Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 3.67 billion yuan, up 17.96%, and net profit attributable to shareholders at 470 million yuan, up 49.6% [5][6]. - The self-owned brand revenue continues to grow rapidly, with high-end product revenue share increasing, which enhances the company's profitability [5][6]. - The company has adjusted its profit forecast upwards, expecting revenues of 5.26 billion yuan, 6.29 billion yuan, and 7.52 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 644 million yuan, 774 million yuan, and 929 million yuan [6][7]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 42.0%, an increase of 6.2 percentage points year-on-year, and a net profit margin of 12.9%, up 2.7 percentage points [5][6]. - The company's total revenue for 2023 was 4.33 billion yuan, with projections for 2024 at 5.26 billion yuan, reflecting a growth rate of 21.6% [7][9]. - The earnings per share (EPS) for 2024 is projected to be 1.61 yuan, with a price-to-earnings (PE) ratio of 40x [7][9].
乖宝宠物：自有品牌维持高增，盈利能力持续上行