Core Insights - The company reported a revenue of 5.245 billion and a net profit of 625 million for 2024, showing a year-on-year growth of 21.22% and 45.68% respectively [1] - In Q1 2025, the company achieved a revenue of 1.48 billion and a net profit of 204 million, reflecting a year-on-year increase of 34.82% and 37.68% respectively [1] Business Performance - The domestic self-owned brand business showed strong performance with a revenue increase of 29%, and direct sales revenue surged by 59% [2] - In 2024, self-owned brand revenue reached 3.545 billion, accounting for 67.6% of total revenue, while OEM/ODM revenue was 1.675 billion, growing by 19% [2] - Snack revenue was 2.48 billion, up 14.7%, while staple food revenue was 2.69 billion, increasing by 28.9% [2] - Direct sales model revenue was 1.969 billion, up 59%, while OEM/ODM revenue was 1.675 billion, up 19%, and distribution revenue was 1.576 billion, down 5.5% [2] - Domestic business revenue was 3.551 billion, up 24%, representing 67.7% of total revenue [2] - The company achieved a gross margin of 42.3% and a net margin of 11.96%, both showing significant year-on-year improvements [2] Brand Strategy and Market Position - The company's high-end brand strategy has shown significant results, with increased investment in R&D [3] - The brand "Mafudi" has enhanced its high-end product offerings, and the sub-brand "Bafute" saw a 150% increase in sales during the 2024 Double 11 shopping festival [3] - The high-end cat food brand "Fuleijiate" also experienced rapid growth, with a 190% increase in sales during the same period [3] - The launch of the ultra-premium dog food brand "Wangzhenchun" fills a gap in the domestic ultra-premium dog food market [3] - According to Euromonitor, the company's market share in the domestic market increased from 2.4% in 2015 to 5.5% in 2023, ranking first among domestic brands [3] Profit Forecast and Investment Rating - The company is expected to benefit from the ongoing pet economy, with projected net profits of 760 million, 960 million, and 1.28 billion for 2025, 2026, and 2027 respectively [3] - Corresponding price-to-earnings ratios are forecasted to be 55X, 43X, and 33X for the respective years [3] - The company maintains a "buy" rating based on its leading advantages in pet food production, manufacturing, and R&D [3]

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]

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]