CHINA PET FOODS(002891) 新浪财经· Xin Lang Cai Jing·2025-04-29 02:48Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by domestic and overseas market expansion, particularly in its proprietary brand business and OEM operations [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.464 billion yuan, a year-on-year increase of 19.15%, with a net profit attributable to shareholders of 393 million yuan, up 68.89% [1]. - The gross profit margin for 2024 was 28.16%, an increase of 1.88 percentage points from the previous year [1]. - For Q4 2024, the company reported revenue of 1.276 billion yuan, a year-on-year increase of 23.31%, and a net profit of 111 million yuan, up 98.2% [1]. - In Q1 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a gross profit margin of 31.87%, up 4.02 percentage points from the previous year [1]. Group 2: Domestic Market Growth - The domestic market's proprietary brand business saw significant growth, with revenue of 1.414 billion yuan in 2024, a year-on-year increase of 30.26% [1]. - The company has established a proprietary brand matrix with three brands: Wanpi, Leading, and New Zealand ZEAL, contributing to rapid growth in the domestic market [1]. - The gross profit margin for the domestic market in 2024 was 35.18%, an increase of 4 percentage points from the previous year [1]. Group 3: Overseas Market Performance - The overseas market generated revenue of 3.05 billion yuan in 2024, a year-on-year increase of 14.61%, with OEM business revenue reaching 2.615 billion yuan, up 21.21% [2]. - The company has enhanced its production capacity in North America and Cambodia, which has strengthened its competitive position in the overseas market [2]. - The gross profit margin for the OEM business was 27.3%, an increase of 1.1 percentage points from the previous year [2]. Group 4: Profit Forecast and Rating - The company is projected to achieve net profits of 496 million yuan and 542 million yuan for 2025 and 2026, respectively, with corresponding EPS of 1.69 and 1.84 yuan [3]. - The company maintains a "buy" rating due to its strong brand presence, global production layout, and technological advantages in the pet food industry [3].