Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2] Core Views - The company's performance is driven by both domestic and international business, with a positive outlook on pet food exports and rapid domestic market growth [2] - The company is expected to achieve attributable net profits of 5.53 billion, 7.13 billion, and 8.70 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.38, 1.78, and 2.18 [2] - The current stock price corresponds to PE ratios of 46.82, 36.30, and 29.76 for the years 2024, 2025, and 2026, indicating a reasonable valuation range [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.671 billion, a year-on-year increase of 17.96%, and attributable net profit of 470 million, up 49.64% year-on-year [1] - The operating cash flow for the same period was 397 million, reflecting a year-on-year increase of 14.40% [1] - The company's Q3 revenue was 1.245 billion, representing an 18.92% year-on-year increase, while the net profit for Q3 was 162 million, showing a year-on-year increase of 49.11% [1] Market and Industry Insights - The pet food industry in China continues to show strong growth, with pet feed production increasing by 21.4% year-on-year in the first half of 2024 [1] - The company's direct sales channel has seen significant growth, with sales revenue from third-party platforms increasing by 61.24% year-on-year during the first half of 2024 [1] - The report highlights a recovery in pet food export data since September 2023, with August 2024 exports reaching 28,500 tons, a year-on-year increase of 30.68% [1]
乖宝宠物：2024年三季报点评：业绩维持快速增长，Q3净利率同环比双增