Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.96%, and a net profit attributable to the parent company of 470 million yuan, up 49.64% year-on-year [6] - The company's proprietary brands are experiencing rapid growth, with a significant trend towards high-end products. New high-end products have been launched, and sales during promotional events have shown remarkable increases [6][7] - The company's profitability continues to improve, with a gross margin of 41.84% in Q3 2024, up 3 percentage points year-on-year, and a net profit margin of 13.07%, up 2.74 percentage points year-on-year [6] Summary by Sections Financial Performance - For Q3 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 [6] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling approximately 100 million yuan [6] Brand and Product Development - The proprietary brand growth rate significantly exceeds the industry average, with high-end products like Fliegate and Barf experiencing rapid growth. The company has also launched new high-end dog food products [6] - During the Double Eleven shopping festival, sales for the company's products surged, with Fliegate achieving a nearly 230% increase in transaction value compared to the previous year [6] Profitability and Cost Management - The gross margin for Q3 2024 was 41.84%, with a slight decrease from the previous quarter due to exchange rate impacts. The net profit margin improved due to strong demand for high-end products and a decrease in raw material prices [6] - The sales expense ratio increased to 18.92% year-on-year, primarily due to increased advertising and sales service costs associated with the growth of proprietary brands [6] Investment Outlook - The company is positioned as a leading domestic pet food brand with a high proportion of proprietary brand business and strong product premiumization potential. The forecasted net profits for 2024-2026 are 579 million, 745 million, and 925 million yuan, respectively, with corresponding P/E ratios of 45X, 35X, and 28X [7]
乖宝宠物：公司简评报告：自有品牌快速增长，产品高端化趋势显著