Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2]. Core Views - The company has shown a strong market performance with a revenue increase of 17.96% year-on-year, reaching 3.671 billion yuan in the first three quarters of 2024, and a net profit increase of 49.64%, amounting to 470 million yuan [2][3]. - The company is focusing on enhancing its own brand's mid-to-high-end product lines, particularly during the Double Eleven shopping festival, which is expected to boost market share and profitability [1][3]. - The projected net profits for 2024, 2025, and 2026 are 558 million yuan, 695 million yuan, and 822 million yuan respectively, with corresponding EPS of 1.39 yuan, 1.74 yuan, and 2.05 yuan [1][5]. Financial Performance - For the third quarter of 2024, the company achieved a revenue of 1.245 billion yuan, a year-on-year increase of 18.92%, and a net profit of 162 million yuan, up 49.11% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 41.98%, reflecting a 6.21 percentage point increase compared to the previous year [3]. - The company plans to distribute a dividend of 2.5 yuan per 10 shares, totaling approximately 100 million yuan, indicating strong confidence in its financial health [3]. Financial Data and Valuation - The company's revenue is projected to grow from 5.259 billion yuan in 2024 to 6.363 billion yuan in 2025, and further to 7.666 billion yuan in 2026, with year-on-year growth rates of 21.5%, 21.0%, and 20.5% respectively [5][7]. - The projected P/E ratios for 2024, 2025, and 2026 are 47.6, 38.1, and 32.3 respectively, indicating a decreasing trend in valuation multiples as earnings grow [5][9]. - The return on equity (ROE) is expected to improve from 13.4% in 2024 to 14.6% in 2026, reflecting enhanced profitability [5][9].
乖宝宠物：宠粮国产龙头规模稳步增长，盈利水平持续提升