Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 71 yuan per share, corresponding to a 36 times PE for 2025 [1][2]. Core Insights - The company achieved a revenue of 3.671 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.96%. The net profit attributable to shareholders was 470 million yuan, up 49.64% year-on-year. In Q3 2024, revenue reached 1.245 billion yuan, with a year-on-year increase of 18.92%, and net profit of 162 million yuan, growing 49.11% year-on-year [1][2]. - The domestic business has shown significant results in high-end product offerings, particularly with the brand "弗列加特," which saw a staggering 290% year-on-year sales growth in the first three quarters. The company’s gross margin and net margin improved to 41.98% and 12.85%, respectively, reflecting increases of 6.21 and 2.72 percentage points year-on-year [2][3]. - The OEM/ODM business is stable, with a 20.9% year-on-year increase in pet food exports in Q3 2024. The company has established deep collaborations with international firms like Walmart, positioning itself well in North America, Europe, and Japan [2][3]. - The company has increased its sales expenses significantly to capture market share, with sales expenses rising by 40.3% year-on-year in the first three quarters of 2024 [2][3]. Financial Summary - For 2024E, total revenue is projected to be 5.337 billion yuan, with a year-on-year growth rate of 23.3%. The net profit is expected to reach 618 million yuan, reflecting a 44% increase year-on-year. The EPS is forecasted at 1.54 yuan per share [3][4]. - The company’s total assets are estimated to be 4.830 billion yuan in 2024, with a debt ratio of 12.08% and a net asset value per share of 10.21 yuan [4][6]. - The report indicates a consistent improvement in profitability metrics, with gross margins expected to rise to 38.4% and net margins to 11.6% by 2024 [6].
乖宝宠物：2024年三季报点评：高端化又下一城，盈利能力再度提升