CHINA PET FOODS(SZ:002891)2024-10-23 00:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 3.19 billion yuan, a year-on-year increase of 17.6%, and a net profit attributable to shareholders of 280 million yuan, up 59.5% year-on-year [5][6]. - The company's overseas ODM business continues to grow steadily, with exports increasing by 20.8% year-on-year in Q3 2024 [5]. - Adjustments to the company's own brands have shown positive results, with online GMV for its self-owned brands increasing by 24% year-on-year in the first nine months of 2024 [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.19 billion yuan, with a net profit of 280 million yuan, reflecting significant growth compared to previous periods [6][7]. - The gross profit margin for Q3 2024 was reported at 26.9%, with a net profit margin of 11.97%, indicating improved profitability metrics [5]. - The company has revised its profit forecasts upward, expecting revenues of 42.9 billion yuan, 49.6 billion yuan, and 57.9 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.5 billion yuan, 3.9 billion yuan, and 4.7 billion yuan [5][6].