Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported Q3 2024 revenue of 1.245 billion yuan, a year-on-year increase of 18.92%, and a net profit attributable to shareholders of 162 million yuan, up 49.11% year-on-year. For the first three quarters, total revenue reached 3.671 billion yuan, a 17.96% increase year-on-year, with a net profit of 470 million yuan, reflecting a 49.64% year-on-year growth. The company plans to distribute a dividend of 2.5 yuan per 10 shares (tax included) [4][5] - The company's domestic and international business continues to expand, with revenue and profit further increasing. The overseas pet food market is growing steadily, while domestic brands such as Freycat and Maifudi are performing well, enhancing market recognition and driving the growth of high-end product categories [4][5] Financial Performance Summary - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 18.7%, 5.7%, 1.7%, and -0.1%, respectively. The sales gross margin and net margin were 41.8% and 13.1%, showing year-on-year increases of 3 percentage points and 2.7 percentage points, respectively. The slight decline in gross margin is attributed to the impact of RMB appreciation on overseas business [5] - The company forecasts continued growth in its proprietary brand scale and stable growth in its OEM business. The expected EPS for 2024, 2025, and 2026 are 1.51 yuan, 1.83 yuan, and 2.29 yuan, respectively. The company is assigned a PE ratio of 40-42 times for 2024, corresponding to a fair value range of 73-77 yuan [5][7] Financial Forecasts - The projected revenue for 2024 is 5.165 billion yuan, with a year-on-year growth rate of 19.4%. The net profit is expected to reach 603 million yuan, reflecting a 40.7% year-on-year increase. The gross margin is anticipated to be 41.6% [7][9] - The company’s financial indicators show a net profit margin of 11.7% and a return on equity of 14.5% for 2024, with a projected increase in profitability over the following years [9][10]
乖宝宠物：Q3发布分红预案，持续看好公司高增