Investment Rating - The report maintains an "Accumulate" investment rating for the company [7][10][18] Core Views - The company's performance continues to meet expectations with rapid growth, achieving 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 market share, as evidenced by the top five brands in the Tmall pet food ranking being domestic brands [7] - The company's proprietary brands are performing exceptionally well, with significant revenue growth in both snack and staple food segments, and new product launches contributing to market leadership [7] Summary by Relevant Sections Financial Performance - In 2024, the company reported a total revenue of 5.245 billion yuan, a 21.22% increase year-on-year, and a net profit of 625 million yuan, reflecting a 45.68% growth [7] - The operating cash flow for 2024 was 720 million yuan, up 16.60% year-on-year [7] - For Q1 2025, revenue reached 1.48 billion yuan, a 34.82% increase year-on-year, with net profit at 204 million yuan, up 37.68% [7] Market Trends - The pet food market in China is projected to grow, with a reported market size of 300.2 billion yuan in 2024, a 7.5% increase year-on-year [7] - The penetration rates for professional dog and cat food have increased, indicating a shift towards higher-quality products [7] Brand Performance - The company's proprietary brand revenue reached 3.545 billion yuan, a 29.14% increase, with direct sales channel revenue growing by 59.33% [7] - The flagship brand, Maifudi, has maintained its leading position in the market, achieving a brand index of 92.53 in 2024 [7] - New high-end product lines have been launched, contributing to significant sales growth during promotional events [7]
乖宝宠物：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-20250423