Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a total revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 17.48%. The net profit attributable to the parent company was 308 million yuan, up 49.92% year-on-year [3][5] - The revenue from staple food exceeded that of snacks for the first time, with staple food revenue reaching 1.199 billion yuan, a year-on-year increase of 18.45%, while snack revenue was 1.194 billion yuan, up 17.32% year-on-year [3][4] - The gross margin for staple food improved significantly, mainly due to a decrease in raw material costs and further optimization of product structure [3][4] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.329 billion yuan, a year-on-year increase of 14.48%, and a net profit of 160 million yuan, up 32.64% year-on-year [3][4] - The gross margin for the first half of 2024 was 42.05%, an increase of 7.84 percentage points year-on-year, while the net profit margin was 12.74%, up 2.71 percentage points year-on-year [4] Sales Channels - The company achieved sales through third-party e-commerce platforms amounting to 866 million yuan, a year-on-year increase of 61.24%, with an order count of approximately 10.98 million [4] - Revenue from platforms like Alibaba and Douyin reached 607 million yuan, accounting for 25.10% of total revenue, with a year-on-year growth of 50.71% [4] Market Outlook - The pet economy is thriving due to rising disposable income and increasing demand for pet companionship, which is expected to further boost the market for pet food [5] - The company is well-positioned as a leader in the domestic pet food market, with projected revenues of 5.212 billion yuan, 6.127 billion yuan, and 6.996 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.44%, 17.57%, and 14.17% [5][7]
乖宝宠物：2024年中报点评：直销表现亮眼，盈利质量向上