Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is entering the 2.0 phase of brand development, transitioning from merely meeting consumer preferences to leading consumption trends [1][2] - The company has shown strong performance in major sales events, consistently ranking at the top across various metrics [2] - The company is focusing on product enhancement rather than blindly launching new products, with significant upgrades planned for its brands [2] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024 [3] - The expansion of production capacity is progressing smoothly, with minimal impact from tariffs due to the company's low export ratio to the U.S. [4] Financial Projections and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 7.94 billion, 11.21 billion, and 15.04 billion RMB respectively, with corresponding EPS of 1.99, 2.80, and 3.76 RMB [5][7] - The target price is set at 130 RMB, based on a valuation of 65.5 times the estimated earnings for 2025 [5][9] - The company is expected to benefit from the growth of the domestic pet industry, with a clear and effective brand-building strategy [5]
乖宝宠物（301498）：2025年中期策略会速递：品牌建设深化，产能扩建顺利推进