渤海证券研究所晨会纪要（2025.10.24）-20251024

Company Research - The company reported a revenue of 4.737 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.03%, with a net profit attributable to shareholders of 513 million yuan, up 9.05% year-on-year [7] - The company's gross margin and net margin for the first three quarters were 42.83% and 10.84%, respectively, with changes of +0.85 and -2.01 percentage points year-on-year; the expense ratio increased by 2.91 percentage points to 28.76%, primarily due to increased sales expenses related to brand growth and direct sales channels [8] - The company has a leading position in the domestic pet food market, with its brand market share increasing from 2.4% in 2015 to 6.2% in 2024, ranking first among domestic brands [8] - The company successfully launched new products under its high-end brand, which received positive market feedback, and both of its brands ranked in the top 10 for pet brand sales on e-commerce platforms during the recent shopping festival [8] - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 1.77, 2.18, and 2.63 yuan, respectively, with a 2025 price-to-earnings (PE) ratio of 48.38, indicating a premium valuation due to the company's strong growth foundation [9] Industry Research - The AI technology sector is experiencing significant developments, with the release of the AI browser by OpenAI and the Guangdong province's plan to invest over 20 billion yuan in AI-enabled manufacturing by 2027 [13] - The computer industry index has shown a downward trend, with the overall market sentiment affected by the ongoing quarterly report disclosures, suggesting a focus on companies' performance and core industry advancements [13] - The demand for AI computing power is increasing, driven by substantial capital expenditures from major companies and a growing consensus on domestic computing power localization, indicating potential investment opportunities in the TMT sector [5][13]