Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [1]. Core Views - The company has demonstrated impressive growth in its proprietary brands, with a significant increase in revenue and profit margins. The brand's high-end positioning continues to exceed expectations [2][3]. - In 2024, the company achieved a revenue of 5.245 billion yuan, representing a year-on-year growth of 21.2%, and a net profit of 625 million yuan, up 45.7% [1]. - The first quarter of 2025 saw a revenue of 1.48 billion yuan, marking a 34.8% increase, with a net profit of 204 million yuan, up 37.7% [1]. Summary by Sections Revenue and Profit Growth - In 2024, the company's proprietary brands generated revenue of 3.545 billion yuan, a year-on-year increase of 29.1%. The brand "弗列加特" is expected to see revenue more than double, while "麦富迪" maintains steady growth [2]. - The revenue from snacks and staple foods reached 2.484 billion yuan and 2.690 billion yuan respectively, with year-on-year growth of 14.7% and 28.9% [2]. Direct Sales and E-commerce Performance - Direct sales revenue in 2024 was 1.969 billion yuan, a 59.3% increase, accounting for 37.6% of total revenue, up 9.0 percentage points year-on-year. The combined revenue from 淘系 and 抖音 reached 1.415 billion yuan, a 52.7% increase [2]. Margin and Cost Management - The gross margin for the first quarter of 2025 was 41.6%, reflecting a 0.4 percentage point increase year-on-year. The net profit margin also showed steady improvement [3]. - The company has optimized its operational efficiency, with inventory turnover days at 82, accounts receivable at 25, and accounts payable at 28 days [3]. Future Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 789 million yuan, 1.049 billion yuan, and 1.344 billion yuan respectively, with corresponding price-to-earnings ratios of 60, 46, and 36 times [3].
乖宝宠物（301498）：自主品牌增长靓丽，品牌高端化持续超预期兑现