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, particularly driven by the Fligat brand [2][3]. - The company's revenue for 2024 reached 5.245 billion yuan, reflecting a year-on-year growth of 21.2%, while the net profit attributable to the parent company was 625 million yuan, up 45.7% [1][2]. - In Q1 2025, the company achieved a revenue of 1.48 billion yuan, marking a 34.8% increase, and a net profit of 204 million yuan, which is a 37.7% rise [1][2]. 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%, with Fligat expected to more than double its revenue [2]. - The company’s direct sales revenue reached 1.969 billion yuan in 2024, a 59.3% increase, with a significant contribution from e-commerce platforms [2]. Product and Market Development - The company has focused on high-end product offerings, with the Fligat brand's revenue significantly increasing and the product structure of Maifudi improving [2]. - The launch of upgraded products in March 2025, such as Fligat's baked grain, aims to enhance nutritional precision [2]. Financial Performance and Forecast - The company’s gross margin improved to 41.6% in Q1 2025, with net profit margins also showing steady improvement [3]. - Forecasts for net profit attributable to the parent company are 789 million yuan for 2025, 1.049 billion yuan for 2026, and 1.344 billion yuan for 2027, with corresponding P/E ratios of 60, 46, and 36 times [3][5].
乖宝宠物：自主品牌增长靓丽，品牌高端化持续超预期兑现