Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights the company's strong performance in the pet food sector, with a significant year-on-year revenue growth of 32.72% in the first half of 2025, reaching 3.221 billion yuan, and a net profit increase of 22.55%, amounting to 378 million yuan [6][8] - The company has demonstrated a robust growth trajectory, particularly in its core business of staple food, which saw a revenue increase of 57.09% year-on-year, totaling 1.883 billion yuan, with a gross margin of 46.23% [6][8] - The company maintains a strong commitment to research and development, with R&D expenses reaching 48.63 million yuan in the first half of 2025, and has established a pet nutrition research center to enhance product competitiveness [6][8] Summary by Sections Recent Performance - In the first half of 2025, the company achieved a revenue of 3.221 billion yuan, reflecting a year-on-year growth of 32.72%, and a net profit of 378 million yuan, up 22.55% [6][8] - The second quarter of 2025 recorded a revenue of 1.741 billion yuan, with a year-on-year increase of 30.99%, and a net profit of 174 million yuan, growing by 8.54% [6][8] Financial Forecast - The revenue projections for 2025-2027 are adjusted to 6.399 billion yuan, 7.930 billion yuan, and 9.687 billion yuan, respectively, with corresponding net profits of 810 million yuan, 1.099 billion yuan, and 1.397 billion yuan [6][8] - The report anticipates a price-to-earnings ratio (PE) of 47, 34, and 27 for the years 2025, 2026, and 2027, respectively [6][8] Market Position - The company is positioned as a leader in the pet food sector, benefiting from a stable supply chain, ongoing R&D capabilities, and high product quality, which are favorable in the evolving domestic market landscape [6][8]
乖宝宠物（301498）：自主品牌优势凸显，盈利能力持续提升