Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 204 million yuan, growing 37.68% year-on-year [1] - The company continues to enhance its domestic self-owned brand strategy, with self-owned brand revenue increasing by 29% year-on-year, and direct sales revenue rising by 59% year-on-year [2] - The company's gross margin and net margin for 2024 were 42.3% and 11.96%, respectively, reflecting an increase of 5.4 percentage points and 2 percentage points year-on-year [2] - The company is focusing on high-end brand strategies, with significant growth in high-end product sales, including a 150% increase in sales for the brand during the Double 11 shopping festival [3] Financial Summary - The company’s revenue is projected to grow from 6.386 billion yuan in 2025 to 8.911 billion yuan in 2027, with corresponding net profits expected to rise from 761 million yuan to 1.280 billion yuan [5] - The projected P/E ratios for 2025, 2026, and 2027 are 54.7, 43.2, and 32.5, respectively [5] - The company’s return on equity (ROE) is expected to improve from 16.4% in 2025 to 20.7% in 2027 [5]
乖宝宠物（301498）：国内自主品牌持续亮眼，品牌高端化成效显著