宠物公司业绩表现亮眼，行业持续高景气 同时，宠物营销界发布 3 月数据：抖音作为新内容平台，销量、销售 额数据均呈现同比增长，看好头部国产品牌中长期成长空间。根据宠 物营销界数据，抖音 2025 年 3 月情况如下：销售额达到 8.18 亿，同 比+24.32%，销售量 1800.4 万，同比+34.12%；客单价下降 6.27%， 关联商品数增长 2.7%，关联品牌数增长 0.43%，关联小店数增长 29.94%，关联达人数增长 34.65%。其中销售额前五品牌情况：1）抖 音狗主粮：麦富迪、伯纳天纯、明亮与狗、比乐、鲜粮说，2）抖音猫 主粮：麦富迪、弗列加特、卫仕、喵梵思、蓝氏。淘宝 2025 年 3 月情 况如下：1）淘宝猫主粮：销量环比上升了29.30%，同比下降了21.25%； 销售额环比上升了 35.34%，同比下降了 21.37%。2）淘宝狗主粮：销 量环比上升 33.78%，同比下降了 17.79%；销售额环比上升 36.26%， 同比下降 12.56%，抖音新内容平台增长较好。 证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 生猪养殖：本周全国瘦肉型肉 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth expectations. Core Insights - The company reported a revenue of 4.465 billion yuan in 2024, representing a year-on-year increase of 19.2%, and a net profit attributable to the parent company of 394 million yuan, up 68.9% year-on-year. For Q1 2025, revenue reached 1.101 billion yuan, a 25.4% increase year-on-year, with a net profit of 91 million yuan, up 62.1% year-on-year. The growth is attributed to strong performance in self-owned brands and continued expansion in the US and Canada [1][2][3]. Domestic Performance - In Q1 2024, domestic revenue was 1.414 billion yuan, a 30.8% increase year-on-year. The second half of 2024 saw revenue of 797 million yuan, up 37.2% compared to the first half. The domestic gross margin improved to 35.2%, a 3.9 percentage point increase year-on-year. The company expects significant results from the "Wang Pi" brand reform and continued high growth from "Lingdian" and "Zeal" brands [2]. International Performance - The company achieved overseas revenue of 3.051 billion yuan in 2024, a 20.4% increase year-on-year. The second half of 2024 saw revenue of 1.712 billion yuan, up 29.9% year-on-year. The completion of technical upgrades at the US factory is expected to drive further revenue growth, with anticipated year-on-year growth of around 20% for Q1 2025 [3]. Profitability and Operational Efficiency - In Q1 2025, the company's gross margin was 31.9%, and the net profit margin was 8.3%, reflecting a year-on-year increase of 4.0 and 1.9 percentage points, respectively. The improvement in profitability is attributed to the increased contribution from US and Canadian factories and the upgrade of domestic self-owned brand product structures. The company maintains controllable expense ratios, with sales, management, and R&D expense ratios at 11.4%, 6.1%, and 2.1%, respectively [4]. Financial Forecast - The company forecasts net profits attributable to the parent company of 471 million yuan, 589 million yuan, and 732 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 34X, 27X, and 22X [4].

Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [1]. Core Views - The company reported a revenue of 4.465 billion yuan in 2024, representing a year-on-year increase of 19.2%, and a net profit of 394 million yuan, up 68.9% year-on-year. For Q1 2025, revenue reached 1.101 billion yuan, a 25.4% increase year-on-year, with net profit at 91 million yuan, up 62.1% year-on-year. The growth is attributed to strong performance in its proprietary brands and continuous growth in its U.S. and Canadian operations [1][2][3]. Domestic Performance - In Q1 2024, the company's domestic revenue was 1.414 billion yuan, a 30.8% increase year-on-year. The second half of 2024 saw revenue of 797 million yuan, up 37.2% year-on-year. The domestic gross margin improved to 35.2%, a 3.9 percentage point increase year-on-year. The company expects significant results from its brand reform initiatives, particularly for the "Wang Pi" brand, which saw a GMV increase of 83.4% in April 2025 [2]. Overseas Performance - The company's overseas revenue for 2024 was 3.051 billion yuan, a 20.4% increase year-on-year. The second half of 2024 recorded revenue of 1.712 billion yuan, up 29.9% year-on-year. The gross margin for overseas operations was 24.9%, a slight decrease of 0.3 percentage points year-on-year. The company anticipates a 20% year-on-year increase in overseas revenue for Q1 2025, with U.S. and Canadian subsidiaries expected to grow by around 40% [3]. Profitability and Operational Efficiency - In Q1 2025, the company's gross margin was 31.9%, and the net profit margin was 8.3%, reflecting a year-on-year increase of 4.0 and 1.9 percentage points, respectively. The sales, management, and R&D expense ratios were 11.4%, 6.1%, and 2.1%, respectively, indicating controlled expense growth. The company reported a net operating cash flow of 190 million yuan, an increase of 204 million yuan year-on-year, showcasing improved operational efficiency [4]. Profit Forecast - The company forecasts net profits of 471 million yuan, 589 million yuan, and 732 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34X, 27X, and 22X [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's main grain business has achieved significant revenue growth and improved profitability, with a 2024 revenue of 4.46 billion yuan, up 19.1% year-on-year, and a net profit of 390 million yuan, up 68.9% year-on-year [4][8] - The company is focusing on building its own brand and expanding its domestic market while accelerating overseas market development [7][8] Revenue Performance - In 2024, the pet food segment generated revenue of 3.132 billion yuan, up 4.92% year-on-year, while the pet staple food segment saw revenue of 1.107 billion yuan, up 91.85% year-on-year [5] - Domestic revenue reached 1.414 billion yuan, up 30.26% year-on-year, while overseas revenue was 3.051 billion yuan, up 14.62% year-on-year [5] Profitability Analysis - The company's gross margin for 2024 was 28.16%, an increase of 1.88 percentage points year-on-year, driven by a higher proportion of high-margin staple food products [6] - The net profit margin for 2024 was 9.33%, up 1.54 percentage points year-on-year, indicating a significant enhancement in profitability [6] Financial Forecasts - The company expects to achieve a net profit of 461 million yuan in 2025, representing a growth of 16.94% year-on-year, and 569 million yuan in 2026, with a growth of 23.59% year-on-year [8][10] - The projected revenue for 2025 is 5.398 billion yuan, reflecting a growth rate of 20.91% [10] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 35x for 2025, 28x for 2026, and 23x for 2027 [8] - The report indicates a projected return on equity (ROE) of 16.19% for 2025, increasing to 17.38% by 2027 [12]

Core Viewpoint - The pet economy continues to attract market attention, with leading companies in pet food, Zhongchong Co. and Petty Co., being the focus of institutional interest this week [1][2]. Market Performance - During the week of April 21 to April 25, the A-share market showed slight recovery, with the Shanghai Composite Index rising by 0.56% to close at 3295.06 points, and the Shenzhen Component Index increasing by 1.38% [1]. - The overall performance of the Shenwan first-level industries was positive, with sectors like utilities, automotive, beauty care, and home appliances leading the gains, while food and beverage, social services, agriculture, forestry, animal husbandry, and military defense sectors saw declines [1]. Institutional Research and Company Performance - A total of 294 listed companies received institutional research, with 209 stocks achieving positive returns during the week. Notably, Shijia Photon surged by 66.54%, while several other companies, including Erkang Pharmaceutical and Tianyuan Pet, saw gains exceeding 20% [1]. - The pet economy sector saw a 1.74% increase, ranking fourth among concept sectors, with Tianyuan Pet hitting a 20% limit-up, and Zhongchong Co. and Yiyi Co. also reaching limit-up [1]. Company Financials - Zhongchong Co. reported a revenue of 4.46 billion yuan for 2024, a year-on-year increase of 19.1%, and a net profit of 394 million yuan, up 68.9%. In Q1 of this year, the company achieved a revenue of 1.101 billion yuan, a 25.41% increase, and a net profit of 91.155 million yuan, up 62.13% [2]. - Petty Co. highlighted the growth of its popular brand "Jueyan" in the first quarter of 2025, particularly in categories like natural bone and meat chew snacks, main course cans, freeze-dried snacks, and fresh grain, with freeze-dried products showing rapid growth [2]. Production Capacity and Market Strategy - Petty Co. noted that its New Zealand staple food is currently in a ramp-up phase, with expected capacity release of 20%-30% by Q2 2025, which will cater to diverse domestic and international high-end staple food demands [3]. - Zhongchong Co. has established a comprehensive tariff response system, indicating that recent tariff adjustments will not significantly impact its operations. The company has a global production footprint, including facilities in the U.S., Canada, New Zealand, and Cambodia, which mitigates risks from trade policy changes [3][4]. Strategic Adjustments - Petty Co. has shifted nearly all U.S. customer orders to its Southeast Asian factories due to rapid changes in tariff policies, although the specific impact on business remains uncertain [4].

Investment Rating - The investment rating for the company is "Accumulate" [2][11]. Core Insights - The company achieved significant growth in performance, with a revenue of 4.465 billion yuan in 2024, representing a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% year-on-year [2][4]. - The company's gross margin improved due to increased profitability in staple food and canned products, with gross margins rising by 1.88 and 4.02 percentage points in 2024 and Q1 2025, respectively [2][4]. - The company is focusing on enhancing its own brand marketing, which has led to a substantial increase in sales and market recognition, including a 131% year-on-year growth in GMV during the Double 11 shopping festival [4][5]. Financial Performance Summary - In 2024, the company reported a revenue of 4.465 billion yuan, with a year-on-year growth of 19.15%, and a net profit of 394 million yuan, reflecting a 68.89% increase [2][17]. - The earnings per share (EPS) for 2024 is projected to be 1.34 yuan, with forecasts of 1.56 yuan, 1.85 yuan, and 2.21 yuan for 2025, 2026, and 2027, respectively [11][17]. - The company’s operating cash flow for 2024 was 4.96 billion yuan, showing an 11.02% increase year-on-year, and the inventory turnover days decreased significantly [2][17]. Market Strategy and Expansion - The company has expanded its own brand presence both domestically and internationally, entering 9 new countries in 2024, bringing its global market coverage to 73 countries [5][6]. - The domestic market revenue from its own brand reached 1.414 billion yuan in 2024, a 30.26% increase year-on-year, with staple food revenue growing by 91.85% to 1.107 billion yuan [4][6]. - The company is enhancing its overseas business capabilities, with significant growth in revenue from its OEM business, which reached 2.616 billion yuan in 2024, a 21.21% increase [5][6].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [18]. Core Views - The company has demonstrated rapid growth in performance, with a total revenue of 4.465 billion yuan in 2024, reflecting a year-on-year increase of 19.15%. The net profit attributable to shareholders reached 394 million yuan, up 68.89% year-on-year [7]. - The market size for pet food continues to expand, with a reported 3,002 billion yuan in urban pet consumption in China for 2024, marking a 7.5% increase year-on-year. The penetration rates for professional dog and cat food have also improved [7]. - The company's product structure is continuously optimizing, with significant growth in the sales of pet staple food, which saw a revenue increase of 91.85% year-on-year [7]. - The company's performance is driven by both domestic and international markets, with established brands gaining recognition and expanding their market presence [7][8]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91 million yuan, up 62.13% year-on-year [7]. - The gross profit margin for 2024 was 28.16%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 9.33%, up 1.54 percentage points [9]. Market Dynamics - The domestic pet food market is experiencing a shift towards domestic brands, with the top five brands in the Tmall pet food category being local [7]. - The company has established long-term partnerships with global clients, exporting products to 85 countries across five continents [8]. Product Structure - The revenue from pet snacks was 2.471 billion yuan, accounting for 55.34% of total sales, while pet staple food revenue reached 1.107 billion yuan, representing 24.78% of total sales [7]. - The company’s sales model includes OEM, distribution, and direct sales, with respective revenues of 2.616 billion yuan, 1.195 billion yuan, and 654 million yuan [7].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company has demonstrated rapid growth in performance, with a total revenue of 4.465 billion yuan in 2024, reflecting a year-on-year increase of 19.15%. The net profit attributable to shareholders reached 394 million yuan, up 68.89% year-on-year [7]. - The market size for pet food continues to expand, with a reported 3,002 billion yuan in urban pet consumption in China for 2024, marking a 7.5% increase year-on-year. The penetration rates for professional dog and cat food have also improved [7]. - The company's product structure is continuously optimizing, with significant growth in pet staple food sales, which increased by 91.85% year-on-year, contributing to a better profit margin [7]. - The company's performance is driven by both domestic and international markets, with strong brand recognition and successful marketing strategies enhancing its market position [7][8]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.101 billion yuan, a 25.41% increase year-on-year, and a net profit of 91 million yuan, up 62.13% year-on-year. The operating cash flow was 496 million yuan, reflecting an 11.02% increase [7]. - The gross profit margin for 2024 was 28.16%, with a net profit margin of 9.33%. In Q1 2025, the gross profit margin improved to 31.87% [7]. Market Trends - The pet food industry in China is experiencing a shift towards domestic brands, with the top five brands in the Tmall pet food category being domestic, and their market share increasing [7]. - The overall pet food production in China reached 1.599 million tons in 2024, with a 9.3% year-on-year growth, indicating resilience in the pet food sector despite broader industry challenges [7]. Product Structure - The sales revenue from pet snacks was 2.471 billion yuan, accounting for 55.34% of total sales, while staple food sales reached 1.107 billion yuan, representing a 24.78% share [7]. - The company’s sales model includes OEM, distribution, and direct sales, with respective revenues of 2.616 billion yuan, 1.195 billion yuan, and 654 million yuan, showing diverse revenue streams [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with 2024 revenue reaching 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5] - In Q1 2025, the company achieved revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91 million yuan, up 62.13% [5] - The company is focusing on building its domestic brands, with a notable increase in profitability and a comprehensive profit structure optimization in its domestic business [7] Summary by Sections Recent Performance - The company's stock performance over the last 12 months has increased by 117.9%, significantly outperforming the CSI 300 index, which only increased by 7.5% [3] - The current stock price is 53.44 yuan, with a 52-week price range of 17.92 to 53.44 yuan [3] Revenue and Profitability - The company's overseas business revenue for 2024 was 3.051 billion yuan, a year-on-year increase of 14.61%, with a gross margin of 24.9% [7] - Domestic business revenue reached 1.414 billion yuan, a year-on-year increase of 30.2%, with a gross margin of 35.18% [7] - Pet food revenue was 2.471 billion yuan, up 5.1%, while pet canned food revenue was 662 million yuan, up 4.23% [7] - Pet staple food revenue surged to 1.107 billion yuan, a remarkable increase of 91.85% [7] Future Projections - Revenue projections for 2025-2027 are adjusted to 5.269 billion yuan, 6.437 billion yuan, and 7.849 billion yuan, respectively, with corresponding net profits of 449 million yuan, 555 million yuan, and 697 million yuan [9] - The company is expected to maintain a high growth rate in the pet sector, supported by a stable supply chain and continuous R&D capabilities [7]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth, driven by enhanced brand marketing and operational efficiency [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89%, with basic earnings per share of 1.34 yuan [1]. - For Q1 2025, revenue reached 1.101 billion yuan, growing 25.41% year-on-year, with a net profit of 91.155 million yuan, an increase of 62.13%, and basic earnings per share of 0.31 yuan [1]. Profitability and Cash Flow - The company's profitability improved, with inventory turnover accelerating and operating cash flow increasing, benefiting from higher gross margins in staple and canned products [2]. - Gross margins for 2024 and Q1 2025 increased by 1.88 and 4.02 percentage points, reaching 28.16% and 31.87%, respectively [2]. - Operating cash flow for 2024 was 496 million yuan, up 11.02%, and for Q1 2025, it turned positive at 190 million yuan [2]. Brand Strategy and Market Expansion - The company focused on enhancing its proprietary brand marketing, achieving significant recognition and sales growth, particularly during the Double 11 shopping festival [3]. - Revenue from proprietary brands in the domestic market reached 1.414 billion yuan in 2024, a 30.26% increase, with staple food revenue growing by 91.85% to 1.107 billion yuan [3]. - The company expanded its proprietary brand presence internationally, entering nine new countries and covering a total of 73 countries [3]. Operational Enhancements - The company completed technical upgrades at its U.S. factory in the second half of last year, resulting in an 18.31% increase in overseas revenue growth compared to the first half [4]. - Future production expansions in Canada and the U.S. are expected to further strengthen overseas business capabilities [4].