Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [7][18]. Core Views - The company's performance continues to meet expectations with rapid growth, reporting a total 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% year-on-year [7]. - The market size for pet food is expanding, with a notable increase in domestic brand penetration, as evidenced by the growth in the pet food market to 300.2 billion yuan, a 7.5% year-on-year increase [7]. - The company's proprietary brands are performing exceptionally well, with significant revenue contributions from both snacks and staple foods, and a strong presence in direct sales channels [7]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.245 billion yuan, with a net profit of 625 million yuan, reflecting a 45.68% increase year-on-year. The operating cash flow was 720 million yuan, up 16.60% [7]. - For Q1 2025, the company reported a revenue of 1.48 billion yuan, a 34.82% increase year-on-year, and a net profit of 204 million yuan, up 37.68% [7]. Market Trends - The pet food industry in China is experiencing a growth trend, with a reported production of 1.599 million tons in 2024, a 9.3% increase year-on-year, despite a general decline in the industry [7]. - The penetration rates for professional dog and cat food have increased, with 25% and 43% respectively, indicating a growing market for high-quality pet food [7]. Brand Performance - The company's own brands generated 3.545 billion yuan in revenue, a 29.14% increase, with direct sales channels seeing a 59.33% increase in revenue [7]. - The flagship brand, Maifudi, continues to lead the market, achieving the highest brand index in the "Top Ten Pet Food Brands in China" [7].
乖宝宠物（301498）：2024年年报及2025年一季报点评：业绩维持快速增长，自主品牌表现亮眼