Investment Rating - The report maintains a "Buy" rating for the company [2][4][10] Core Insights - The company, as a leader in the pet food sector, has shown significant year-on-year growth in both 2023 and Q1 2024, with total revenue reaching 4.327 billion yuan in 2023, a 27.36% increase, and a net profit of 429 million yuan, up 60.68% [2][4][21] - For Q1 2024, the company reported a revenue of 1.097 billion yuan, reflecting a 21.33% year-on-year growth, and a net profit of 148 million yuan, which is a 74.49% increase [2][4][21] - The company has adjusted its revenue forecasts for 2024-2026 to 5.619 billion yuan, 7.309 billion yuan, and 9.438 billion yuan respectively, with net profits projected at 583 million yuan, 771 million yuan, and 961 million yuan [4][7][21] Performance Metrics - The company's self-owned brand business generated 2.745 billion yuan in revenue in 2023, a 34.15% increase, accounting for 63.44% of total revenue [21] - The OEM/ODM business achieved revenue of 1.407 billion yuan, up 18% [21] - Gross margins for pet food increased to 36.83%, up 4.19 percentage points, while pet snacks reached 37.19%, up 6.43 percentage points [21] - The company’s market share in the domestic pet food market has doubled from 2.4% in 2015 to 4.8% in 2022, ranking first among domestic brands [21] Financial Projections - The report projects a revenue growth rate of 30% for 2024 and 2025, and 29% for 2026 [7][21] - The expected net profit growth rates are 36% for 2024, 32% for 2025, and 25% for 2026 [7][21] - The company’s price-to-earnings (P/E) ratios are projected to be 36, 27, and 22 for the years 2024, 2025, and 2026 respectively [4][7]
2023年报及2024一季报点评报告：业绩表现亮眼，自主品牌发力