Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported strong Q3 2024 results with revenue of RMB 1.245 billion, up 18.92% YoY, and net profit attributable to shareholders of RMB 162 million, up 49.11% YoY [2][6] - The company announced a dividend of RMB 2.5 per 10 shares, totaling approximately RMB 100 million [2][6] - The domestic business benefited from the growth of the pet industry and the company's product and brand strengths, with the "Myfoodie" brand showing steady growth [2][6] - The high-end cat food brand "Fregat" performed well, driven by its "fresh meat instead of meat meal" concept and popular product lines such as "Big Red Bucket Freeze-Dried" and "High-Function Baked Grain" [2][6] - The company's gross margin in Q3 2024 was 41.84%, up 3.00 ppts YoY, and the net profit margin was 13.07%, up 2.74 ppts YoY, driven by the increase in the proportion of high-end products [6] - The company's sales/management/R&D/financial expense ratios were 18.70%/5.67%/1.74%/-0.10%, respectively, with sales expenses increasing due to higher direct sales and brand promotion [6] - The company expects revenue for 2024-2026 to be RMB 5.224 billion, RMB 6.288 billion, and RMB 7.533 billion, with YoY growth rates of 20.72%, 20.39%, and 19.79%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 584 million, RMB 716 million, and RMB 896 million for 2024-2026, with YoY growth rates of 36.17%, 22.56%, and 25.17%, respectively [6] Financial Data and Valuation - The company's total share capital is 400 million shares, with a circulating A-share market value of RMB 11.867 billion [4] - The company's net asset per share is RMB 10.21, with an asset-liability ratio of 12.08% [4] - The company's EPS for 2024-2026 is expected to be RMB 1.46, RMB 1.79, and RMB 2.24, respectively [6] - The company's P/E ratio for 2024-2026 is expected to be 45.4x, 37.1x, and 29.6x, respectively [6] - The company's P/B ratio for 2024-2026 is expected to be 6.3x, 5.4x, and 4.6x, respectively [6] Industry and Market Performance - The company operates in the agriculture, forestry, animal husbandry, and feed industry [4] - The company's stock price has shown a relative performance of -20%, 7%, 33%, and 60% over different periods compared to the CSI 300 index [5]
乖宝宠物：业绩表现亮眼，分红提升股东回报