Core Insights - The company reported a revenue of 778 million yuan for 2024, marking an 11.68% year-on-year increase, with a net profit of 78.36 million yuan, up 14.57% [1] - The company achieved a revenue of 184 million yuan in Q1 2025, reflecting a 17.58% year-on-year growth, with a net profit of 16.51 million yuan, increasing by 17.34% [1] Revenue Growth and Product Performance - The company accelerated the upgrade of core products, with staple food revenue increasing by 53.42% to 102 million yuan, accounting for 13.3% of total revenue; canned product revenue grew by 59.71% to 47.98 million yuan, driven by strong overseas demand [2] - Domestic market share for pet food increased by 21.34%, showcasing the brand's influence and channel penetration [2] Profitability and Cost Management - The overall gross margin for 2024 was 22.87%, up 3 percentage points year-on-year, with overseas revenue gross margin rising by 2.95 percentage points due to higher margins on canned products [2] - The company improved production efficiency and expanded staple food capacity, leading to a net profit growth of 14.57%, surpassing revenue growth [2] International Expansion and Market Strategy - The company implemented a dual-driven strategy of "export-oriented and domestic sales coordination," with overseas revenue increasing by 16.64%, now accounting for 62.97% of total revenue [3] - The Cambodia project has commenced production, with a second phase under development, which will alleviate capacity constraints and enhance global supply chain efficiency [3] Brand Development and Innovation - The company added 14 new patents in 2024, including one invention patent, reinforcing its technological leadership in the pet food sector [3] - The Gansu subsidiary was recognized as a provincial "specialized, refined, and innovative" enterprise, and the laboratory received CNAS national certification, enhancing the company's research and product credibility [3] Overall Outlook - The company is focused on optimizing product structure and expanding overseas capacity, with high-value products like staple food and canned goods driving growth [4] - With steady domestic market penetration and ongoing brand development, the company is positioned to maintain its leadership in the pet food industry and pursue its long-term goal of becoming a global pet food brand [4]
路斯股份：2024年营收同比增长11.68% 主粮发力叠加海外布局深化