Investment Rating - The report assigns an "Outperform" rating to Gambol Pet Group, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20]. Core Insights - Gambol Pet Group achieved remarkable growth in both revenue and profit in 2024, with operating revenue reaching 5.244 billion yuan, a year-on-year increase of 21.22%. The net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year [2][9]. - The company's own brands are the main drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue [2][9]. - The company is expanding its operations in Thailand, with plans for a factory expansion and the establishment of a research and development center to enhance international competitiveness [3][11]. Summary by Sections Financial Performance - In 2024, the main food and snacks businesses were the primary growth drivers, with revenues increasing by 28.88% and 14.66% year-on-year, respectively. The direct sales model generated 1.969 billion yuan, a 59.33% increase year-on-year [2][9]. - The net cash flow from operating activities was 719 million yuan, reflecting a 16.60% year-on-year growth [2][9]. International Expansion - The Thailand factory alleviated tariff pressures and maintained growth expectations for overseas OEM business despite Sino-US trade frictions. The company plans to continue developing markets outside the US [3][10]. - An expansion project in Thailand is expected to double the factory's capacity and broaden the product range, with an investment of over 200 million yuan [3][11]. Research and Development - The company invested over 85 million yuan in R&D in 2024, a 16% increase year-on-year, and has obtained 329 patents. The focus is on optimizing fresh meat processing technology and category innovation [4][12]. - The company is also advancing its digital transformation to improve operational efficiency and support its premiumization strategy [4][12]. Financial Strategy - As of the end of 2024, the company had nearly 700 million yuan in cash and cash equivalents, with clear plans for capital and daily expenditures. The company conducted two dividends in 2024 totaling over 200 million yuan, accounting for 32% of net profit [5][13]. - The company remains open to mergers and acquisitions to support its growth strategy [5][13].
乖宝宠物（301498）：2024年业绩亮眼，泰国布局与研发加码并进