立足自有品牌，乘国内宠物经济东风

Investment Rating - The report gives an "Outperform" rating for the company, with a target price range of 49.6 to 52.2 CNY based on a PE ratio of 38-40 times for 2024 [76]. Core Insights - The company has experienced rapid revenue growth, with total revenue increasing from 1.22 billion CNY in 2018 to 3.40 billion CNY in 2022, representing a compound annual growth rate (CAGR) of 29.15% [5]. - The self-owned brand business has shown significant growth, with revenue rising from 495 million CNY in 2018 to 2.05 billion CNY in 2022, achieving a CAGR of 42.57% [7]. - The company’s main product category is pet snacks, which accounted for 57.83% of total revenue in 2022, although its share has been gradually declining [11]. - The domestic staple food business is a major driver of revenue growth, with revenue increasing from 340 million CNY in 2018 to 1.39 billion CNY in 2022, reflecting a CAGR of 42.15% [14]. - The company has a strong brand presence, particularly with its self-owned brand "Myfoodie," which has gained significant market recognition and sales [30]. Summary by Sections Company Overview - Founded in 2006, the company initially focused on pet food export processing and has since evolved into a significant player in the domestic market [3]. Financial Performance - From 2018 to 2022, the company's net profit increased from 45 million CNY to 267 million CNY, with a net profit margin rising from 3.65% to 7.86% [5]. Product Segmentation - The company’s main product categories include snacks, staple foods, and health products, with snacks being the largest segment [11]. Market Position - The domestic pet food market is highly fragmented, with the company positioned to benefit from increasing market concentration and consumer preference for domestic brands [28]. Research and Development - The company has a robust R&D framework, with significant investments aimed at enhancing product innovation and quality [46]. Marketing Strategy - The company employs a diverse marketing strategy, including partnerships with entertainment brands and a strong online presence, to enhance brand visibility and consumer engagement [68].