Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company has demonstrated strong performance in its financial results, with a revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.96%. The net profit attributable to shareholders reached 470 million yuan, up 49.64% year-on-year [4][6]. - The company's brand strength is expected to continue improving, with a focus on high-end products and an increase in market share [6][7]. - The report anticipates that the company's revenue and net profit will continue to grow significantly in the coming years, with projected revenues of 5.132 billion yuan in 2024, 6.211 billion yuan in 2025, and 7.520 billion yuan in 2026 [7][9]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 42.0%, an increase of 6.2 percentage points compared to the same period last year [5]. - The company plans to distribute dividends of 2.5 yuan per 10 shares (including tax) for the first three quarters of 2024 [4]. - The report highlights a significant increase in the sales gross margin, driven by the growth of high-end products and the expansion of online sales channels [5]. Future Projections - The company is expected to maintain a strong growth trajectory, with projected net profits of 598 million yuan in 2024, 742 million yuan in 2025, and 969 million yuan in 2026, reflecting growth rates of 39.47%, 24.09%, and 30.57% respectively [7][9]. - Earnings per share (EPS) are projected to be 1.50 yuan in 2024, 1.86 yuan in 2025, and 2.42 yuan in 2026 [7][9].
乖宝宠物：2024年三季报点评：业绩表现亮眼，品牌力有望持续提升