CHINA PET FOODS(002891) 中邮证券·2025-04-25 04:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company achieved significant revenue and profit growth in 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5][10]. - The company's strategic focus on its own brands has led to strong performance in both domestic and international markets, with notable growth in pet food and related products [6][7]. - The company is expanding its global production capacity, with new factories in the U.S., Canada, and Cambodia, which are expected to enhance its market presence and mitigate potential tariff risks [6][8]. Financial Performance - In Q4 2024, the company reported revenue of 1.276 billion yuan, a 23.31% increase year-on-year, and a net profit of 112 million yuan, up 98.2% [5]. - For Q1 2025, the company achieved revenue of 1.101 billion yuan, a 25.41% increase year-on-year, and a net profit of 91 million yuan, up 62.13% [5]. - The gross margin for 2024 was 28.16%, with a net profit margin of 8.82%, reflecting improvements in profitability [7]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to 5.347 billion yuan, representing a year-on-year growth of 19.75%, and for 2026, it is projected at 6.332 billion yuan, a growth of 18.44% [10][12]. - The net profit forecast for 2025 is 470 million yuan, up 19.46%, and for 2026, it is projected at 595 million yuan, a growth of 26.40% [10][12]. Market Position and Strategy - The company is focusing on building its own brands, with a dual strategy targeting both domestic and international markets, while also maintaining its traditional OEM business [8][9]. - The brand portfolio includes high-end products targeting affluent consumers and value-oriented products aimed at cost-conscious buyers, with positive market feedback on new product lines [9].