SCS(SH:601555) Ge Long Hui A P P·2025-10-23 08:12Core Insights - Dongwu Securities report indicates that Guibao Pet achieved a net profit attributable to the parent company of 510 million yuan in Q1-Q3 2025, representing a year-on-year increase of 9.1% [1] - In Q3 2025, the company reported a net profit of 130 million yuan, a year-on-year decrease of 16.6%, with a non-recurring net profit also at 130 million yuan, down 17.7% year-on-year [1] - The gross profit margin in Q3 2025 increased by 1.1 percentage points year-on-year, attributed to increased investment in sales expenses [1] Company Performance - Guibao Pet is recognized as a leading player in the domestic pet food industry, benefiting from the rise of domestic brands in the pet food sector [1] - The company demonstrates significant advantages in brand strength, product quality, research and development capabilities, and distribution channels [1] - The ongoing high-end upgrade of its proprietary brand and accelerated expansion in emerging e-commerce channels are key growth drivers [1] Profit Forecast Adjustments - Due to the impact of tariffs on overseas OEM business, Dongwu Securities has revised its net profit forecasts for Guibao Pet for 2025-2027 from 750 million/980 million/1.23 billion yuan to 700 million/880 million/1.07 billion yuan, reflecting year-on-year growth rates of 12.5%/25.2%/21.8% [1] - The latest closing price corresponds to price-to-earnings ratios of 49/39/32 times for the respective years [1] - The firm maintains a "Buy" rating for the company [1]