Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.96%, with a net profit of 470 million yuan, up 49.64% year-on-year [1] - The board proposed a profit distribution plan for the first three quarters of 2024, with a dividend of 2.5 yuan per 10 shares, totaling 100 million yuan [1] - The company has optimized its brand matrix, with the high-end brand "弗列加特" showing significant performance, ranking third in GMV during the Double Eleven shopping festival, with a 230% year-on-year increase [1] - The overall gross margin for the first three quarters was 41.98%, up 6.2 percentage points year-on-year, driven by product structure optimization and a higher proportion of direct sales [1] - The company is expected to strengthen its leading position in the pet food industry, with projected revenues of 5.295 billion yuan, 6.586 billion yuan, and 8.155 billion yuan for 2024, 2025, and 2026 respectively [1] Financial Summary - Revenue (million yuan): 4,327 in 2023A, 5,295 in 2024E, 6,586 in 2025E, 8,155 in 2026E [2] - Net profit (million yuan): 429 in 2023A, 629 in 2024E, 819 in 2025E, 1,055 in 2026E [2] - Earnings per share (yuan): 1.07 in 2023A, 1.57 in 2024E, 2.05 in 2025E, 2.64 in 2026E [2] - The company’s total assets are projected to reach 5.670 billion yuan in 2024E and 8.349 billion yuan in 2026E [2] - The company’s cash flow from operating activities is expected to be 1.412 billion yuan in 2024E [2]
乖宝宠物2024年三季报点评：业绩持续亮眼，现金分红注重股东回报