Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue reached 1.675 billion RMB, growing 19.1% year-on-year [2][3]. - The company has successfully launched new product lines, such as the BARF series under the main brand Maifudi, and has achieved significant sales growth during promotional events like Double 11, with a 190% increase in total sales [2][3]. Performance Analysis - In Q4 2024, the company achieved a revenue of 1.573 billion RMB, a 29.6% increase year-on-year, and a net profit of 154 million RMB, up 34.8% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.480 billion RMB, reflecting a 34.9% year-on-year growth, and a net profit of 204 million RMB, which is a 37.7% increase year-on-year [2]. - The gross margin for 2024 was 42.27%, an increase of 5.4 percentage points year-on-year, driven by the company's high-end brand strategy [3]. Financial Forecast - The company is expected to achieve net profits of 800 million RMB, 1.03 billion RMB, and 1.33 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 29%, 28%, and 29% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 50x, 40x, and 31x, respectively, indicating a favorable valuation trend [4].
乖宝宠物（301498）：1Q表现靓丽，高端品牌加速成长带动盈利能力向上突破