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 grew by 19.1% to 1.675 billion RMB [2][3]. - The company has successfully launched new product lines, such as the BARF series and the "fresh meat precise nutrition" cat food series, which contributed to significant sales growth during promotional events [2][3]. Business Analysis - Revenue from the main food, snacks, and health products for 2024 reached 2.690 billion RMB, 2.484 billion RMB, and 46 million RMB respectively, with year-on-year growth rates of 28.9%, 14.7%, and a decline of 18.9% [3]. - The gross margin for 2024 improved to 42.27%, an increase of 5.4 percentage points, primarily driven by the company's high-end branding strategy [3]. - The company is recognized as a leading domestic pet food brand with a clear growth trajectory, leveraging strong consumer insights for product innovation and effective online operations [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 800 million RMB, 1.026 billion RMB, and 1.333 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 29%, 28%, and 29% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 50x for 2025, 40x for 2026, and 31x for 2027, indicating a favorable valuation outlook [4].
乖宝宠物：1Q表现靓丽，高端品牌加速成长带动盈利能力向上突破-20250422