Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [10]. Core Insights - 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 shareholders reached 470 million yuan, up 49.64% year-on-year [1]. - The company's core brand matrix has been established, with significant market share in the domestic pet food sector. The brands "Mafudi" and "Fuleijiate" have shown strong performance during major sales events, maintaining top positions on platforms like Tmall and Douyin [1]. - The company has also expanded its international presence through OEM partnerships with well-known companies like Walmart and has acquired the American pet food brand "Waggin' Train" to enhance its overseas market strategy [1]. Financial Performance - In Q3 2024, the company achieved a gross margin of 41.8%, an increase of 3.0 percentage points year-on-year, attributed to product and channel structure optimization [2]. - The net profit margin for Q3 2024 was 13.0%, up 2.6 percentage points year-on-year, with a non-recurring net profit margin of 12.2%, an increase of 1.9 percentage points [2]. - The report projects revenue growth for 2024-2026 to be 19.7%, 22.6%, and 20.8% respectively, with net profits expected to grow by 36.8%, 21.0%, and 23.3% in the same period [2]. Market Position - The company has established itself as a leader in the domestic pet food market, with its brands consistently ranking at the top during major shopping events [1]. - The report highlights the company's strong brand recognition and market penetration, which are expected to drive continued growth in the pet food industry [1].
乖宝宠物：24Q3业绩点评：核心品牌优势扩大，业绩表现持续靓丽