Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company reported a revenue of 2.427 billion RMB for the first half of 2024, representing a year-on-year growth of 17.5%, and a net profit of 308 million RMB, up 49.9% year-on-year [1]. - The growth strategy focuses on a single product approach and rapid expansion of direct sales channels, particularly through e-commerce platforms like Douyin [1][2]. - The company has successfully launched new product lines, enhancing its market position in the high-end pet food segment [2]. Revenue and Profit Analysis - In Q2 2024, the company achieved a revenue of 1.329 billion RMB, with a year-on-year growth of 14.5%, and a net profit of 160 million RMB, up 32.6% year-on-year [1]. - The gross margin improved to 42.1% in H1 2024, an increase of 7.8 percentage points year-on-year, driven by supply chain optimization and product upgrades [2]. - The company’s main products, including staple food and snacks, generated revenues of 1.2 billion RMB and 1.19 billion RMB respectively, with growth rates of 18.5% and 17.3% year-on-year [1]. Cost and Expense Management - The report highlights an increase in the gross margin due to a higher proportion of direct sales, which typically have better margins [2]. - Selling and administrative expenses increased, with the sales expense ratio rising to 19.0% and the management expense ratio to 7.4% in H1 2024 [2]. - The net profit margin for H1 2024 was reported at 12.7%, reflecting a year-on-year increase of 2.7 percentage points [2]. Future Growth Projections - The company is projected to achieve net profits of 560 million RMB, 710 million RMB, and 920 million RMB for the years 2024, 2025, and 2026 respectively, with growth rates of 31.5%, 26.2%, and 29.7% [3]. - The current price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated at 34, 27, and 21 times respectively [3].
乖宝宠物：自主品牌直营成长靓丽，龙头成长风采不变