Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [78][24][60]. Core Insights - The company, Guobao Pet, is a leading player in the domestic pet food industry, achieving a revenue of 43.27 billion yuan in 2023, a year-on-year increase of 27.34%, with a net profit of 4.29 billion yuan, up 60.62% from the previous year [65][85]. - The self-owned brand business has shown remarkable growth, with revenues of 27.45 billion yuan in 2023, representing a 34.15% increase and accounting for 63.44% of total revenue [65][125]. - The company is transitioning from an OEM/ODM model to a brand-focused strategy, enhancing its pricing power and gross margins [10][12]. Summary by Sections Company Overview - Guobao Pet was established in 2006 and primarily engages in the research, production, and sales of pet food, becoming a market leader in China [65][85]. - The company has successfully expanded its self-owned brand, Myfoodie, which has become a benchmark in the domestic pet food industry [70][72]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 57.31% in net profit from 2018 to 2023, with significant contributions from both self-owned brands and OEM/ODM businesses [76][92]. - The gross margin for 2023 reached 36.84%, significantly higher than industry peers, driven by the high-margin self-owned brand segment [22][128]. Market Dynamics - The global pet market is steadily expanding, with a compound annual growth rate (CAGR) of 7.44% from 2018 to 2023, reaching a size of 184.7 billion USD [6]. - The domestic pet food market is characterized by increasing competition, with local brands gaining market share against established foreign brands [82][149]. Business Strategy - The company is focusing on enhancing its product offerings and marketing strategies, targeting younger consumers through various channels, including social media and entertainment collaborations [66][252]. - Guobao Pet is also investing in expanding its production capacity and improving its supply chain to meet growing market demands [112][137]. Future Outlook - Revenue projections for 2024-2026 are set at 56.19 billion, 73.09 billion, and 94.38 billion yuan, respectively, with expected net profits of 5.84 billion, 7.73 billion, and 9.6 billion yuan [60][274]. - The company is well-positioned to maintain high growth rates in the pet food sector, benefiting from its strong supply chain and continuous product innovation [22][24].
乖宝宠物：公司深度报告：宠物行业景气上行，品牌筑建路径清晰