Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 4.737 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 29.03%. The net profit attributable to the parent company was 513 million yuan, up 9.05% year-on-year. In Q3 alone, revenue was 1.517 billion yuan, a 21.85% increase year-on-year, while net profit decreased by 16.65% year-on-year to 135 million yuan [4][5] - The company has increased its promotional spending, leading to a temporary pressure on net profit margins, but long-term growth prospects remain strong. The cash flow from operating activities for Q1-Q3 2025 was 498 million yuan, up 25.58% year-on-year [5][6] - The company has gradually released production capacity, with fixed assets reaching 1.492 billion yuan, a 47.19% increase year-on-year. The completion of the first phase of the restricted stock incentive plan is expected to enhance operational vitality [6] Financial Summary - For the fiscal years 2023A to 2027E, the company is projected to achieve the following: - Revenue growth from 4.327 billion yuan in 2023 to 10.194 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.8% [7][9] - Net profit attributable to the parent company is expected to grow from 429 million yuan in 2023 to 1.125 billion yuan in 2027, with a CAGR of approximately 25.2% [7][9] - The company's gross margin is projected to stabilize around 42.3% to 42.5% from 2025 to 2026, while the net margin is expected to improve from 10.5% in 2025 to 11.0% in 2027 [7][9]
乖宝宠物（301498）：公司信息更新报告：营收延续增长加大推广投入，股票激励落地持续成长