Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [11]. Core Insights - The company is focusing on enhancing its competitive edge by deploying high-end production capacity, with a significant investment of RMB 500 million in a new high-end pet staple food project in Shandong, expected to be completed by mid-2027 [11]. - The gross margin is projected to improve due to an increase in the proportion of high-end products, with gross margins expected to be 32.6%, 36.8%, and 42.3% from 2022 to 2024, respectively [11]. - The company is establishing a global production capacity layout, with projects in New Zealand and Thailand, aiming for a revenue target of RMB 9.65 billion by 2027 [11]. Financial Summary - The company’s net profit is forecasted to grow from RMB 709 million in 2025 to RMB 992 million in 2027, representing year-on-year growth rates of 13.5%, 19.1%, and 17.4% respectively [11]. - Earnings per share (EPS) are expected to increase from RMB 1.77 in 2025 to RMB 2.48 in 2027, with corresponding price-to-earnings (P/E) ratios of 36x, 30x, and 26x [11]. - Revenue projections show an increase from RMB 6.56 billion in 2025 to RMB 9.69 billion in 2027, reflecting the company's growth strategy and market positioning [14].
乖宝宠物（301498）：部署高端产能，提升未来竞争力