Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's profitability continues to exceed expectations due to product and channel optimization [1] - The company achieved a revenue of 2.427 billion yuan in H1 2024, representing a year-on-year increase of 17.5%, with a net profit of 308 million yuan, up 49.9% year-on-year [1] - Direct sales channels are experiencing rapid growth, with the main food segment surpassing the snack segment for the first time [1] Revenue and Profitability - Revenue forecast for the company is projected to grow from 4.327 billion yuan in 2023 to 7.909 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 21.3% [1] - Net profit is expected to increase from 429 million yuan in 2023 to 983 million yuan in 2026, reflecting a CAGR of about 28.8% [1] - The gross profit margin improved to 42.1%, up 7.8 percentage points year-on-year, driven by product structure upgrades and a higher proportion of high-margin direct sales [1] Market Position and Strategy - The company is positioned as a leader in the pet food industry, with ongoing brand development and market share enhancement [1] - The report suggests that the company is likely to become a giant in the pet sector, supported by continuous supply chain optimization and performance assessment incentives [1]
乖宝宠物半年报点评：产品和渠道优化带动盈利能力持续超预期