Investment Rating - The investment rating for the company is "Recommended" (maintained) with a current stock price of 73.25 yuan [1][3]. Core Insights - The company has shown strong revenue growth, with a 29% year-on-year increase in revenue for the first three quarters of 2025, reaching 4.7 billion yuan, and a net profit of 510 million yuan, up 9% year-on-year [3][4]. - In the third quarter of 2025, the company achieved a revenue of 1.5 billion yuan, reflecting a 22% year-on-year growth, although net profit decreased by 17% to 130 million yuan [3][4]. - The company is focusing on high-end product offerings, as evidenced by strong performance during the Double Eleven shopping festival, where its brands ranked 2nd and 5th in sales on Tmall [6][4]. - The long-term growth potential remains positive, with adjustments made to net profit forecasts for 2025-2027 to 690 million, 890 million, and 1.12 billion yuan respectively [6][4]. Financial Performance Summary - Revenue projections for the company are as follows: 5.245 billion yuan in 2024, 6.656 billion yuan in 2025, 8.187 billion yuan in 2026, and 9.988 billion yuan in 2027, with year-on-year growth rates of 21.2%, 26.9%, 23.0%, and 22.0% respectively [5][8]. - Net profit is expected to grow from 625 million yuan in 2024 to 1.118 billion yuan in 2027, with year-on-year growth rates of 45.7%, 10.5%, 28.3%, and 26.1% respectively [5][8]. - The gross margin is projected to improve from 42.3% in 2024 to 45.8% in 2027, while the net margin is expected to stabilize around 10.4% to 11.2% during the same period [5][8]. Key Financial Ratios - The company’s return on equity (ROE) is projected to increase from 15.1% in 2024 to 17.4% in 2027 [8]. - The price-to-earnings (P/E) ratio is expected to decrease from 47.0 in 2024 to 26.2 in 2027, indicating a potential increase in valuation attractiveness over time [8]. - The asset-liability ratio is projected to remain low, decreasing from 17.1% in 2024 to 12.7% in 2027, reflecting strong financial health [8].
乖宝宠物（301498）：高端化持续推进，费用阶段性增加