CHINA PET FOODS(002891) Changjiang Securities·2025-05-15 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's self-owned brand development has entered a high-speed growth phase, focusing on the "main food" strategy with frequent new product launches, significantly enhancing profitability. The company is expected to launch 2-3 core products in 2025, focusing on upgrading major products and continuously iterating on staple canned food and baked goods. The overseas production capacity is steadily expanding, with a solid global production layout enhancing risk resistance. The profitability of the US and Canadian factories is strong, and the self-owned brand's overseas business is growing rapidly, opening up future performance growth points. The expected EPS for 2025 and 2026 is 1.49 and 1.95 yuan, respectively, corresponding to PE ratios of 38X and 29X, making it a key recommendation [2][4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit attributable to shareholders of 394 million yuan, a year-on-year increase of 68.89%. In Q4 of 2024, revenue was 1.276 billion yuan, up 23.31% year-on-year, with a net profit of 112 million yuan, up 98.2% year-on-year. In Q1 of 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% year-on-year [4][8]. Strategic Insights - The company is focusing on the rapid growth of its self-owned brands, with domestic sales expected to grow by over 40% year-on-year, driven by the rapid growth of the "Wanpi" brand. The company is also expanding its overseas production capacity, with a global strategy taking shape across five countries, including China, the US, Canada, New Zealand, and Cambodia. The US and Canadian factories are expected to add significant snack production capacity, ensuring stable growth and enhancing global supply chain resilience [2][8]. Future Projections - The company is projected to achieve total revenue of 5.124 billion yuan in 2025, with a net profit of 549 million yuan, and further growth is expected in subsequent years, with revenues reaching 6.700 billion yuan and net profits of 714 million yuan by 2026 [14].