2024年业绩亮眼，泰国布局与研发加码并进

Investment Rating - The report assigns a rating of "Outperform" for 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][22]. Core Insights - Gambol Pet Group demonstrated remarkable growth in both revenue and profit, with operating revenue reaching 5.244 billion yuan in 2024, 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 primary drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue, and growing by 29.14% year-on-year [2][9]. - The company is expanding its operations in Thailand, with a factory expansion project expected to double its capacity by June 2025, alongside the establishment of a research and development center [3][11]. Financial Performance - In Q4 2024, the company reported an operating revenue of 1.573 billion yuan, reflecting a quarter-on-quarter increase of 26.41% [2][9]. - The net cash flow from operating activities for 2024 was 719 million yuan, marking a 16.60% year-on-year increase [2][9]. - For Q1 2025, the company continued its positive trend with operating revenue of 1.479 billion yuan, a 34.82% year-on-year increase, and a profit of 204 million yuan, up 37.68% year-on-year [2][9]. Business Strategy - The company is actively mitigating tariff pressures from Sino-US trade frictions by shifting some production to its Thailand factory, which has alleviated some cost burdens [3][10]. - Gambol Pet Group is committed to enhancing its digital transformation efforts to improve operational efficiency and support its premiumization strategy [4][12]. - The company has outlined clear funding usage plans, with nearly 700 million yuan in cash and cash equivalents, and a stable dividend policy that includes two dividends totaling over 200 million yuan in 2024 [5][13]. 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, focusing on innovations in fresh meat processing and functional formula reserves [4][12]. - The planned R&D center in Thailand is expected to play a crucial role in the company's global R&D system, enhancing its international competitiveness [3][11].