[Table_Reportdate] 2024年04月25日 风险提示：宠物食品安全风险、汇率波动风险、贸易摩擦风险、自有品牌推广不力风险。 盈利预测与估值简表 图 1 公司营收及增速 50% 20 40% 15 30% 20% 10 10% 0% 5 -10% -20% 0 -30% 2018 2019 2020 2021 2022 2023 [Table_invest] 买入（维持） 报告原因：业绩点评 [佩Tabl蒂e_N股ewT份itle]（300673）：2024年Q1业绩亮 眼，海外业务逐步修复 ——公司简评报告 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：4月23日，公司发布2023年年报及2024年一季报业绩，公司2023年营业总收入为 14.11亿元（同比-18.51%），归母净利润为-0.11亿元（同比-108.72%），扣非净利润-0.07 亿元（同比-105.09%）。其中，2023年Q4公司营业收入为4.95亿元（同比+31.18%）， 归母净利润为0. ...

请务必参阅正文后面的信息披露和法律声明 4 / 4 ——公司信息更新报告 投资评级：买入（维持） -48% -36% -24% -12% 0% 12% 2023-04 2023-08 2023-12 2024-04 佩蒂股份 沪深300 数据来源：聚源 农林牧渔/饲料 公 司 研 究 佩蒂股份（300673.SZ） 2024 年 04 月 25 日 出口订单回暖驱动业绩提升，自主品牌拓展顺利 股价走势图 《海外订单逐渐修复，国内品牌运作 策略渐趋成熟—公司信息更新报告》 -2023.10.25 《Q2 复苏态势已现，全年业绩有望改 善—中小盘信息更新》-2023.9.1 《2023Q1 业绩明显承压，全年业绩有 望 持 续 改 善 — 中 小 盘 信 息 更 新 》 -2023.4.26 陈雪丽（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 出口订单恢复驱动业绩回暖，2024Q1 营收及利润大增，维持"买入"评级 2023 年营收 14.11 亿元，同比-18.51%，归母净利润-1109.11 万元，同比-108.72%， 业绩下滑系 2023Q1-Q3 国外业务低 ...

上 市 公 司 ——境外业务盈利恢复，境内自有品牌快速增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 24 日 | | 收盘价（元） | 14.54 | | 一年内最高/最低（元） | 15.39/8.82 | | 市净率 | 2.0 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 2416 | | 上证指数/深证成指 | 3044.82/9251.13 | | 注："息率"以最近一年已公布分红计算 | | 相关研究 上 市 公 司 2024 年 04 月 24 日 佩蒂股份 (300673) 证 券 研 究 报 告 一年内股价与大盘对比走势： 《佩蒂股份（300673）点评：境外业务逐 季 恢 复 ， 境 内 自 有 品 牌 稳 步 增 长 》 2023/10/24 《佩蒂股份（300673）点评：境外业务逐 季 改 善 ， 境 内 自 主 品 牌 收 入 高 增 》 2023/08/31 盛瀚 A023052 ...

司 में 业绩拐点已至，24Q1 收入同增 142.37%，归母净利润同增 209.56%。 公司发布业绩，23 年实现营业收入 14.11 亿元，同减 18.51%，实 现毛利率 19.33%，同降 2.97pct，归母净利润-0.11 亿元，转负。24Q1 实现营收 3.84 亿元，同增 142.37%（与 22 年同期相比+11.95%），实现 毛利率 24.36%，同增 10.32pct（与 22 年同期相比-0.03pct），归母净利 润 0.42 亿元，同增 209.56%（与 22 年同期相比+46.09%）。订单修复及 汇率利好，业绩表现亮眼。公司公告，将回购的 459.36 万股变更为注 销并减少注册资本用途。 境内业务表现良好，境外业务迎来拐点 23 年主粮及湿粮/营养肉质零食/植物咬胶/畜皮咬胶收入分别实现 2.10/3.18/4.23/4.24 亿元，同增 31.33%/-5.72%/-34.84%/-22.11%，主粮 业务高速增长，毛利率为 20.05%/18.69%/24.42%/15.04%。期待新西兰 工厂落地、柬埔寨工厂放量及自有品牌增长带动主粮、咬胶业务增长。 费控管理 ...

货币资金 832.61 816.09 889.06 1,168.55 1,450.06 营业收入 1,731.80 1,411.28 1,975.69 2,434.49 2,843.26 存货 424.21 376.85 668.31 362.79 843.01 销售费用 86.60 102.22 138.30 163.11 179.13 流动资产合计 1,671.30 1,600.59 2,007.04 2,088.57 2,881.85 研发费用 28.81 29.04 33.59 41.39 48.34 公司报告 | 年报点评报告 24Q1 收入高增长！看好公司国内自主品牌开拓！！ 事件：佩蒂股份公司发布 2023 年报+2024Q1 季报。1、2023 年营业收入 14.11 亿元，yoy-18.5%； 归母净利润亏损 1109 万元，由盈转亏（此前已发过亏损预告）。其中，2023Q4 营业收入 4.95 亿元，同比增长 31.18%；归母净利润 0.18 亿元，转亏为盈（2022 年同期-0.31 亿元）。2、24Q1 实现营业收入 3.84 亿元，yoy+142.37%；归母净利润 4171 万元 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant revenue and profit increase in Q1 2024, with revenue reaching 3.84 billion yuan, a year-on-year increase of 142.37%, and a net profit of 0.42 billion yuan, reversing from a loss in the same period last year [1]. - The decline in performance in 2023 was primarily due to inventory destocking in overseas markets, particularly in the US, leading to a drop in export orders [1]. - The company is optimizing its product structure, with a higher proportion of high-margin products, which is expected to improve profitability [1]. Financial Performance Summary - In 2023, the company's revenue was 14.11 billion yuan, a decrease of 18.51% year-on-year, and a net profit of -0.11 billion yuan, transitioning from profit to loss [1]. - For Q4 2023, revenue was 4.95 billion yuan, up 31.18% year-on-year, with a net profit turning positive from a loss of -0.31 billion yuan in the same period last year [1]. - The company’s gross margin in 2023 was 19.33%, down 2.97 percentage points year-on-year, while the expense ratio was 17.43%, up 5.71 percentage points [1]. Product Structure and Market Strategy - In 2023, the total sales volume of pet food and other products was 3.01 million tons, a decrease of 23.04% year-on-year [1]. - The revenue from snacks, staple food, and wet food was 4.24 billion yuan, 4.23 billion yuan, and 3.18 billion yuan respectively, with year-on-year changes of -22.11%, -34.84%, and +31.33% [1]. - The company is focusing on brand building in the domestic market, which is expected to enhance its revenue contribution and performance [3]. Future Outlook - The company expects growth in both domestic and international markets in 2024, with anticipated revenue of 18.06 billion yuan, representing a growth rate of 27.97% [3]. - The EPS for 2024 and 2025 is projected to be 0.48 yuan and 0.60 yuan respectively, with corresponding PE ratios of 27 and 21 [3].

Financial Performance - The net profit attributable to shareholders of the listed company was negative, primarily due to a decline in orders caused by inventory destocking in overseas markets, along with the domestic market being in an investment phase and not yet profitable[5]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[8]. - The company's operating revenue for 2023 was CNY 1,411,284,136.89, a decrease of 18.51% compared to CNY 1,731,801,870.99 in 2022[27]. - The net profit attributable to shareholders was a loss of CNY 11,091,077.18, representing a decline of 108.72% from a profit of CNY 127,123,589.10 in the previous year[27]. - The cash flow from operating activities was CNY 178,389,791.39, down 22.65% from CNY 230,611,952.00 in 2022[27]. - The total net assets attributable to shareholders decreased by 1.89% to CNY 1,867,169,747.12 at the end of 2023 from CNY 1,903,118,716.14 at the end of 2022[27]. - The comprehensive gross margin for the main business was 19.33%, down 2.97% year-on-year, primarily due to a decline in export orders affecting capacity utilization[76]. - The sales volume of pet food and other products decreased to 30,119.70 tons, down from 39,136.09 tons, indicating a significant decline[82]. - The production volume also fell to 30,233.66 tons, a decrease of 21.90% compared to the previous year[82]. Market and Industry Insights - The company is positioned in the pet food industry, which is experiencing growth due to increasing pet ownership and consumer demand for high-quality pet products[38]. - In 2022, the Chinese pet food market size reached 113.6 billion yuan, with a CAGR of 19.0% from 2015 to 2022, and is expected to grow to 192.2 billion yuan by 2026, corresponding to a CAGR of 14.0% from 2022 to 2026[44]. - The U.S. pet industry spending exceeded $136.8 billion in 2022, with pet food being the largest category at $58.1 billion, accounting for 42.5% of total spending and growing by 16.2% year-over-year[42]. - The European pet food market generated annual sales of 29.1 billion euros in 2022, with a sales volume of approximately 10.5 million tons, reflecting a 3.5% growth compared to 2021[43]. - The pet food industry in China has significant growth potential, with a focus on quality, branding, and high-end products as consumer purchasing power increases[48]. Operational Strategies - The company has established multiple production bases in countries such as Vietnam, New Zealand, and Cambodia, responding to the Belt and Road Initiative and enhancing its global operational capabilities[50]. - The company has upgraded its pet chewing gum technology to the sixth generation, significantly increasing its product output capacity[49]. - The company has maintained consistent revenue and profit structures in its core pet food business, with no significant changes from the previous year[52]. - The company operates under an ODM model in international markets, ensuring production aligns with customer specifications and market demands[54]. - The company has implemented a comprehensive online and offline sales strategy, enhancing brand visibility and sales efficiency through various channels[63]. Research and Development - The company has invested significantly in R&D, focusing on raw material processing, product technology, and pet nutrition, leading to improved material utilization and cost control[60]. - The total R&D investment for 2023 was ¥29,037,273.27, representing 2.06% of operating revenue, an increase from 1.66% in 2022[95]. - The company is developing collagen-based pet food products to enhance product value and expand its product line[93]. - The company aims to enhance product offerings by developing new wet food products with improved nutritional profiles and unique production processes[95]. Risk Management - The company has outlined potential risks and countermeasures in the section discussing future development prospects, which investors are encouraged to review[5]. - The company has established a sound risk management system for its overseas operations, including investments in Vietnam, New Zealand, and Cambodia[100]. - The company faces challenges in managing its expanding overseas operations, necessitating improvements in management systems and talent acquisition to address globalization risks[129]. - Rising labor costs in both domestic and overseas production bases pose a risk to profitability, prompting the company to focus on automation and employee training to maintain cost control[130]. Corporate Governance - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[140]. - The board of directors consists of seven members, including three independent directors, complying with legal and regulatory requirements[141]. - The company has a transparent performance evaluation system for senior management, ensuring accountability and compliance with legal standards[144]. - The company actively engages with investors through various communication channels, enhancing investor relations management[144]. Future Outlook - Future plans and forward-looking statements are subject to market condition changes and carry uncertainties, not representing a commitment to future earnings forecasts[6][7]. - The company aims to maintain a high growth trend in revenue for its OBM business in 2024, focusing on introducing main grain products from its New Zealand factory into its own brand system[123]. - The company plans to enhance operational efficiency at its New Zealand and Cambodia factories, with a focus on improving order delivery capabilities and gross margin levels[123]. - The company is committed to strengthening its R&D capabilities to address consumer pain points in pet care, aiming to enhance the contribution of innovative products and technological advancements to its business[124].

佩蒂动物营养科技股份有限公司 | 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2024-046 | | --- | --- | --- | | 债券代码：123133 | 债券简称：佩蒂转债 | | 关于召开 2023 年年度股东大会的通知 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。 2024年4月23日，佩蒂动物营养科技股份有限公司（以下简称公司）第四届董事 会第三次会议审议通过了《关于召开2023年年度股东大会的议案》，根据《公司法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2号——创业板上市公司规范运作》《公司章程》和《股东大会议事规则》等相关规定， 公司定于2024年5月14日（星期二）下午14:00开始召开2023年年度股东大会。 为进一步保护投资者的合法权益，方便股东依法行使权利，现将本次股东大会的 有关安排通知如下： 一、 召开会议的基本情况 通过深圳证券交易所交易系统进行网络投票的具体时间为2024年5月14日 9:15—9:25、9:30—11:30和13:00—15:00； 通过互联网 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2024-034 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 关于确认 2023 年度日常关联交易与 2024 年度预计日常关联交易的公告 公司2023年度发生日常关联交易涉及的合并报表范围内的下属子公司主要有：柬 埔寨爵味食品有限公司（以下简称柬埔寨爵味）、佩蒂智创（杭州）宠物科技有限公 司（以下简称佩蒂智创）、杭州宠珍商贸有限公司（以下简称杭州宠珍）、上海禾仕 嘉商贸有限公司（以下简称上海禾仕嘉）、杭州宠这里商业管理有限公司（以下简称 杭州宠这里）。 公司预计2024年度发生日常关联交易涉及的关联方主要有：Grand Bokor Special Economic Zone Co., Ltd.（以下简称Grand Bokor）、佩利奥（上海）科技有 1 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。 重要提示： 1、本次确认及预计的日常关联交易事项不构成重大资产重组。 2、本次确认及预计的日常关联交易均为满足公司日常经营所需，不会影响公司 独立性。 3、公司主营业务不会因此类交 ...

关于佩蒂动物营养科技股份有限公司 2023年度营业收入扣除情况的专项审核说明 中汇会专[2024]4775号 佩蒂动物营养科技股份有限公司全体股东： 我们接受委托，审计了佩蒂动物营养科技股份有限公司(以下简称佩蒂股份公 司)2023年度财务报表，并于2024年4月23日出具中汇会审[2024]4751号无保留意见 的审计报告，在此基础上对后附的佩蒂股份公司管理层编制的《佩蒂动物营养科技 股份有限公司2023年度营业收入扣除情况表》(以下简称营业收入扣除情况表)进行 了审核。 一、管理层的责任 管理层的责任是提供真实、合法、完整的相关资料，按照《深圳证券交易所创 业板股票上市规则(2023年8月修订)》以及《深圳证券交易所创业板上市公司自律 监管指南第1号——业务办理(2023年11月修订)》的规定编制营业收入扣除情况表 以满足监管要求，并负责设计、执行和维护必要的内部控制，并保证其内容真实、 准确、完整，不存在虚假记载、误导性陈述和重大遗漏。 二、注册会计师的责任 我们的责任是在执行审计工作的基础上对佩蒂股份公司管理层编制的营业收 入扣除情况表发表专项审核意见。中国注册会计师审计准则要求我们遵守中国注册 会计 ...