Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2][7] Core Views - The company has demonstrated strong performance with a total revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.96%, and a net profit attributable to the parent company of 470 million yuan, up 49.64% year-on-year [1][2] - In Q3 2024, the company achieved a total revenue of 1.245 billion yuan, reflecting an 18.92% increase year-on-year, and a net profit of 162 million yuan, which is a 49.11% increase year-on-year [1][2] - The company's gross margin for Q3 2024 was 41.84%, an increase of 3 percentage points year-on-year, while the net profit margin was 13.07%, up 2.74 percentage points year-on-year [2] - The company's self-owned brand "Mai Fu Di" has been successful in launching innovative products, enhancing its market position and brand recognition [2] - The company has made strategic acquisitions, including the purchase of the American pet food brand Waggin'Train, to strengthen its presence in the high-end pet food market [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.246 billion yuan, with a growth rate of 21%, and a net profit of 614 million yuan, reflecting a growth rate of 43% [5][7] - The earnings per share (EPS) for 2024 is estimated at 1.54 yuan, with a return on equity (ROE) of 15% [5][7] - The company’s total market capitalization is approximately 26.47 billion yuan, with a circulating market value of about 11.85 billion yuan [2][7]
乖宝宠物：2024年三季报点评：业绩增速亮眼，品牌市占率提升