Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its proprietary brand, leading the rise of domestic products in the pet food industry [8] - The company is a leading player in the domestic pet food market, benefiting from strong brand power, product strength, R&D capabilities, and channel advantages [8] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards, reflecting strong growth momentum in domestic brands [8] Financial Performance Summary - For 2024, total revenue is projected at 5.245 billion yuan, representing a year-on-year growth of 21.22% [8] - The net profit attributable to the parent company for 2024 is expected to be 624.72 million yuan, with a year-on-year increase of 45.68% [8] - The company's gross margin reached 42.3% in 2024, an increase of 5.4 percentage points year-on-year [8] - The net profit margin for 2024 is projected at 11.9%, up by 2 percentage points year-on-year [8] Business Segment Analysis - In 2024, revenue from proprietary brands and OEMs is expected to be 3.5 billion yuan and 1.7 billion yuan, respectively, with year-on-year growth rates of 29% and 19% [8] - The main product categories, staple food and snacks, are projected to generate revenues of 2.7 billion yuan and 2.5 billion yuan, with year-on-year growth rates of 29% and 15% [8] - Domestic and international revenues are expected to be 3.6 billion yuan and 1.7 billion yuan, with year-on-year growth rates of 24% and 16% [8] Future Projections - The company forecasts net profits of 819 million yuan for 2025 and 1.017 billion yuan for 2026, with corresponding P/E ratios of 49 and 39.86 [8] - The net profit for 2027 is projected at 1.242 billion yuan, with a P/E ratio of 32.65 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its own brand, leading the rise of domestic products in the pet food industry [8] - The company is a leading player in the domestic pet food market, benefiting from strong brand power, product strength, R&D capabilities, and channel advantages [8] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards, reflecting strong growth momentum in domestic brands [8] Financial Performance Summary - For 2024, total revenue is projected to be 5.245 billion yuan, representing a year-on-year growth of 21.22% [1] - The net profit attributable to the parent company for 2024 is expected to be 624.72 million yuan, with a year-on-year increase of 45.68% [1] - The company's gross margin reached 42.3% in 2024, an increase of 5.4 percentage points year-on-year [8] - The company’s net profit margin for 2024 is projected at 11.9%, up by 2 percentage points year-on-year [8] Revenue Breakdown - In 2024, revenue from the company's own brand and OEM (Original Equipment Manufacturer) is expected to be 3.5 billion yuan and 1.7 billion yuan, respectively, with year-on-year growth rates of 29% and 19% [8] - The main products, staple food and snacks, are projected to generate revenues of 2.7 billion yuan and 2.5 billion yuan in 2024, with year-on-year growth rates of 29% and 15% [8] Market Position and Strategy - The company has a strong ability to innovate, with continuous high-end upgrades of new products and a successful multi-brand strategy [8] - The flagship brand, Mai Fudi, has maintained the top position in the Tmall comprehensive ranking for five consecutive years [8] - The company is expanding its high-end dog food brand, Wang Zhen Chun, which is expected to become a new growth point for performance [8]