Investment Rating - The investment rating for the company is "Outperform the Market" [3][8] Core Views - The company reported a revenue of 4.327 billion yuan in 2023, representing a year-on-year increase of 27.36%, and a net profit of 429 million yuan, up 60.68% year-on-year [5][10] - The company's proprietary brand revenue reached 2.745 billion yuan in 2023, a growth of 34.15% year-on-year, with significant contributions from both domestic and overseas markets [6][8] - The company is expected to maintain stable growth in its OEM/ODM business, with a projected revenue increase due to recovering overseas consumption [7][8] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.215 billion yuan, a year-on-year increase of 33.5%, and a net profit of 114 million yuan, up 128.67% year-on-year [5] - For Q1 2024, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 21.33%, and a net profit of 148 million yuan, up 74.49% year-on-year [5][10] - The company plans to distribute a cash dividend of 1.7 yuan per 10 shares to all shareholders [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.287 billion yuan in 2024, 6.498 billion yuan in 2025, and 7.929 billion yuan in 2026, with respective year-on-year growth rates of 22.2%, 22.9%, and 22.0% [10][15] - Net profit is expected to reach 607 million yuan in 2024, 760 million yuan in 2025, and 976 million yuan in 2026, with year-on-year growth rates of 41.5%, 25.3%, and 28.5% respectively [10][15] Valuation and Price Target - The estimated EPS for 2024, 2025, and 2026 are 1.52 yuan, 1.90 yuan, and 2.44 yuan respectively [10][15] - The company is assigned a PE ratio of 38-40 times for 2024, leading to a target price range of 58-61 yuan [8][10]
24Q1业绩超预期，国产宠食快速崛起