Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [8]. Core Insights - The company achieved a revenue of RMB 5.25 billion in 2024, representing a year-on-year growth of 21%, with a net profit of RMB 630 million, up 45.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of RMB 1.48 billion, a 34.8% increase year-on-year, and a net profit of RMB 200 million, reflecting a 37.7% growth [5]. - The company maintains strong growth momentum, driven by its proprietary brands, with significant sales increases in both domestic and international markets [5]. Financial Performance Summary - The company’s net profit is projected to grow from RMB 795 million in 2025 to RMB 1.15 billion in 2027, with year-on-year growth rates of 27%, 21.3%, and 19% respectively [7]. - Earnings per share (EPS) are expected to rise from RMB 1.99 in 2025 to RMB 2.87 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 50x to 34x over the same period [7]. - The company’s revenue is forecasted to increase from RMB 6.59 billion in 2025 to RMB 9.21 billion in 2027, indicating a robust growth trajectory [10]. Business Segmentation - The product mix consists of 51.3% staple foods and 47.35% snacks, with health products and others making up 0.88% [2]. - The proprietary brand "Mifudi" continues to lead in sales, with a 190% year-on-year increase for its high-end brand "Fuleijiate" and a 150% increase for "Bafu" [5]. Dividend Policy - The company has proposed a cash dividend of RMB 2.5 per 10 shares, reflecting its commitment to returning value to shareholders [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [8]. Core Insights - The company achieved a revenue of RMB 5.25 billion in 2024, representing a year-on-year growth of 21%, with a net profit of RMB 630 million, up 45.7% year-on-year [5]. - In Q1 2025, the company reported a revenue of RMB 1.48 billion, a 34.8% increase year-on-year, and a net profit of RMB 200 million, reflecting a 37.7% growth [5]. - The company maintains strong growth momentum, driven by its proprietary brands, with significant sales increases in both domestic and international markets [5]. Financial Performance Summary - The company’s net profit is projected to grow from RMB 795 million in 2025 to RMB 1.15 billion in 2027, with respective year-on-year growth rates of 27%, 21.3%, and 19% [7]. - Earnings per share (EPS) are expected to rise from RMB 1.99 in 2025 to RMB 2.87 in 2027, with corresponding growth rates of 27.37% and 21.30% [7]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 50 in 2025 to 34 in 2027, indicating improving valuation metrics [7]. Revenue Breakdown - The revenue composition shows that staple foods account for 51.30% and snacks for 47.35% of total sales, with health products and others making up 0.88% [2]. - The company’s proprietary brand sales reached RMB 3.54 billion in 2024, a 29% increase year-on-year, with significant growth in high-end brands [5]. Margin Analysis - The gross margin improved by 5.43 percentage points to 42.3% in 2024, benefiting from the high-end positioning of proprietary brands and stable raw material costs [5]. - The company’s operating expenses increased, primarily due to higher marketing and service costs, leading to a total expense ratio of 26.91% in 2024 [5].

Core Insights - The company, Guibao Pet, has become the highest revenue-generating domestic pet food listed company in 2024, achieving a revenue of 5.245 billion yuan, a year-on-year increase of 21.2%, and a net profit of 625 million yuan, up 45.7% [1] Revenue and Profitability - Guibao Pet's self-owned brand revenue reached 3.545 billion yuan in 2024, growing by 29.14%, accounting for 67.59% of total revenue, an increase from 63.44% in 2023 [3] - The company's gross profit margin in 2024 was 42.27%, an increase of 5.43 percentage points from the previous year, with the main food gross margin at 44.70% and snacks at 39.47% [6] Market Position and Strategy - Guibao Pet has established a strong market position, with its main brand, Myfoodie, ranking first in the Tmall Double Eleven pet food sales for four consecutive years [10] - The company is focusing on high-end product offerings, aligning with the trend of refined and high-nutrition pet care, which has shown resilience even during the pandemic [6] Brand Development and Product Range - The company has developed a matrix of self-owned brands since 2013, including Myfoodie and Fuleijiate, and has launched various product lines targeting different market segments [2] - Guibao Pet has also introduced a budget brand, "Baicui," which operates independently and aims to penetrate the lower price segment while leveraging the company's brand effect and supply chain [8][7] Industry Trends - The rise of domestic pet food brands is increasingly replacing imported pet food, reflecting a broader trend in the industry [9] - The domestic pet food market is characterized by a shift towards online marketing and sales, with domestic brands investing heavily in digital channels to enhance brand recognition [10] Export Challenges - Guibao Pet faces potential risks from tariff disputes, particularly with the U.S., which could impact its export orders and pricing strategies [11] - In 2024, the company's overseas revenue was 1.693 billion yuan, a year-on-year increase of 15.70%, accounting for 32.29% of total revenue, indicating a stable export performance despite external pressures [11]

Core Insights - The company has achieved a year-on-year increase of 32% in net profit attributable to shareholders in Q1 2025, driven by the expansion of its own brand business and increased revenue from overseas OEM operations [1] - The overall revenue for Q1 2025 reached 1.48 billion yuan, reflecting a year-on-year growth of 34.82% [1] Group 1: Financial Performance - Q1 2025 revenue was 1.48 billion yuan, with a quarter-on-quarter decrease of 5.97% but a year-on-year increase of 34.82% [1] - Net profit attributable to shareholders for Q1 2025 was 204 million yuan, showing a quarter-on-quarter increase of 32.31% and a year-on-year increase of 37.37% [1] - Gross margin for Q1 2025 was 41.56%, with a year-on-year increase of 0.42 percentage points [1] - Net margin for Q1 2025 was 13.82%, with a quarter-on-quarter increase of 3.93 percentage points and a year-on-year increase of 0.26 percentage points [1] Group 2: Expense Management - Sales expenses for Q1 2025 amounted to 264 million yuan, representing a year-on-year increase of 38.83%, with a sales expense ratio of 17.81% [2] - Management expenses for Q1 2025 were 75 million yuan, showing a year-on-year increase of 23.92%, with a management expense ratio of 5.09% [2] - R&D expenses for Q1 2025 were 22 million yuan, reflecting a year-on-year increase of 27.22%, with an R&D expense ratio of 1.47% [2] Group 3: Strategic Initiatives - The company is actively expanding its direct sales of its own brands, with direct sales revenue reaching 1.969 billion yuan in 2024, a year-on-year increase of 59.33% [2] - The proportion of direct sales in total revenue from own brands has increased to 55.54%, surpassing revenue from distribution for the first time [2] - The gross margin for direct sales in 2024 was 53.11%, which is significantly higher than the gross margin for distribution [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [17]. Core Insights - The company achieved a total 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 [2][4]. - The company's proprietary brand business continues to perform strongly, with revenue from self-owned brands reaching 3.545 billion yuan in 2024, a 29.14% increase year-on-year [3]. - The gross profit margin for 2024 was 42.3%, an increase of 5.4 percentage points year-on-year, with a net profit margin of 12% [4][11]. Financial Performance Summary - In 2024, the company reported total revenue of 5.245 billion yuan, with a year-on-year growth rate of 21% [6]. - The net profit for 2024 was 625 million yuan, reflecting a growth rate of 46% [6]. - The earnings per share (EPS) for 2024 was 1.56 yuan, with a price-to-earnings (P/E) ratio of 63.2 [6][11]. - The company forecasts revenues of 6.377 billion yuan, 7.780 billion yuan, and 9.454 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 745 million yuan, 955 million yuan, and 1.206 billion yuan [4][6]. Business Segment Analysis - The direct sales channel revenue increased significantly to 1.969 billion yuan in 2024, a 59% year-on-year growth, accounting for 56% of the self-owned brand revenue [3]. - The company launched a high-end dog food brand, filling a gap in the domestic market for ultra-premium pet food [3]. - The revenue from the company's snack, staple food, and health products in 2024 was 2.484 billion yuan, 2.690 billion yuan, and 46 million yuan respectively, with year-on-year growth rates of 15%, 29%, and a decline of 19% [3].

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by high-end product sales and improved gross margins, leading to an upward revision of the target price to 130 yuan and a "buy" rating [1][2][4]. Group 1: 2024 Performance - In 2024, the company achieved revenue of 5.25 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 625 million yuan, up 46% year-on-year [1]. - Domestic sales reached 3.55 billion yuan, growing 24% year-on-year, with high-end products like 麦富迪 and 弗列加特 seeing significant growth [2]. - The gross margin improved to 45.6%, an increase of 6.4 percentage points year-on-year, reflecting the rising contribution of high-end products and effective brand premium [2]. Group 2: Q1 2025 Performance - In Q1 2025, the company reported revenue of 1.48 billion yuan, a year-on-year increase of 34.8%, and a net profit of 204 million yuan, up 37.7% year-on-year [1]. - Domestic sales are expected to grow over 40%, driven by high sales of 弗列加特 and barf series products [3]. - The gross margin for Q1 2025 was 41.6%, a year-on-year increase of 0.42 percentage points, indicating sustained profitability despite slight fluctuations [3]. Group 3: Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to 790 million yuan, a decrease of 6%, while the 2026 forecast remains unchanged at 1.12 billion yuan [4]. - The company is valued at 65.5 times the expected earnings for 2025, reflecting its strong market position and brand barriers [4]. - The target price has been set at 130 yuan, maintaining a "buy" rating based on the company's leading position in the domestic pet food market [4].

上 市 公 司 农林牧渔 2025 年 04 月 22 日 乖宝宠物 (301498) ——自有品牌营收高增，盈利能力继续上行 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 22 日 | | --- | --- | | 收盘价（元） | 98.73 | | 一年内最高/最低（元） | 103.00/41.52 | | 市净率 | 9.1 | | 股息率%（分红/股价） | 0.43 | | 流通 A 股市值（百万元） | 17,675 | | 上证指数/深证成指 | 3,299.76/9,870.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.86 | | 资产负债率% | 16.26 | | 总股本/流通 A 股（百万） | 400/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 01-2 ...

证券研究报告 乖宝宠物 (301498 CH) Q1 盈利超预期，品牌高端化成效显著 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 22 日│中国内地 | 饲料 | 公司公布 2024A及 2025年一季报业绩：24A收入 52.5 亿元，同比增长 21%； 归母净利润 6.25 亿元，同比+46%。其中第四季度收入 15.7 亿元，同比/环 比 29.5%/26.4%；归母净利润 1.54 亿元，同比/环比 34.8%/-4.7%。2025Q1 公司实现营收 14.8 亿元，同比增长 34.8%，实现归母净利润 2.04 亿元，同 比增长 37.7%。公司 2024 年略低于我们此前 6.4 亿元的预期，主系 Q4 激 励费用计提较多；2025Q1 略超我们此前 1.8~2.0 亿元的预期，主系以弗列 加特、barf 系列为代表的高端产品营收同比高增带来。国内宠物经济高增红 利+进口宠粮加关税或加速国产替代，公司产品/渠道/营销方面无短板，强 者恒强逻辑得到充分验证，我们上调目标价至 130 元，维持"买入"评级。 2024 年完美收官，毛利率大幅 ...

188只个股今日获机构买入型评级，登康口腔、健帆生物最新评级被调高，18股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布265条买入型评级记录，共涉及188只个股。银轮股 份、妙可蓝多等关注度最高，均有6次机构买入型评级记录。 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 002126 | 银轮股份 | 6 | -2.57 | 25.90 | 汽车 | | 600882 | 妙可蓝多 | 6 | -3.68 | 41.11 | 食品饮料 | | 688041 | 海光信息 | 5 | -1.05 | | 电子 | | 600346 | 恒力石化 | 5 | -0.38 | 13.37 | 石油石化 | | 301498 | 乖宝宠物 | 5 | -2.59 | 48.36 | 农林牧渔 | | 601009 | 南京银行 | 5 | 0.00 | 4.73 | 银行 | | 600584 | 长电科技 | 4 | -1.15 | 36.43 | 电子 | | 6038 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its proprietary brand, with a significant increase in profitability. The revenue for 2024 reached 5.245 billion yuan, a year-on-year increase of 21.22%, while the net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year. For Q1 2025, revenue was 1.48 billion yuan, reflecting a year-on-year growth of 34.82%, and the net profit was 204 million yuan, up 37.68% year-on-year. The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 819 million, 1.01 billion, and 1.234 billion yuan respectively [4][5][6] Financial Performance - The company's gross profit margin and net profit margin for 2024 were 42.27% and 11.96%, respectively, showing an increase of 5.43 percentage points and 2.02 percentage points year-on-year. The first quarter of 2025 saw a gross profit margin of 41.56% and a net profit margin of 13.82% [5] - The company plans to distribute a dividend of 2.5 yuan per 10 shares (including tax), totaling 100 million yuan [5] Brand and Market Position - The proprietary brand revenue reached 3.545 billion yuan in 2024, a year-on-year increase of 29.14%. The brand "Mikfudi" has maintained its leading position in the industry, ranking first on Tmall for five consecutive years and receiving AAA-level national trademark certification [6] - During the Tmall Double 11 shopping festival, the brand "Fuleijiate" achieved the sales championship in the cat food category, with a year-on-year sales growth of 190% [6] Product and Sales Channels - The company reported revenue of 2.484 billion yuan from snacks and 2.690 billion yuan from staple foods in 2024, with year-on-year growth of 14.66% and 28.88%, respectively. The gross profit margins for these categories were 39.47% and 44.70%, showing significant improvements [7] - The sales model includes direct sales and distribution, with direct sales revenue growing by 59.33% year-on-year to 1.969 billion yuan in 2024 [7] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 6.951 billion yuan, with a year-on-year growth of 32.5%. The projected net profit for 2025 is 819 million yuan, reflecting a growth of 31.1% year-on-year. The earnings per share (EPS) for 2025 is expected to be 2.05 yuan, with a price-to-earnings (P/E) ratio of 49.5 times [8][10]