Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 17.96%, and a net profit attributable to shareholders of 470 million yuan, up 49.64% year-over-year [1] - The company's strong brand and product capabilities are driving steady growth in both proprietary and OEM businesses, with domestic sales expected to grow by 20%-30% [2] - The gross margin for Q3 2024 was 41.84%, showing a year-over-year increase of 3 percentage points, driven by product structure upgrades and the termination of agency businesses [3] - The company's performance during the Double Eleven shopping festival was outstanding, with significant sales increases, indicating a high likelihood of meeting annual incentive targets [4] Financial Summary - The company is projected to achieve revenues of 5.26 billion, 6.48 billion, and 7.83 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 22%, 23%, and 21% [5] - The net profit attributable to shareholders is expected to be 610 million, 754 million, and 927 million yuan for the same years, with growth rates of 42%, 24%, and 23% respectively [5] - The company’s earnings per share (EPS) is forecasted to be 1.52 yuan in 2024, 1.89 yuan in 2025, and 2.32 yuan in 2026 [11]
乖宝宠物点评报告：内外销并举，国产龙头盈利表现突出