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]

农林牧渔/饲料 乖宝宠物（301498.SZ） 国内自有品牌快速增长，盈利规模持续扩大 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 乖宝宠物 沪深300 相关研究报告 《国内自有品牌快速增长，盈利规模 持 续 扩 大 — 公 司 信 息 更 新 报 告 》 -2024.10.26 《归母净利润高速增长，电商平台销 售亮眼 — 公 司 信 息 更 新 报 告 》 -2024.8.28 《拟推第一期股票激励计划，健全激 励机制护航成长—公司信息更新报 告》-2024.7.7 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 101.35 | | 一年最高最低(元) | 103.00/41.52 | | 总市值(亿元) | 405.45 | | 流通市值(亿元) | 181.44 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.79 | | 近 3 个月换手率(%) | 75.16 | 股价走势图 陈雪丽（分析师） 朱本伦（联 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected EPS of 1.92 yuan and 2.40 yuan for 2025 and 2026 respectively, corresponding to PE ratios of 53 times and 42 times [5]. Core Insights - The company, Guai Bao Pet (stock code: 301498.SZ), reported a revenue of 52.45 billion yuan for 2024, representing a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 6.25 billion yuan, up 45.68% year-on-year [4]. - The company's self-owned brand revenue grew by 29% in 2024, with significant contributions from direct sales channels and improved profitability in staple food products [4][5]. - The company achieved a comprehensive gross margin of 42.27% in 2024, an increase of 5.43 percentage points year-on-year, with a focus on enhancing its self-owned brand business and expanding its research and development capabilities [4]. Financial Performance Summary - For 2024, the company reported a revenue of 52.45 billion yuan, with a net profit of 6.25 billion yuan, and a gross margin of 42.27% [4]. - In Q1 2025, the company achieved a revenue of 14.80 billion yuan, a year-on-year increase of 34.82%, and a net profit of 2.04 billion yuan, up 37.68% year-on-year [4]. - The company’s self-owned brand business generated 35.45 billion yuan in revenue in 2024, reflecting a 29.14% increase, with notable sales performance during the Double 11 shopping festival [4]. Revenue and Profitability Forecast - The forecast for 2025 estimates revenue of 64.06 billion yuan, with a net profit of 7.68 billion yuan, indicating growth rates of 22.13% and 22.99% respectively [6]. - The projected EPS for 2025 and 2026 is 1.92 yuan and 2.40 yuan, with ROE expected to rise from 15.11% in 2024 to 16.15% in 2025 [6][8].

乖宝宠物（301498.SZ） 24 年自主品牌势能强劲，25Q1 收入表现超预期 消费品/农林牧渔 证券研究报告 | 公司点评报告 2025 年 04 月 22 日 公司发布 2024 年报和 25 年一季报，24 年公司收入/归母净利润分别同比 +21.2%/+45.7%。25Q1 增长势能强劲，国内/海外增速延续。弗列加特成功打 造"大红桶冻干"、"高机能烘焙粮"两大明星系列，后续增长势能有望延续， 麦富迪品牌增长稳健。境外业务 24 年表现较好，25 年受关税影响略有不确定 性，但整体美国风险敞口可控。中长期看好公司在中国市场占据份额第一、高 端宠粮战略升级确定性。我们调整 25-26 年收入预测为 65/79 亿，归母净利润 分别 8.2 亿/10.5 亿，25-26 年 EPS 分别为 2.04/2.61 元，对应 25 年 50x，维 持"强烈推荐"评级。 强烈推荐（维持） 当前股价：101.35 元 基础数据 | 总股本（百万股） | 400 | | --- | --- | | 已上市流通股（百万股） | 179 | | 总市值（十亿元） | 40.5 | | 流通市值（十亿元） | 18.1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its proprietary brand, leading the rise of domestic products in the pet food industry [8] - The company is a leading player in the domestic pet food market, benefiting from strong brand power, product strength, R&D capabilities, and channel advantages [8] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards, reflecting strong growth momentum in domestic brands [8] Financial Performance Summary - For 2024, total revenue is projected at 5.245 billion yuan, representing a year-on-year growth of 21.22% [8] - The net profit attributable to the parent company for 2024 is expected to be 624.72 million yuan, with a year-on-year increase of 45.68% [8] - The company's gross margin reached 42.3% in 2024, an increase of 5.4 percentage points year-on-year [8] - The net profit margin for 2024 is projected at 11.9%, up by 2 percentage points year-on-year [8] Business Segment Analysis - In 2024, revenue from proprietary brands and OEMs is expected to be 3.5 billion yuan and 1.7 billion yuan, respectively, with year-on-year growth rates of 29% and 19% [8] - The main product categories, staple food and snacks, are projected to generate revenues of 2.7 billion yuan and 2.5 billion yuan, with year-on-year growth rates of 29% and 15% [8] - Domestic and international revenues are expected to be 3.6 billion yuan and 1.7 billion yuan, with year-on-year growth rates of 24% and 16% [8] Future Projections - The company forecasts net profits of 819 million yuan for 2025 and 1.017 billion yuan for 2026, with corresponding P/E ratios of 49 and 39.86 [8] - The net profit for 2027 is projected at 1.242 billion yuan, with a P/E ratio of 32.65 [8]

业绩简评 4 月21 日公司披露24 年业绩及25Q1 季报，24 年收入52.45 亿元（同比+21.2%），归母净利6.25 亿元 （同比+45.7%），净利率11.9%（同比+2.0pct）。24Q4 收入15.73 亿元（同比+29.6%），归母净利1.54 亿元（同比+34.8%），25Q1 收入14.80 亿元（同比+34.9%），归母净利2.04 亿元（同比+37.7%），1Q 业绩超预期。 经营分析 自主品牌直营成长延续靓丽表现，OEM 稳健成长。1）分业务：24年自主品牌/OEM 业务收入 35.45/16.75 亿元， 同比+29.1%/+19.1%，主品牌麦富迪推出BARF 系列等新品类，弗列加特以"鲜肉精 准营养"为核心竞争力，创新推出分阶精准养护的 0压乳鲜乳源猫粮系列等，2024 年双 11 期间斩获天猫 猫粮品类销售冠军，双 11 期间全网销售额同比增长190%；2）分渠道：直营表现靓丽，凭借精准营销 与内容驱动，人群资产得以有效扩容，线下深入渗透各地区宠物门店，24 年直营/经销收入19.69/15.76 亿元，同比+59.3%/-5.5%。 3）分品类：24 年主粮/零食/保 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its own brand, leading the rise of domestic products in the pet food industry [8] - The company is a leading player in the domestic pet food market, benefiting from strong brand power, product strength, R&D capabilities, and channel advantages [8] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards, reflecting strong growth momentum in domestic brands [8] Financial Performance Summary - For 2024, total revenue is projected to be 5.245 billion yuan, representing a year-on-year growth of 21.22% [1] - The net profit attributable to the parent company for 2024 is expected to be 624.72 million yuan, with a year-on-year increase of 45.68% [1] - The company's gross margin reached 42.3% in 2024, an increase of 5.4 percentage points year-on-year [8] - The company’s net profit margin for 2024 is projected at 11.9%, up by 2 percentage points year-on-year [8] Revenue Breakdown - In 2024, revenue from the company's own brand and OEM (Original Equipment Manufacturer) is expected to be 3.5 billion yuan and 1.7 billion yuan, respectively, with year-on-year growth rates of 29% and 19% [8] - The main products, staple food and snacks, are projected to generate revenues of 2.7 billion yuan and 2.5 billion yuan in 2024, with year-on-year growth rates of 29% and 15% [8] Market Position and Strategy - The company has a strong ability to innovate, with continuous high-end upgrades of new products and a successful multi-brand strategy [8] - The flagship brand, Mai Fudi, has maintained the top position in the Tmall comprehensive ranking for five consecutive years [8] - The company is expanding its high-end dog food brand, Wang Zhen Chun, which is expected to become a new growth point for performance [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue grew by 19.1% to 1.675 billion RMB [2][3]. - The company has successfully launched new product lines, such as the BARF series and the "fresh meat precise nutrition" cat food series, which contributed to significant sales growth during promotional events [2][3]. Business Analysis - Revenue from the main food, snacks, and health products for 2024 reached 2.690 billion RMB, 2.484 billion RMB, and 46 million RMB respectively, with year-on-year growth rates of 28.9%, 14.7%, and a decline of 18.9% [3]. - The gross margin for 2024 improved to 42.27%, an increase of 5.4 percentage points, primarily driven by the company's high-end branding strategy [3]. - The company is recognized as a leading domestic pet food brand with a clear growth trajectory, leveraging strong consumer insights for product innovation and effective online operations [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 800 million RMB, 1.026 billion RMB, and 1.333 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 29%, 28%, and 29% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 50x for 2025, 40x for 2026, and 31x for 2027, indicating a favorable valuation outlook [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue reached 1.675 billion RMB, growing 19.1% year-on-year [2][3]. - The company has successfully launched new product lines, such as the BARF series under the main brand Maifudi, and has achieved significant sales growth during promotional events like Double 11, with a 190% increase in total sales [2][3]. Performance Analysis - In Q4 2024, the company achieved a revenue of 1.573 billion RMB, a 29.6% increase year-on-year, and a net profit of 154 million RMB, up 34.8% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.480 billion RMB, reflecting a 34.9% year-on-year growth, and a net profit of 204 million RMB, which is a 37.7% increase year-on-year [2]. - The gross margin for 2024 was 42.27%, an increase of 5.4 percentage points year-on-year, driven by the company's high-end brand strategy [3]. Financial Forecast - The company is expected to achieve net profits of 800 million RMB, 1.03 billion RMB, and 1.33 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 29%, 28%, and 29% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 50x, 40x, and 31x, respectively, indicating a favorable valuation trend [4].

Core Viewpoint - The company is focused on the development and sales of pet food, emphasizing innovation and brand strength to capture market share in both domestic and international markets [5][6][11]. Company Overview - The company operates in the "C13 Agricultural and Sideline Food Processing" industry, specifically in "C1321 Pet Feed Processing" [3]. - The main business includes the research, production, and sales of pet food, with a focus on dog and cat food products [3]. Domestic Market - The company's flagship brand, Maifudi, has maintained the top position in Tmall's comprehensive ranking for five consecutive years, achieving a brand index of 92.53 [5]. - The high-end sub-brand, Bafute, saw a 150% increase in sales during the 2024 Double Eleven shopping festival, enhancing its market position [5]. - The brand Freigat completed a 2.0 upgrade and launched a new cat food series, achieving a 190% sales increase during the same festival [5]. International Market - The company has established good relationships with international firms like Walmart and has been exporting products to North America, Europe, and Japan [6]. - The acquisition of the American pet food brand "Waggin' Train" in 2021 further solidified its international market presence [6]. Business Model - The company employs a research and development model focused on the physiological and nutritional needs of pets, utilizing a digital approach to enhance product development [7]. - The production model is primarily self-manufactured, with a focus on both proprietary and OEM/ODM business lines [8]. - The procurement model involves a centralized purchasing process based on production plans and inventory [9]. - The sales model includes both direct sales through e-commerce platforms and distribution through regional dealers [10]. Long-term Growth Drivers - The pet food industry is experiencing rapid growth due to rising disposable incomes and increasing demand for pet companionship [11]. - The company emphasizes innovation in product development, production processes, and marketing strategies to meet consumer needs [12]. - The company has established a comprehensive sales channel strategy, integrating online and offline operations to enhance market reach [13]. - Brand influence and product quality are prioritized, with the company achieving multiple international certifications to ensure product safety and quality [14][15].