乖宝宠物：2024年三季报点评：自有品牌高增延续，国产宠物食品龙头增长势能强劲

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company continues to show strong growth momentum as a leading domestic pet food brand, driven by its proprietary brand expansion and the rise of domestic brands in the pet food sector [3] - The company reported a revenue of 3.67 billion yuan for the first three quarters of 2024, representing an 18.0% year-on-year increase, and a net profit of 470 million yuan, up 49.6% year-on-year [2] - The proprietary brand's rapid growth is expected to drive performance, with projected year-on-year growth rates of approximately 25%-30% for proprietary brands and around 10% for OEM in Q3 2024 [2] Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 4,327 in 2023 to 5,321 in 2024, with a year-on-year growth rate of 22.97% [1][8] - Net profit attributable to the parent company is expected to increase from 428.84 million yuan in 2023 to 574.22 million yuan in 2024, reflecting a year-on-year growth of 33.90% [1][8] - The latest diluted EPS is projected to rise from 1.07 yuan in 2023 to 1.44 yuan in 2024 [1][8] Profitability and Cost Structure - The gross margin for the first three quarters of 2024 is reported at 42.0%, an increase of 6.2 percentage points year-on-year, driven by the higher proportion of proprietary brands and direct sales [2] - The selling expense ratio for the first three quarters of 2024 is 25.9%, up 3.2 percentage points year-on-year, primarily due to increased promotional expenses related to proprietary brands [2] - The net profit margin for the first three quarters of 2024 is 12.8%, reflecting a year-on-year increase of 2.7 percentage points [2] Market Performance and Brand Strength - The company's proprietary brands performed exceptionally well during the 2024 Double Eleven shopping festival, ranking among the top pet brands on major e-commerce platforms [2] - The flagship store of the brand saw a 1000% increase in transaction volume during the first hour of the Double Eleven event [2] Valuation Metrics - The company is projected to have a P/E ratio of 46, 36, and 28 for the years 2024, 2025, and 2026, respectively [3] - The report forecasts a steady increase in net profit from 5.7 billion yuan in 2024 to 9.3 billion yuan in 2026 [3]