Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its proprietary brand, with a significant increase in profitability. The revenue for 2024 reached 5.245 billion yuan, a year-on-year increase of 21.22%, while the net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year. For Q1 2025, revenue was 1.48 billion yuan, reflecting a year-on-year growth of 34.82%, and the net profit was 204 million yuan, up 37.68% year-on-year. The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 819 million, 1.01 billion, and 1.234 billion yuan respectively [4][5][6] Financial Performance - The company's gross profit margin and net profit margin for 2024 were 42.27% and 11.96%, respectively, showing an increase of 5.43 percentage points and 2.02 percentage points year-on-year. The first quarter of 2025 saw a gross profit margin of 41.56% and a net profit margin of 13.82% [5] - The company plans to distribute a dividend of 2.5 yuan per 10 shares (including tax), totaling 100 million yuan [5] Brand and Market Position - The proprietary brand revenue reached 3.545 billion yuan in 2024, a year-on-year increase of 29.14%. The brand "Mikfudi" has maintained its leading position in the industry, ranking first on Tmall for five consecutive years and receiving AAA-level national trademark certification [6] - During the Tmall Double 11 shopping festival, the brand "Fuleijiate" achieved the sales championship in the cat food category, with a year-on-year sales growth of 190% [6] Product and Sales Channels - The company reported revenue of 2.484 billion yuan from snacks and 2.690 billion yuan from staple foods in 2024, with year-on-year growth of 14.66% and 28.88%, respectively. The gross profit margins for these categories were 39.47% and 44.70%, showing significant improvements [7] - The sales model includes direct sales and distribution, with direct sales revenue growing by 59.33% year-on-year to 1.969 billion yuan in 2024 [7] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 6.951 billion yuan, with a year-on-year growth of 32.5%. The projected net profit for 2025 is 819 million yuan, reflecting a growth of 31.1% year-on-year. The earnings per share (EPS) for 2025 is expected to be 2.05 yuan, with a price-to-earnings (P/E) ratio of 49.5 times [8][10]
乖宝宠物：公司信息更新报告：国内自有品牌快速增长，盈利规模持续扩大-20250422