Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - 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][3] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024, driven by consumer choice [3] - Capacity expansion is progressing smoothly, with the second phase of the Thailand factory set to be operational in June [4] - The overall impact of tariffs on the company is considered manageable due to its 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 65.5x PE ratio 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]
乖宝宠物品牌建设深化，产能扩建顺利推进