Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][12]. Core Views - The company has shown rapid growth in Q3, with a year-to-date revenue of 3.671 billion yuan, up 17.96% year-on-year, and a net profit attributable to shareholders of 470 million yuan, up 49.64% year-on-year [3][4]. - The company is deepening its market presence in the pet food sector, leveraging its brand, product offerings, and distribution channels to drive sustained growth [3][4]. - The pet food industry is expected to maintain high growth rates, with the company positioned to benefit from this trend, as indicated by Deloitte's report projecting significant compound annual growth rates for various pet food segments through 2026 [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a quarterly revenue of 1.245 billion yuan, an increase of 18.92% year-on-year, and a quarterly net profit of 162 million yuan, up 49.11% year-on-year [3][4]. - The gross margin for Q3 was 41.84%, an increase of 2.99 percentage points year-on-year [3][4]. - The company incurred sales expenses of 690 million yuan in the first three quarters, a year-on-year increase of 40.3% [3][4]. Growth Drivers - The company is expanding its production capacity with an investment of 110 million yuan in a pet food production base, which is 84.08% complete and expected to be operational by February 2025 [3][4]. - The company has established a strong brand portfolio centered around "Mai Fudi" and "Fuleijiate," enhancing brand awareness through diversified marketing strategies [3][4]. - Direct sales channels have increased, with revenue from third-party platforms reaching 870 million yuan, a year-on-year increase of 61.24% [3][4]. Market Outlook - The pet food sector is projected to grow significantly, with the company expected to capitalize on its leading market position and brand strength [3][4]. - The report highlights the company's competitive advantages in brand recognition, product innovation, and distribution efficiency, which are likely to enhance its market share further [3][4].
乖宝宠物：Q3业绩较快增长，深耕赛道、势头不改