Investment Rating - The investment rating for the company is "Buy - A" with a target price of 62.99 CNY over the next six months, corresponding to a 45x PE for 2024 [4][5]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, achieving a revenue of 2.427 billion CNY (+17.48%) and a net profit of 308 million CNY (+49.92%) [1]. - The gross margin improved significantly to 42.05% (+7.84 percentage points) in the first half of 2024, driven by an optimized product mix and increased sales of proprietary brands [2]. - The company’s proprietary brands have gained popularity among consumers, with sales during the 618 shopping festival exceeding 470 million CNY, a 40% increase year-on-year [3]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 12.71% (+2.75 percentage points) and a net profit of 308 million CNY, with a significant increase in gross margin [2]. - The second quarter of 2024 saw a revenue of 1.329 billion CNY (+14.48%) and a net profit of 160 million CNY (+32.64%) [1]. - The company expects net profits for 2024 to reach 560 million CNY, with growth rates of +30.6% for 2024, +25.3% for 2025, and +25.0% for 2026 [4]. Market Position and Strategy - The company has successfully expanded its distribution channels, focusing on online direct sales complemented by a broad offline distribution network [3]. - The proprietary brand strategy has led to a stable increase in market share, positioning the company to maintain its leading status in the pet food market [3].
乖宝宠物：Q2业绩持续高增，自主品牌表现优异