Investment Rating - The report assigns an "Accumulate" rating to the company, with an expected price target of 108.28 CNY over the next six months [5]. Core Insights - The company reported a revenue of 5.245 billion CNY for 2024, representing a year-on-year growth of 21.22%. The net profit attributable to the parent company reached 625 million CNY, up 45.68% year-on-year [1]. - The growth in the staple food business, particularly the self-owned brand segment, has been a significant driver, with self-owned brands accounting for 67.59% of total revenue in 2024, an increase of 4.15 percentage points [2]. - The overall gross margin improved by 5.43 percentage points to 42.27% in 2024, driven by a decline in chicken prices and the growth of high-margin self-owned brand products [3]. Financial Summary - For 2024, the company achieved a revenue of 5.245 billion CNY, with a projected revenue growth of 20.17% for 2025 [12]. - The net profit attributable to the parent company is expected to grow to 810 million CNY in 2025, reflecting a 29.72% increase [12]. - The earnings per share (EPS) for 2025 is projected to be 2.03 CNY, with a corresponding price-to-earnings (P/E) ratio of 51x [4][12]. Business Performance - The pet food and staple food segments generated revenues of 2.484 billion CNY and 2.690 billion CNY respectively in 2024, with year-on-year growth rates of 14.66% and 28.88% [2]. - The company’s direct sales channel saw a significant increase in revenue, growing by 59.33% year-on-year, indicating a shift towards higher-margin sales strategies [3]. Market Outlook - The domestic business is expected to serve as a stabilizing factor for the company's performance amid uncertainties in overseas operations due to changing tariff policies [4]. - The report anticipates steady growth in overseas OEM demand, with revenue from international operations reaching 1.693 billion CNY in 2024, a 15.70% increase year-on-year [4].

今天上午，"宠物双雄" 乖宝宠物、中宠股份双双爆发，股价均创新高 。 "宠物双雄"的表现，只是今年以来A股、港股市场新消费板块的一个缩影。卫龙美味（魔芋制品）、毛戈平（美妆）、蜜雪集团（现代茶饮）、泡泡玛特 （IP潮玩）、老铺黄金（黄金珠宝），还有拉芳家化等老牌国货实现二次焕新突破的个股，今年以来都走出趋势慢牛态势，大部分个股都创出历史新高。 今天上午，A股冲高回落，上证指数下跌0.1%，深证成指下跌0.66%，创业板指下跌0.68%。PEEK材料、美容护理、宠物经济等板块涨幅居前，电力、银 行等高股息资产表现活跃。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3292.98 | 9869.91 | 1935.84 | | -3.38 -0.10% -65.89 -0.66% | | -13.32 -0.68% | 宠物经济、美容护理板块上涨 今年以来，宠物经济、美容护理两大板块成为新消费领域牛股的集中地。 今天上午，这两大板块双双大涨。宠物经济板块中，路斯股份、天元宠物等个股大涨。两只龙头股 乖宝宠物上涨12.47%、中宠股份涨停 。 | | V | 宠物经济 ...

一、行情 4月24日早盘，宠物经济概念股持续走强，中宠股份、天元宠物等封板，乖宝宠物、北鼎股份大涨超10%。 | 股票名称 | 最新价 = | 涨跌幅 ◆ | 换手率令 | 流通市值令 | | --- | --- | --- | --- | --- | | 中宠股份 002891.SZ | | 首板 | | | | 全球宠物食品行业的领跑者：公司专注于宠物食品的研发、生产、销售和营销业务，产品 | 53.44 | +10.00% | 3.91% | 157.7亿 | | 包括：宠物干粮、宠物湿粮、宠物零食 | | 10:05 涨停 | | | | 天元宠物 301335.SZ | | 首板 | | | | 公司以宠物用品的设计开发、生产和销售业务为基础,积极拓展宠物食品销售业务,产品 | 25.40 | +19.98% | 20.62% | 12.7亿 | | 涵盖了宠物窝垫、猫爬架、宠物食品、宠物玩具、宠物服饰、电子用品等多系列、全品类 | | 10:30 涨停 | | | | 宠物产品 | | | | | | 依依股份 001206.SZ 密集调研 | | 首板 | | | | 公司专注于宠物卫生护理用品 ...

公司发布2024 年年报及2025 年一季报。2024 年，公司实现营收52.45亿元，同比增长21.22%，实现归 母净利润6.25 亿元，同比增长45.68%。 公司高端品牌战略成效显著，持续保持研发投入。公司加快品牌高端化步伐，提升了麦富迪品牌的高端 产品占比，高端副品牌霸弗天然粮迅速崛起，2024 年双11 期间全网销售额同比增长150%，同时旗下高 端肉食猫粮品牌弗列加特也获得了快速增长，2024 年，弗列加特进行品牌2.0 升级，创新自研鲜肉标准 化处理系统和低温真空鲜肉浓缩工艺，重磅推出0 压乳系列产品和高鲜肉天然粮系列，2024 年双11 期 间全网销售额同比增长190%。其次，推出超高端犬粮品牌汪臻醇，凭借透明可溯源食材体系与极简限 定性配方理念，填补了国内品牌犬粮市场超高端领域的空白。根据Euromonitor，2015-2023 年公司国内 市占率从2.4%提升至5.5%，实现翻倍，位列国产品牌市占率第一。 盈利预测与投资评级：公司宠物食品生产、制造、研发优势领先，伴随国内宠物经济红利延续，公司头 部效应持续释放，自主品牌新业务有望加速放量，龙头地位持续夯实，市场份额加速扩张。我们预计 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 204 million yuan, growing 37.68% year-on-year [1] - The company continues to enhance its domestic self-owned brand strategy, with self-owned brand revenue increasing by 29% year-on-year, and direct sales revenue rising by 59% year-on-year [2] - The company's gross margin and net margin for 2024 were 42.3% and 11.96%, respectively, reflecting an increase of 5.4 percentage points and 2 percentage points year-on-year [2] - The company is focusing on high-end brand strategies, with significant growth in high-end product sales, including a 150% increase in sales for the brand during the Double 11 shopping festival [3] Financial Summary - The company’s revenue is projected to grow from 6.386 billion yuan in 2025 to 8.911 billion yuan in 2027, with corresponding net profits expected to rise from 761 million yuan to 1.280 billion yuan [5] - The projected P/E ratios for 2025, 2026, and 2027 are 54.7, 43.2, and 32.5, respectively [5] - The company’s return on equity (ROE) is expected to improve from 16.4% in 2025 to 20.7% in 2027 [5]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [7][18]. Core Views - The company's performance continues to meet expectations with rapid growth, reporting a 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 penetration, as evidenced by the growth in the pet food market to 300.2 billion yuan, a 7.5% year-on-year increase [7]. - The company's proprietary brands are performing exceptionally well, with significant revenue contributions from both snacks and staple foods, and a strong presence in direct sales channels [7]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.245 billion yuan, with a net profit of 625 million yuan, reflecting a 45.68% increase year-on-year. The operating cash flow was 720 million yuan, up 16.60% [7]. - For Q1 2025, the company reported a revenue of 1.48 billion yuan, a 34.82% increase year-on-year, and a net profit of 204 million yuan, up 37.68% [7]. Market Trends - The pet food industry in China is experiencing a growth trend, with a reported production of 1.599 million tons in 2024, a 9.3% increase year-on-year, despite a general decline in the industry [7]. - The penetration rates for professional dog and cat food have increased, with 25% and 43% respectively, indicating a growing market for high-quality pet food [7]. Brand Performance - The company's own brands generated 3.545 billion yuan in revenue, a 29.14% increase, with direct sales channels seeing a 59.33% increase in revenue [7]. - The flagship brand, Maifudi, continues to lead the market, achieving the highest brand index in the "Top Ten Pet Food Brands in China" [7].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company reported a total revenue of 5.245 billion yuan for 2024, representing a year-on-year increase of 21.22%. The net profit attributable to shareholders was 625 million yuan, up 45.68% year-on-year [5] - The company has seen significant growth in its proprietary brand business, achieving revenue of 3.545 billion yuan in 2024, a year-on-year increase of 29.14% [6] - The direct sales channel has been optimized, with online revenue reaching 1.969 billion yuan in 2024, a growth of 59.33% year-on-year, accounting for 37.72% of the main business revenue [7] - The company's gross margin and net margin improved by 5.43 and 2.01 percentage points to 42.27% and 11.96%, respectively, in 2024 [8] - The company is expected to benefit from the growing pet economy, with projected revenues of 6.470 billion yuan, 7.770 billion yuan, and 9.370 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.36%, 20.09%, and 20.59% [9][10] Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry [1] Financial Performance - The latest closing price is 98.73 yuan, with a market capitalization of 17.675 billion yuan [2] - The total share capital is 400.04 million shares, with 44.75% being tradable A-shares [2] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.480 billion yuan, a year-on-year increase of 34.82%, and a net profit of 204 million yuan, up 37.68% year-on-year [5] - The company’s main grain and snack revenue reached 2.690 billion yuan and 2.484 billion yuan, respectively, with year-on-year growth of 28.88% and 14.66% [6] Market Position and Growth Potential - The company is positioned as a leader in the domestic pet food market, with expectations for further market share growth as the industry expands [9] - The company has been recognized for its brand strength, ranking first in Tmall's comprehensive ranking for five consecutive years [6] Future Projections - The company forecasts a net profit of 905 million yuan for 2025, with a year-on-year growth rate of 44.83% [10] - The projected earnings per share for 2025 is 2.26 yuan, with a price-to-earnings ratio of 43.65 [12]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 113 CNY per share, corresponding to a 43 times PE for 2026 [2][9]. Core Insights - The company achieved a revenue of 5.245 billion CNY in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million CNY, up 45.68% year-on-year [2][3]. - The company's proprietary brand business revenue reached 3.545 billion CNY in 2024, growing by 29.14%, and accounted for 67.59% of total revenue [3][4]. - The main food segment's revenue was 2.690 billion CNY, up 28.88%, increasing its share to 51.30% of total revenue, while the snack segment generated 2.484 billion CNY, growing by 14.66% [4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.573 billion CNY, a 29.55% increase year-on-year, and a net profit of 154 million CNY, up 34.78% [2][3]. - For Q1 2025, the company achieved a revenue of 1.480 billion CNY, a 34.82% increase year-on-year, and a net profit of 204 million CNY, up 37.68% [2][3]. - The company's net profit margin improved from 9.95% in 2023 to 11.96% in 2024, with further increase to 13.82% in Q1 2025 [4][5]. Future Projections - The company is projected to generate total revenue of 7.074 billion CNY in 2025, with a year-on-year growth rate of 34.9%, and a net profit of 796 million CNY, reflecting a growth of 27.5% [5][10]. - Earnings per share (EPS) are expected to rise to 1.99 CNY in 2025 and 2.62 CNY in 2026 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company, Guai Bao Pet (301498), has demonstrated strong revenue growth, achieving 5.245 billion yuan in revenue for 2024, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year. In Q1 2025, revenue reached 1.48 billion yuan, reflecting a 34.82% year-on-year growth, with a net profit of 204 million yuan, up 37.68% year-on-year [5][7] Summary by Sections Recent Performance - Over the past year, Guai Bao Pet outperformed the CSI 300 index, with a 12-month return of 88.2% compared to the index's 7.2% [4] Revenue Breakdown - In 2024, the company's main food revenue was 2.69 billion yuan, accounting for 51.3% of total revenue, while snack revenue was 2.484 billion yuan, making up 47.35%. The product structure is continuously optimizing, with self-owned brand revenue at 3.545 billion yuan, representing 67.59% of total revenue [7] Market Position - The company's domestic market share has doubled from 2.4% in 2015 to 5.5% in 2023, leading the domestic brand market. The company has established a brand matrix with "Mai Fu Di" as the core, targeting high-end markets with its other brands [7] Financial Projections - Revenue projections for 2025-2027 are adjusted to 6.399 billion yuan, 7.930 billion yuan, and 9.687 billion yuan, respectively. Net profit forecasts are 728 million yuan, 974 million yuan, and 1.217 billion yuan for the same years, with corresponding P/E ratios of 54, 41, and 32 [9][10]