CHINA PET FOODS(SZ:002891) Guohai Securities·2024-10-27 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3][8] Core Views - The company has shown stable revenue growth and significant improvement in profitability, with total revenue for the first three quarters of 2024 reaching 3.189 billion yuan, a year-on-year increase of 17.56%, and net profit attributable to the parent company at 282 million yuan, up 59.54% [2][3] - The domestic business segment has achieved comprehensive profitability, supported by strong self-owned production capacity and precise marketing strategies, leading to rapid development in brand building, product innovation, and market expansion [3] - The company’s overseas business continues to contribute stable profits, with a notable investment income of 33.3 million yuan received in September 2024 [3] Summary by Relevant Sections Revenue and Profitability - For Q3 2024, the company reported total revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and net profit of 140 million yuan, up 73.18% [2][3] - Basic earnings per share for the first three quarters of 2024 reached 0.9618 yuan, reflecting a growth of 59.26% [3] Market Performance - The company outperformed the CSI 300 index with a performance of 40.7% over the past month, 60.9% over the past three months, and 35.0% over the past year [3] Financial Forecast - Revenue projections for 2024-2026 are adjusted to 4.455 billion yuan, 5.247 billion yuan, and 6.288 billion yuan, respectively, with net profit forecasts of 386 million yuan, 443 million yuan, and 548 million yuan [3][8] - Corresponding P/E ratios are estimated at 22.4, 19.49, and 15.77 times for the respective years [3][8]