佩蒂股份：业绩高增，自主品牌快速增长

Investment Rating - The report maintains a "Strong Buy" rating for Petty Co., Ltd. [3][4] Core Views - The company reported a significant increase in performance, with a revenue of 1.323 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 44.34%, and a net profit of 155 million yuan, up 630.85% year-on-year [3][4] - The normalization of overseas orders and the release of production capacity in Cambodia have contributed to profit enhancement, with expectations for steady growth in overseas business revenue [3][4] - The domestic brand "Jueyan" has seen rapid growth, with significant sales during promotional events, indicating strong market acceptance [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 477 million yuan, a year-on-year increase of 12.61%, and a net profit of 57 million yuan, up 319.98% year-on-year [3] - The gross profit margin for the first three quarters was 28.01%, an increase of 1.66 percentage points compared to the mid-year report, while the net profit margin was 11.80%, up 0.15 percentage points [3] Revenue Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 187 million yuan, 229 million yuan, and 278 million yuan respectively, with EPS projected at 0.74 yuan, 0.90 yuan, and 1.10 yuan [4][5] Market Strategy - The company is focusing on its own brands, reducing reliance on agency business, and has successfully launched new products that cater to high-end consumer segments [4] - The "Jueyan" brand achieved over 10 million yuan in sales within the first four hours of a promotional event, ranking first in the pet snack category [4] Production Capacity - The company is expected to benefit from the ramp-up of production capacity in Southeast Asia and the launch of new production facilities in New Zealand, which will contribute to revenue growth [3][4]