行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 (8621)23297818× shenghan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 05 日 养殖盈利兑现，"后周期"景气上行，宠物 食品龙头延续较快增长 看好 ——农林牧渔行业 2025 年中报前瞻 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 评 - ⚫ 生猪养殖盈利兑现，禽养殖景气分化，"后周期"景气上行，宠物食品龙头延续高增。2025 年上半年，预计农林牧渔行业整体盈利明显改善，根据我们跟踪的 22 家上市企业来看，预 计生猪养殖、饲料业、宠物食品、动物保健表现较好，从单 Q2 业绩增速来看，预计以下公 司表现较好（业绩增速超过 30%）：晓鸣股份（扭亏为 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [8]. Core Views - The company's performance is driven by external sales, with significant growth in revenue and profit expected due to capacity expansion and market recognition of its staple food products [5][6]. - The company is positioned as a quality player in the pet food industry, with a clear long-term growth path supported by ongoing capacity expansion and market development efforts [5][6]. Financial Summary - The company’s projected revenue for 2023 is 696 million yuan, with a year-on-year growth rate of 27%. By 2027, revenue is expected to reach 1,295 million yuan, with a growth rate of 12% [3]. - The net profit attributable to the parent company is forecasted to be 68 million yuan in 2023, growing to 144 million yuan by 2027, reflecting a growth rate of 59% in 2023 and 24% in 2027 [3]. - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 1.40 yuan in 2027 [3]. - The company’s gross margin is expected to improve, with a notable increase in the gross margin to 22.87% in 2024, up 3 percentage points year-on-year [5]. Market Dynamics - The company has seen a 17.58% year-on-year increase in revenue for Q1 2025, driven by growth in external sales and recognition of staple food products in overseas markets [5]. - The company’s inventory reached 130 million yuan in Q1 2025, reflecting a 25.49% increase year-on-year, primarily due to increased procurement prepayments and inventory buildup for its Cambodian subsidiary [5]. - The Cambodian subsidiary is currently in a ramp-up phase, which has led to increased costs and short-term profit pressure, but is expected to contribute to future growth [5]. Growth Strategy - The company plans to enhance its domestic revenue share through innovation in product development and brand transformation, while also targeting high-growth markets in Southeast Asia and the U.S. [5][6]. - The domestic staple food revenue is projected to grow by 50.77% year-on-year in 2024, aligning with consumer preferences for high-value products [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by breakthroughs in staple food products and the release of overseas production capacity, marking a new chapter in its growth [2] - In Q1 2025, the company reported revenue of 184 million yuan, a year-on-year increase of 17.58%, and a net profit attributable to the parent company of 16.51 million yuan, up 17.34% year-on-year [2] - The company maintains its profit forecast for 2025-2027, expecting net profits of 96 million, 122 million, and 141 million yuan respectively, with corresponding EPS of 0.93, 1.18, and 1.37 yuan per share [2] Revenue and Profit Growth - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit of 78.36 million yuan, up 14.57% year-on-year [2] - The company’s domestic sales accounted for 37.03% of total revenue in 2024, with a 3.06% year-on-year increase, while pet food sales grew by 21.34% [3] - The staple food products saw a remarkable year-on-year growth of 50.77% [3] Market Potential - The pet food market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] - The company’s overseas subsidiary in Cambodia has commenced production, which is expected to become a new revenue and profit growth point [4] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow significantly, with estimates of 1,005 million yuan in 2025, 1,208 million yuan in 2026, and 1,413 million yuan in 2027, reflecting year-on-year growth rates of 29.2%, 20.2%, and 17.0% respectively [5] - The net profit attributable to the parent company is expected to reach 96 million yuan in 2025, 122 million yuan in 2026, and 141 million yuan in 2027, with corresponding year-on-year growth rates of 23.1%, 26.1%, and 16.2% [5] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by breakthroughs in staple food products and the release of overseas production capacity, marking a new chapter in growth [2] - In Q1 2025, the company reported revenue of 184 million yuan, a year-on-year increase of 17.58%, and a net profit attributable to the parent company of 16.51 million yuan, up 17.34% year-on-year [2] - The company maintains its profit forecast for 2025-2027, expecting net profits of 96 million, 122 million, and 141 million yuan respectively, with corresponding EPS of 0.93, 1.18, and 1.37 yuan per share [2] Revenue and Profit Growth - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit of 78.36 million yuan, up 14.57% year-on-year [2] - The company’s domestic sales accounted for 37.03% of total revenue in 2024, with a 3.06% year-on-year increase, while pet food sales grew by 21.34% [3] - The staple food products saw a remarkable growth of 50.77% year-on-year [3] Market Potential - The pet food market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] - The company has successfully launched its Cambodian subsidiary's first phase, producing 3,000 tons of pet food annually, with the second phase under construction [4] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow significantly, with estimates of 1,005 million yuan in 2025, 1,208 million yuan in 2026, and 1,413 million yuan in 2027, reflecting year-on-year growth rates of 29.2%, 20.2%, and 17.0% respectively [6] - The net profit is expected to increase to 96 million yuan in 2025, 122 million yuan in 2026, and 141 million yuan in 2027, with corresponding year-on-year growth rates of 23.1%, 26.1%, and 16.2% [6] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [6]

证券代码：832419 证券简称：路斯股份 公告编号：2025-043 山东路斯宠物食品股份有限公司 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | 股东名称 | 减持数量（股） | | 减持数量占总 减持 | 减持 减持价格 | 已减持总金 | 减持计划 | | 当前持股数 | 当前持股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股本比例（%） 方式 | 期间 区间 | 额（元） | 完成情况 | 量（股） | | 比例（%） | | 潍坊浚源 | | | | | | | | | | | 股权投资 | | | | 2025-03-13 | | | | | | | 中心合伙 | | 2,059,337 | 集中竞价 1.9934% | 至 17.39-34.98 | 49,327,293.15 | 是 | | 3,740,663 | 3.6209% | | 企业（有限 | | | | 2025-05-20 | | | | | | | 合伙） ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-042 山东路斯宠物食品股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 山东路斯宠物食品股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 15 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间 未超过两个月。 （3）对于合格境外投资者之外的其他机构投资者和法人股东，本公司未代 扣代缴所得税，由纳税人在所得发生地缴纳。 二、权益登记日与除权除息日 本次权益分派权益登记日为：2025 年 5 月 28 日 除权除息日为：2025 年 5 月 29 日 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 343,596,180.86 元，母公司未分配利润为 280,861,917.00 元。本次权益分派共计派发现金红利 10,330,640.00 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 ...

A股今日（5月20日）全线上扬，市场整体活跃，成交量有所放大；港股亦走高，两大股指均涨超 1%。 中信证券表示，海外订单稳健增长、鸡肉成本下行、人民币贬值、国产宠粮自主品牌整体增长提速、国货 龙头盈利能力持续提升等背景下，2024年、2025年一季度宠物板块业绩持续新高。展望后续，预计海外 需求稳健，国内市场国货替代持续，2025年宠物板块业绩有望持续增长。宠物经济是稀缺赛道，需求韧 性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集中程度有望进一步提升，看好龙头通过产品创 新、品牌和渠道建设不断提升市场份额。 具体来看，A股三大股指盘中发力拉升，创业板指一度涨超1%。截至收盘，沪指涨0.38%报3380.48 点，深证成指涨0.77%报10249.17点，创业板指涨0.77%报2048.46点，北证50指数涨1.22%，沪深北 三市合计成交12114亿元，较昨日（5月19日）增加923亿元。 场 内 超 3800 股 飘 红 ， 宠 物 经 济 概 念 爆 发 ， 天 元 宠 物 （ 301335 ） 20% 涨 停 创 出 新 高 ， 路 斯 股 份 （832419）一度涨停亦创新高；合成生物概念再度活 ...

Market Overview - On May 20, the total trading volume of stocks on the Beijing Stock Exchange reached 1.975 billion shares, with a total transaction value of 41.723 billion yuan, an increase of 9.135 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 237 stocks closed higher, accounting for 89.10% of the total, while 29 stocks closed lower [1] Stock Performance - The stocks with the highest closing price increases included Xujie Technology, Lusi Co., and Donghe New Materials, which rose by 19.66%, 18.10%, and 14.48% respectively [1] - Conversely, the stocks with the largest declines were Guohang Ocean, Qifeng Precision, and Changfu Co., which fell by 17.92%, 15.25%, and 8.89% respectively [1] Trading Activity - A total of 145 stocks had transaction values exceeding 10 million yuan, with Guohang Ocean, Wuxin Tunnel Equipment, and Lusi Co. leading at 1.138 billion yuan, 985.37 million yuan, and 770.12 million yuan respectively [1] - The trading activity was notably high, with 101 stocks having a turnover rate exceeding 10%, and 30 stocks exceeding 20% [1] Notable Stocks - Guohang Ocean closed at 11.04 yuan with a decline of 17.92% and a turnover rate of 34.58% [1] - Wuxin Tunnel Equipment closed at 55.69 yuan with a significant increase of 30.00% and a turnover rate of 22.17% [1] - Lusi Co. closed at 31.78 yuan, up by 18.10% with a turnover rate of 26.01% [1]

Group 1 - The A-share pet economy sector has shown significant upward movement, with companies like Keli Co., Ltd. and Zuming Co., Ltd. reaching the daily limit increase [1] - Other companies such as BeiYinMei, Yiyi Co., Ltd., and Yuanfei Pet have also experienced strong performance, previously hitting their limit [1] - Companies like Jieya Co., Ltd., Chuangyuan Co., Ltd., and Lusi Co., Ltd. have seen increases of over 10% [1] Group 2 - Additional companies including GuaiBao Pet, Petty Co., Ltd., QuDongLi, ZhiOu Technology, and YiZhi MoYu have also followed the upward trend [1]

5月20日，宠物经济板块迎来进一步走强。源飞宠物、天元宠物（20CM）双双2连板，依依股份涨停，路斯股份、创源股份、瑞普生物、佩蒂股份等集体大 涨。 一、行情 二、事件：行业持续升温+产业规模冲刺万亿 1）2025年第五届上海它博会TOPS于5月8-11日在上海世博展览馆举办。数据显示，本次它博会参展人数、成交金额均突破历史。 宠物板块上市公司陆续发出24年报及25年一季报，整体业绩实现了超预期增长，宠物经济仍在高速发展。中美关税战影响较为有限，且长期来看利好高端国 产品牌发展。在行业扩容与国产替代双轮驱动下，国内具备研发及生产能力的大型优质宠食企业市占率有望持续提升。（方正证券） *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2）2025年第27届上海亚洲宠物展览会将于8月20-24日在上海新国际博览中心隆重举行。 3）艾媒咨询《2024-2025年中国宠物行业运行状况及消费市场监测报告》中预测，今年国内宠物产业规模将达到8114亿元，两年后这一数字有望突破1万亿 元。 三、机构解读 目前线上平台纷纷加码宠物板块，淘天宠物超5亿高投入，包含商家激励、新品&内容&品牌激励以 ...