Investment Rating - The investment rating for the company is "Buy" with a target price of 124 CNY, indicating a potential upside from the current price of 106.88 CNY [1][3]. Core Insights - The company has shown strong performance during the 618 shopping festival, with its brands ranking highly on major e-commerce platforms, suggesting a competitive edge in the pet food market [10]. - The company is expected to benefit from the expansion of its production capacity in Thailand, which will double its output and enhance its product offerings, thereby improving its gross margin [12]. - The financial forecasts indicate a steady increase in net profit and earnings per share (EPS) over the next few years, with net profits projected to reach 795 million CNY in 2025, 964 million CNY in 2026, and 1.147 billion CNY in 2027 [11][12]. Company Overview - The company operates in the food industry, specifically focusing on pet food, with a product mix that includes staple grains (51.30%) and snacks (47.35%) [4]. - As of June 23, 2025, the company's market capitalization is approximately 191.34 billion CNY, with a total of 400.04 million shares issued [2]. Financial Performance - The company reported a net profit of 267 million CNY in 2022, with projections of 429 million CNY in 2023 and 625 million CNY in 2024, reflecting significant year-on-year growth rates [11]. - The projected earnings per share (EPS) are expected to grow from 0.74 CNY in 2022 to 1.99 CNY in 2025, indicating a robust growth trajectory [11]. Market Position - The company has established a strong market presence, with its brands achieving top rankings in various categories on e-commerce platforms, which is expected to enhance brand visibility and sales [10][12]. - The strategic focus on high-end product offerings and digital transformation is anticipated to further strengthen the company's competitive position in the pet food market [12].
乖宝宠物（301498）：618大促保持优势，看好未来竞争力持续提升