Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to turn a profit in 2024, with a projected net profit of 181 to 205 million yuan, recovering from a loss of 11 million yuan in 2023, which aligns with expectations [6]. - The overseas business is showing signs of recovery, with a good demand outlook and a projected 22.1% year-on-year increase in pet food exports from China in 2024 [6]. - The company's self-owned brand "Jueyan" continues to grow rapidly, with a 42% year-on-year increase in online GMV for the brand [6]. - The company plans to enhance its domestic marketing efforts and improve gross margins through price control and product adjustments [6]. - Revenue forecasts for 2024-2026 have been slightly adjusted downwards, with expected revenues of 1.83 billion, 2.13 billion, and 2.50 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 1.41 billion yuan, with a significant increase to 1.83 billion yuan in 2024, representing a 29% year-on-year growth [6][8]. - The company anticipates a net profit of 194 million yuan in 2024, with a growth rate of 13.9% in 2025 and 15.2% in 2026 [6][8]. - The gross margin is expected to be 26.3% in 2024, improving to 27.2% in 2025 and 27.6% in 2026 [6].

Investment Rating - The investment rating for Petty Co., Ltd. is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance forecasts and growth expectations. Core Views - Petty Co., Ltd. is expected to achieve a net profit attributable to shareholders of 181-205 million yuan in 2024, marking a significant turnaround from a loss in 2023. The fourth quarter of 2024 is projected to see a net profit of 26-50 million yuan, reflecting a year-on-year increase of 45.0-177.4% [1][2]. - The company is experiencing robust growth in both domestic and international markets, with significant increases in export orders and strong performance from its proprietary brand, Jueyan [1][2]. Summary by Sections Financial Performance - In 2024, the total revenue is expected to reach 1.847 billion yuan, with a year-on-year growth rate of 30.8%. The net profit attributable to shareholders is projected to be 203 million yuan, a staggering increase of 1930.9% compared to 2023 [4]. - The gross margin is anticipated to improve to 26.7% in 2024, with net asset return (ROE) expected to be 10.2% [4]. Sales Performance - The company’s export revenue is expected to continue its steady growth, with a projected increase in orders from new European clients in 2025. The fourth quarter of 2024 is expected to show a year-on-year increase in export revenue of 18.9% [2]. - The domestic sales of the proprietary brand Jueyan are performing exceptionally well, with a 70% increase in sales during the Double 11 shopping festival in 2024. The brand has launched several successful products, including dog food and snacks, which are gaining market traction [2]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 203 million yuan, 245 million yuan, and 294 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 23.6X, 19.5X, and 16.3X [3][4].

Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately ¥181 million in 2024, compared to a loss of ¥11.09 million in the previous year[4] - The net profit after deducting non-recurring gains and losses is projected to be around ¥180.3 million, up from a loss of ¥685.09 million in the same period last year[4] - The impact of non-recurring gains and losses on the company's net profit is estimated to be approximately ¥700,000[7] - The financial data presented is preliminary and subject to final confirmation in the 2024 annual report[8] - The performance forecast period is from January 1, 2024, to December 31, 2024[3] Business Strategy - The company has implemented a "one body, two wings" development strategy, focusing on the pet food industry, which has significantly contributed to the turnaround from loss to profit[6] - The company is actively expanding its global operations and enhancing product upgrades and iterations to optimize product structure and deepen customer cooperation[6] Market Growth - The overseas market orders have increased significantly year-on-year, with high capacity utilization rates at overseas production bases, particularly in Vietnam and Cambodia[7] - The domestic market has seen rapid growth in the self-owned brand "Jueyan," with a significant increase in revenue share from domestic sales channels[7] Investor Communication - The company emphasizes the importance of timely information disclosure and advises investors to be cautious in their decision-making[8]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-002 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 关于回购公司股份的进展公告（截至 2024 年末） 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。 一、回购方案概述 2024年2月5日，佩蒂动物营养科技股份有限公司（以下简称公司）召开第四届董 事会第二次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 公司拟使用自有资金5,000.00万元（含）—10,000.00万元（含）人民币以集中竞价方 式回购公司部分股份，回购价格不超过20元/股。回购的股份拟用于公司发行的可转换 公司债券的转股。本次回购股份事项的实施期限为自董事会审议通过回购方案之日起 不超过12个月。 本次回购股份方案的具体内容见公司分别于2024年2月6日、2024年2月7日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方 案的公告》《回购股份报告书》及其他相关公告。 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份 ...

Group 1 - The emergence of discount pet snack stores in China may indicate a new trend in the pet industry, potentially leading to increased competition within the sector [1] - The ability of these stores to connect directly from factories to retail could reduce costs and create profit margins, especially in an environment of rising online traffic costs [1] - The innovation in business models within the retail segment of the pet industry is notably diverse [1] Group 2 - The applicability of this business model across different regions remains to be observed [2]

Group 1: Business Overview - The company has stable main customers in the overseas market, with no early orders detected. The expected demand and orders for 2025 are projected to be in a normal growth state [1]. - Growth in the overseas market for 2025 is primarily driven by new orders from European and American clients, as well as existing core customers, with deliveries mainly handled by factories in Vietnam and Cambodia [1]. - The company has made proactive arrangements in response to changes in the export environment [1]. Group 2: Cost Management - Raw material prices have remained stable throughout the year, and the company has stocked up on key raw materials for the first quarter of the following year, with no significant price fluctuations anticipated [1]. Group 3: New Product Development - The New Zealand staple food production line is one of the company's most important growth areas for 2025, with all necessary production qualifications and factory certifications completed [7]. - The company is focusing on producing new types of staple foods, such as wet food, air-dried food, freeze-dried food, and baked food, with a strong emphasis on differentiation and brand focus [4]. Group 4: Market Trends and Consumer Behavior - The domestic pet industry is experiencing a trend of innovation in retail models, with potential for profit margins if direct sales from factories to retail terminals can be achieved [4]. - The main consumer demographic for pet products includes individuals born in the 1980s and 1990s, with a significant growth potential and resilience in the market [9]. - The company anticipates that the future growth of the industry will be driven by a combination of consumer demand for quality and cost-effectiveness [8].

Summary of Conference Call Company and Industry - The conference call involved **Pedi**, a company in the **pet food industry** known for its growth potential and product offerings. Key Points and Arguments 1. **Financial Performance**: Pedi's recent financial data was discussed, indicating a strong performance in the pet food sector, particularly in overseas markets and ODM (Original Design Manufacturer) business despite concerns over U.S. tariffs [1][2]. 2. **Export Business Growth**: The company anticipates a **10% growth** in its export business, supported by operational efficiencies and new customer acquisitions, particularly in Southeast Asia and New Zealand [3][8]. 3. **New Zealand Operations**: The New Zealand facility is expected to contribute approximately **200 million** in revenue next year, with a **30% increase** in production capacity anticipated [3][4]. 4. **Brand Development**: The company has focused on enhancing its brand portfolio, particularly through online marketing strategies, resulting in a **70% increase** in sales during the Double Eleven shopping festival [5][10]. 5. **Product Line Expansion**: Pedi plans to introduce new products, including a new line of staple foods under the brand **Smart Balance**, expected to launch in the second half of next year [6][7]. 6. **Cost Management**: The company maintains a stable sales expense ratio of around **30%** of revenue, with expectations of increased spending as new product lines are launched [7][8]. 7. **Profitability Outlook**: The company estimates that achieving a revenue level of **600-700 million** will allow it to reach breakeven, with current gross margins around **40%** for direct sales [11][12]. 8. **Market Positioning**: Pedi aims to position its products in the mid to high-end market segments, with a focus on quality and brand differentiation [16][17]. 9. **Future Projections**: The company expects continued growth in its domestic and international markets, with a focus on expanding its staple food offerings and enhancing brand recognition [18][19]. Other Important Content - **Customer Acquisition**: New customer acquisitions in Europe and Canada are contributing to growth, with the domestic factory capable of handling increased orders from markets outside the U.S. [2][3]. - **Sales Strategy**: The company is concentrating on a few high-potential products rather than expanding its SKU count, aiming for a more focused approach to product development [20][21]. - **Investment in New Products**: The company is investing in new product lines, with a focus on ensuring successful market entry and consumer acceptance [22][23]. - **Shareholder Returns**: The company has completed a share buyback program and is considering future dividends, indicating a commitment to returning value to shareholders [23][24]. This summary encapsulates the key insights from the conference call, highlighting Pedi's strategic direction, financial performance, and market positioning within the pet food industry.

证券代码：300673 证券简称：佩蒂股份 公告编号：2024-106 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 关于佩蒂转债 2024 年付息的公告 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。 特别提示： 1. 佩蒂转债将于付息日支付第三年利息，每10张佩蒂转债（面值1,000.00元）的 利息为10.00元（含税）； 2. 付息债权登记日：2024年12月20日（星期五）。截至债权登记日下午深圳证 券交易所收市后，在中国证券登记结算有限责任公司深圳分公司（以下或简称中国结 算深圳分公司）登记在册的"佩蒂转债"持有人享有本次派发的利息，在2024年12 月20日前（含当日）申请转换成本公司股票的"佩蒂转债"，公司不再向其持有人支 付本计息年度及以后计息年度的利息； 3. 付息日：2024年12月23日（星期一），因2024年12月21-22日为非交易日， 顺延至2024年12月23日，顺延期间不另付息； 4. 除息日：2024年12月23日（星期一），因2024年12月21-22日为非交易日， 顺延至2024年12月23日， ...

国投证券股份有限公司 关于佩蒂动物营养科技股份有限公司 持续督导期 2024 年度培训情况报告 深圳证券交易所： 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为佩蒂动 物营养科技股份有限公司（以下简称"佩蒂股份"、"公司"）2021 年向不特定对 象发行可转换公司债券的保荐机构，根据《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》、《深圳证券交易所创业板股票上市规则》和《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》等法规和 规则的相关规定，结合佩蒂股份的实际情况，认真履行保荐机构应尽的职责，对 佩蒂股份控股股东和实际控制人、董事、监事、高级管理人员及部分中层以上管 理人员等相关人员进行了持续督导培训。 2024 年 12 月 10 日，国投证券按照《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》的要求完成了对佩蒂股份控股股东和实际控制人、董 事、监事、高级管理人员及部分中层以上管理人员等相关人员的持续督导培训工 作，特向贵所报送培训工作报告。 一、本次培训的基本情况 （一）培训时间：2024 年 12 月 10 日； （二）培训对应 ...