Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [13]. Core Views - The company achieved a revenue of 4.33 billion yuan in 2023, representing a year-on-year growth of 27.4%. The net profit attributable to shareholders was 429 million yuan, up 60.7% year-on-year. The gross profit margin improved to 36.8%, an increase of 4.3 percentage points [13][7]. - The report highlights that the company's self-owned brand sales channels have been optimized, leading to a significant improvement in profitability. The direct sales channel's revenue has notably increased, contributing to higher gross margins [13][12]. Financial Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 5.40 billion yuan, 6.25 billion yuan, and 7.20 billion yuan, respectively, with year-on-year growth rates of 24.9%, 15.7%, and 15.1% [3][7]. - Net Profit Forecast: Expected net profits for the same years are 581 million yuan, 727 million yuan, and 860 million yuan, with growth rates of 35.4%, 25.3%, and 18.2% [3][7]. - Profitability Ratios: The gross margin is projected to increase to 37.8% in 2024 and further to 38.4% in 2025, while the return on equity (ROE) is expected to rise to 13.9% in 2024 and 15.1% in 2025 [3][7]. - Earnings Per Share (EPS): The EPS is forecasted to be 1.45 yuan in 2024, 1.82 yuan in 2025, and 2.15 yuan in 2026 [3][7]. Market Performance - The company's stock closed at 53.30 yuan on April 19, 2024, with a market capitalization reflecting a strong performance in the pet food industry [13]. - The report notes that the company's direct sales revenue reached 1.24 billion yuan in 2023, a year-on-year increase of 57.0%, with a gross margin of 50.1% [13][12]. Product Segmentation - In 2023, the company's pet snacks revenue was 2.17 billion yuan, up 10.9% year-on-year, while the pet staple food revenue surged to 2.09 billion yuan, marking a 50.4% increase [13][12]. - The report also indicates that the company's domestic revenue was 2.86 billion yuan, a 39.4% increase year-on-year, while international revenue was 1.46 billion yuan, up 9.0% [13][12]. Sales Channel Analysis - The report highlights that the company's sales through direct channels have significantly increased, contributing to higher profitability. The gross margin for direct sales was reported at 50.1% [13][12]. - The company has also seen a notable increase in sales through e-commerce platforms, with a GMV of 1.88 billion yuan in 2023, reflecting a year-on-year growth of 31.2% [13][12].
自主品牌销售渠道优化，盈利水平显著提升