CHINA PET FOODS(SZ:002891) Guohai Securities·2025-10-15 13:59Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company's main business shows steady growth, with a clear brand development path. The revenue for the first three quarters of 2025 reached 3.86 billion yuan, a year-on-year increase of 21.05%, while the net profit attributable to the parent company was 333 million yuan, up 18.21% year-on-year [5][6]. - The company has established a robust supply chain with production bases in various countries, enhancing its risk resistance and market responsiveness. The completion of new production lines in Canada and Mexico is expected to significantly boost capacity in North America [5][6]. - The core brand WANPY has achieved remarkable market performance, particularly with the Xiaojindun series, which topped several popularity charts. Marketing efforts have successfully increased brand awareness among younger consumers [5][6]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 3.86 billion yuan, a 21.05% increase year-on-year, and a net profit of 333 million yuan, an 18.21% increase year-on-year. In Q3 alone, revenue was 1.43 billion yuan, up 15.86% year-on-year, while net profit was 130 million yuan, down 6.64% year-on-year [5][6]. - The forecast for 2025-2027 indicates continued revenue growth, with projected revenues of 5.49 billion yuan in 2025, 6.77 billion yuan in 2026, and 8.33 billion yuan in 2027. Corresponding net profits are expected to be 455 million yuan, 567 million yuan, and 710 million yuan respectively [7][8].