Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company has shown significant growth in its proprietary brand and optimized channel structure, with Q3 net profit attributable to shareholders increasing by 49% year-on-year [1][4]. - The company achieved a revenue of 3.671 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.96%, driven by strong overseas OEM business and domestic proprietary brand expansion [1][4]. - The gross margin and net margin have both improved year-on-year, with Q3 gross margin at 41.84%, up 3.00 percentage points year-on-year [1][7]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net profit of 470 million yuan, a year-on-year increase of 49.64%, primarily due to business expansion and improved gross margins [1][4]. - The Q3 revenue was 1.245 billion yuan, down 6.35% quarter-on-quarter but up 18.92% year-on-year, indicating sustained growth in the main business [1][4]. - The operating cash flow for the first three quarters was 397 million yuan, a year-on-year increase of 14.40%, with cash flow from operations accounting for 10.80% of revenue [1][4]. Expense Management - Sales expenses for the first three quarters of 2024 reached 695 million yuan, a year-on-year increase of 40.30%, with a sales expense ratio of 18.92% [1][7]. - Management expenses were 212 million yuan, up 27.01% year-on-year, with a management expense ratio of 5.78% [1][7]. - Financial expenses were -18 million yuan, a decrease of 25.87% year-on-year, with a financial expense ratio of 0.48% [1][7]. Future Outlook - The company is expected to maintain high growth in revenue and profit, with projected net profits of 580 million yuan, 740 million yuan, and 940 million yuan for 2024, 2025, and 2026, respectively, corresponding to growth rates of 35%, 27%, and 28% [1][8]. - The earnings per share (EPS) are forecasted to be 1.45 yuan, 1.84 yuan, and 2.35 yuan for the same years [1][8].
乖宝宠物：2024三季报点评：自主品牌增长，渠道结构优化，Q3归母净利润同比+49%