 5.5% in 2023, leading the domestic brand market. The company has established a brand matrix with "Mai Fu Di" as the core, targeting high-end markets with its other brands [7] Financial Projections - Revenue projections for 2025-2027 are adjusted to 6.399 billion yuan, 7.930 billion yuan, and 9.687 billion yuan, respectively. Net profit forecasts are 728 million yuan, 974 million yuan, and 1.217 billion yuan for the same years, with corresponding P/E ratios of 54, 41, and 32 [9][10]
乖宝宠物（301498）：2024年报及2025年一季报点评报告：自主品牌优势凸显，盈利能力持续提升