Investment Rating - The report gives the company an "Accumulate" rating, indicating a positive outlook for the next six months [27][125]. Core Viewpoints - The company has been deeply engaged in the pet food industry for over 20 years, benefiting from the global trend of pet humanization and consumption upgrades, achieving a revenue of 696.31 million yuan in 2023, a year-on-year increase of 26.82%, and a net profit of 68.40 million yuan, up 58.58% year-on-year [25][27]. - The pet food market has significant growth potential, with the domestic market expected to grow at a CAGR of 10%-15% from 2024 to 2027, while the global market is projected to reach 172.5 billion USD by 2027 [26][71]. - The company is focusing on expanding its product matrix, including pet snacks, staple foods, and single feed products, with pet snacks accounting for approximately 71.8% of total revenue in 2023 [7][25]. Summary by Sections Company Overview - The company is a national high-tech enterprise that integrates production, processing, and sales of pet food, having passed multiple quality and safety certifications [46][47]. - The management team has extensive industry experience, with key figures holding significant positions within the company for many years [45][46]. Market Outlook - The global pet food market is steadily growing, with a projected CAGR of 7% from 2021 to 2027, driven by consumer upgrades and the humanization of pets [26][83]. - The domestic pet food market is expected to reach 76.4 billion USD in 2023, with a significant increase in market concentration anticipated [26][101]. Competitive Advantages - The company emphasizes research and development, with R&D expenses increasing from 10 million yuan in 2018 to 22 million yuan in 2023, reflecting a CAGR of 13.77% [29][97]. - The company benefits from its parent company, Tiancheng Group, which provides advantages in raw material supply and price control [29][136]. Financial Projections - The company forecasts net profits of 79 million yuan, 96 million yuan, and 115 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10, 8, and 7 [27][125]. - Revenue is expected to grow to 806.44 million yuan in 2024, with a year-on-year growth rate of 15.82% [23][149].
路斯股份：宠物食品优质企业，境内外同步发力+优质新品助力盈利增长