Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 113 CNY per share, corresponding to a 43 times PE for 2026 [2][9]. Core Insights - The company achieved a revenue of 5.245 billion CNY in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million CNY, up 45.68% year-on-year [2][3]. - The company's proprietary brand business revenue reached 3.545 billion CNY in 2024, growing by 29.14%, and accounted for 67.59% of total revenue [3][4]. - The main food segment's revenue was 2.690 billion CNY, up 28.88%, increasing its share to 51.30% of total revenue, while the snack segment generated 2.484 billion CNY, growing by 14.66% [4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.573 billion CNY, a 29.55% increase year-on-year, and a net profit of 154 million CNY, up 34.78% [2][3]. - For Q1 2025, the company achieved a revenue of 1.480 billion CNY, a 34.82% increase year-on-year, and a net profit of 204 million CNY, up 37.68% [2][3]. - The company's net profit margin improved from 9.95% in 2023 to 11.96% in 2024, with further increase to 13.82% in Q1 2025 [4][5]. Future Projections - The company is projected to generate total revenue of 7.074 billion CNY in 2025, with a year-on-year growth rate of 34.9%, and a net profit of 796 million CNY, reflecting a growth of 27.5% [5][10]. - Earnings per share (EPS) are expected to rise to 1.99 CNY in 2025 and 2.62 CNY in 2026 [5][10].
乖宝宠物（301498）：2024年报及2025年一季报点评：高端化成效显著，中高端副牌紧凑接力