Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a total revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.96%. The net profit attributable to the parent company was 470 million yuan, up 49.64% year-on-year [3][4] - The growth in revenue is attributed to an increase in the proportion of self-owned brand business, with the main grain revenue surpassing snacks for the first time in the first half of the year [3][4] - The company has optimized its direct sales channel structure, achieving significant growth in online sales, with notable increases in sales on major e-commerce platforms [3][4] Summary by Sections Revenue and Profitability - For Q3 2024, the company achieved 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][4] - The gross margin and net margin for the first three quarters of 2024 were 41.98% and 12.85%, respectively, reflecting improvements due to higher direct sales channel contributions and favorable raw material prices [4] Market Position and Growth - The company is positioned as a leader in the domestic pet food market, benefiting from the growing pet economy driven by rising disposable income and increasing demand for pet food [5] - Revenue projections for 2024-2026 are 5.212 billion yuan, 6.127 billion yuan, and 6.996 billion yuan, with year-on-year growth rates of 20.44%, 17.57%, and 14.17%, respectively [5][7] Financial Forecasts - The forecasted net profit for 2024-2026 is 608 million yuan, 815 million yuan, and 1.047 billion yuan, with corresponding growth rates of 41.75%, 34.12%, and 28.39% [5][7] - The company is expected to maintain a strong financial position with a projected PE ratio of 44, 33, and 25 for the years 2024, 2025, and 2026, respectively [5][7]
乖宝宠物：2024年三季报点评：营收规模稳步向上，盈利能力持续优化