Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company reported a total revenue of 5.245 billion yuan for 2024, representing a year-on-year increase of 21.22%. The net profit attributable to shareholders was 625 million yuan, up 45.68% year-on-year [5] - The company has seen significant growth in its proprietary brand business, achieving revenue of 3.545 billion yuan in 2024, a year-on-year increase of 29.14% [6] - The direct sales channel has been optimized, with online revenue reaching 1.969 billion yuan in 2024, a growth of 59.33% year-on-year, accounting for 37.72% of the main business revenue [7] - The company's gross margin and net margin improved by 5.43 and 2.01 percentage points to 42.27% and 11.96%, respectively, in 2024 [8] - The company is expected to benefit from the growing pet economy, with projected revenues of 6.470 billion yuan, 7.770 billion yuan, and 9.370 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.36%, 20.09%, and 20.59% [9][10] Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry [1] Financial Performance - The latest closing price is 98.73 yuan, with a market capitalization of 17.675 billion yuan [2] - The total share capital is 400.04 million shares, with 44.75% being tradable A-shares [2] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.480 billion yuan, a year-on-year increase of 34.82%, and a net profit of 204 million yuan, up 37.68% year-on-year [5] - The company’s main grain and snack revenue reached 2.690 billion yuan and 2.484 billion yuan, respectively, with year-on-year growth of 28.88% and 14.66% [6] Market Position and Growth Potential - The company is positioned as a leader in the domestic pet food market, with expectations for further market share growth as the industry expands [9] - The company has been recognized for its brand strength, ranking first in Tmall's comprehensive ranking for five consecutive years [6] Future Projections - The company forecasts a net profit of 905 million yuan for 2025, with a year-on-year growth rate of 44.83% [10] - The projected earnings per share for 2025 is 2.26 yuan, with a price-to-earnings ratio of 43.65 [12]
乖宝宠物：2024年年报及2025年一季报点评：自有品牌稳步发展，盈利能力持续优化-20250423