Investment Rating - Investment rating is maintained as "Buy" [1] Core Views - The company has shown significant growth in revenue and net profit, with Q1-Q3 2024 revenue reaching 3.671 billion yuan, up 17.96% year-on-year, and net profit attributable to the parent company at 470 million yuan, up 49.64% year-on-year [3][4] - The company is expected to continue its growth trajectory, with revised net profit forecasts for 2024-2026 at 640 million, 801 million, and 988 million yuan respectively, reflecting a strong upward trend in earnings per share (EPS) [3][4] Financial Performance Summary - For Q1-Q3 2024, the company's gross profit margin and net profit margin were 41.98% and 12.85%, respectively, showing improvements of 6.21 percentage points and 2.72 percentage points year-on-year [4] - The company plans to distribute a dividend of 2.5 yuan per 10 shares, totaling 100 million yuan, based on a distributable profit of 384 million yuan as of Q3 2024 [4] - Online sales for the brand 麦富迪 showed steady performance, with sales figures for July to September 2024 reflecting a year-on-year increase of 36.85%, while the brand 弗列加特 experienced a remarkable growth of 270.47% in the same period [5] Financial Forecasts - Revenue projections for 2024-2026 are set at 5.075 billion, 6.193 billion, and 7.417 billion yuan, with year-on-year growth rates of 17.3%, 22.0%, and 19.8% respectively [6] - The company's net profit is forecasted to grow significantly, with expected year-on-year growth rates of 49.2%, 25.2%, and 23.3% for the same period [6] - The gross margin is anticipated to improve from 42.3% in 2024 to 43.3% in 2026, indicating a positive trend in profitability [6]
乖宝宠物：公司信息更新报告：国内自有品牌快速增长，盈利规模持续扩大