Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2] Core Views - The company's performance is driven by both domestic and international business, with a positive outlook on pet food exports and rapid domestic market growth [2] - The company is expected to achieve attributable net profits of 5.53 billion, 7.13 billion, and 8.70 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.38, 1.78, and 2.18 [2] - The current stock price corresponds to PE ratios of 46.82, 36.30, and 29.76 for the years 2024, 2025, and 2026, indicating a reasonable valuation range [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.671 billion, a year-on-year increase of 17.96%, and attributable net profit of 470 million, up 49.64% year-on-year [1] - The operating cash flow for the same period was 397 million, reflecting a year-on-year increase of 14.40% [1] - The company's Q3 revenue was 1.245 billion, representing an 18.92% year-on-year increase, while the net profit for Q3 was 162 million, showing a year-on-year increase of 49.11% [1] Market and Industry Insights - The pet food industry in China continues to show strong growth, with pet feed production increasing by 21.4% year-on-year in the first half of 2024 [1] - The company's direct sales channel has seen significant growth, with sales revenue from third-party platforms increasing by 61.24% year-on-year during the first half of 2024 [1] - The report highlights a recovery in pet food export data since September 2023, with August 2024 exports reaching 28,500 tons, a year-on-year increase of 30.68% [1]

宠物食品 2024 年 10 月 25 日 买入（维持评级） 华福证券 乖宝宠物（301498.SZ） 24Q3 业绩点评：核心品牌优势扩大，业绩表现 持续靓丽 公司发布 2024 年三季度报告。2024Q1-Q3 公司实现营业总收入 36.71 亿元，同比+17.96%，归母净利润 4.70 亿元，同比+49.64%，扣非归母净利 润 4.43 亿元，同比+41.75%。单季度来看，24Q3 实现营业总收入 12.45 亿 元，同比+18.92%，归母净利润 1.62 亿元，同比+49.11%，扣非归母净利润 1.52 亿元，同比+40.74%。另外公司发布 2024 年前三季度利润分配预案， 计划向全体股东每 10 股派红利 2.5 元（含税），共计 1.00 亿元（含税）， 不送红股，不以资本公积金转增股本。 核心品牌矩阵已具，品牌优势持续扩大。国内市场：公司把握国内宠 物食品需求快速扩张的行业机遇，已构建以"麦富迪"、"弗列加特"为 核心的自有品牌梯队，且今年新推高端犬粮品牌——汪臻醇，持续完善核 心品牌矩阵，有望持续享受宠食行业快增红利。作为国内宠物食品翘楚， 公司旗下品牌的优势持续扩大，今年 61 ...

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公 司 研 究 [Table_Reportdate] 2024年10月25日 农 林 牧 渔 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/24 | | 收盘价 | 64.45 | | 总股本 ( 万股 ) | 40,004 | | 流通 A 股 /B 股 ( 万股 ) | 17,902/0 | | 资产负债率 (%) | 12.08% | | 市净率 ( 倍 ) | 6.31 | | 净资产收益率 ( 加权 ) | 12.04 | | 12 个月内最高 / 最低价 | 72.88/30.16 | [Table_QuotePic] -34% -18% -2% 14% 29% 45% 61% 76% 23-10 24-0 ...

[Table_Stock] 乖宝宠物（301498） 证 券 研 究 报 告 公 司 点 评 [Table_RiskWarning] 营收规模稳步向上，盈利能力持续优化 ——2024 年三季报点评 [行业: 日期: | --- | --- | |-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table_Industry] | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 王慧林 | | Tel: | 15951919467 | | E-mail: | wanghuilin@shzq.com | | SAC 编号 : | S0870524040001 | | 分析师 : | 袁家岗 | | Tel: | 02153686249 | | E-mail: | yuanjiagang@shzq.com | | SAC 编号 ...

上 市 公 司 证 券 研 究 报 告 农林牧渔 2024 年 10 月 24 日 乖宝宠物 (301498) ——自有品牌维持高增，盈利能力持续上行 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 64.45 | | 一年内最高/最低（元） | 72.88/30.16 | | 市净率 | 6.3 | | 息率（分红 / 股价） | 0.26 | | 流通 A 股市值（百万元） | 11,538 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 10.21 | | | | | 资产负债率 % | 12.08 | | 总股本 /流通 A 股（百万） | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported strong Q3 2024 results with revenue of RMB 1.245 billion, up 18.92% YoY, and net profit attributable to shareholders of RMB 162 million, up 49.11% YoY [2][6] - The company announced a dividend of RMB 2.5 per 10 shares, totaling approximately RMB 100 million [2][6] - The domestic business benefited from the growth of the pet industry and the company's product and brand strengths, with the "Myfoodie" brand showing steady growth [2][6] - The high-end cat food brand "Fregat" performed well, driven by its "fresh meat instead of meat meal" concept and popular product lines such as "Big Red Bucket Freeze-Dried" and "High-Function Baked Grain" [2][6] - The company's gross margin in Q3 2024 was 41.84%, up 3.00 ppts YoY, and the net profit margin was 13.07%, up 2.74 ppts YoY, driven by the increase in the proportion of high-end products [6] - The company's sales/management/R&D/financial expense ratios were 18.70%/5.67%/1.74%/-0.10%, respectively, with sales expenses increasing due to higher direct sales and brand promotion [6] - The company expects revenue for 2024-2026 to be RMB 5.224 billion, RMB 6.288 billion, and RMB 7.533 billion, with YoY growth rates of 20.72%, 20.39%, and 19.79%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 584 million, RMB 716 million, and RMB 896 million for 2024-2026, with YoY growth rates of 36.17%, 22.56%, and 25.17%, respectively [6] Financial Data and Valuation - The company's total share capital is 400 million shares, with a circulating A-share market value of RMB 11.867 billion [4] - The company's net asset per share is RMB 10.21, with an asset-liability ratio of 12.08% [4] - The company's EPS for 2024-2026 is expected to be RMB 1.46, RMB 1.79, and RMB 2.24, respectively [6] - The company's P/E ratio for 2024-2026 is expected to be 45.4x, 37.1x, and 29.6x, respectively [6] - The company's P/B ratio for 2024-2026 is expected to be 6.3x, 5.4x, and 4.6x, respectively [6] Industry and Market Performance - The company operates in the agriculture, forestry, animal husbandry, and feed industry [4] - The company's stock price has shown a relative performance of -20%, 7%, 33%, and 60% over different periods compared to the CSI 300 index [5]

证券研究报告 乖宝宠物 (301498 CH) 自主品牌维持高增，分红注重股东回报 投资评级(维持): 目标价(人民币): 华泰研究 季报点评 2024 年 10 月 23 日│中国内地 饲料 乖宝宠物 24Q3 实现营收 12.4 亿元，同比+19%、环比-6.35%；实现归母 净利润 1.62 亿元，同比 49%、环比+1.1%。公司在以麦富迪、弗列加特等 为主的自主品牌高速增长带动下业绩表现继续亮眼。宠物行业高景气叠加赛 道格局优化，我们看好公司作为国内宠企龙头的中长期发展潜力及业绩提升 空间，维持"买入"评级。 自主品牌延续高增长，国外业务平稳开拓 公司产品力/品牌力等核心优势突出，在以麦富迪、弗列加特等自主品牌的 高增长、以及国内业务毛利率优化等带动下，24Q3 营收及利润端均实现较 好增长。其中 1）内销：公司产品力及品牌高端化能力得到充分验证，弗列 加特、麦富迪等品牌表现突出。我们估算 Q3 境内自主品牌营收同比增速或 有 25%～30%；营收增速排序角度来看，我们估算弗列加特>麦富迪>尾部 品牌（藻趣儿、佰萃等）。国内主粮代工业务营收增长或较为平稳；2）外销： 公司在稳定现有客户的同时积极开拓 ...

证券研究报告·公司点评报告·饲料 乖宝宠物（301498） 2024 年三季报点评：自有品牌高增延续，国 产宠物食品龙头增长势能强劲 2024 年 10 月 24 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3398 | 4327 | 5321 | 6528 | 7988 | | 同比（ % ） | 31.93 | 27.36 | 22.97 | 22.68 | 22.37 | | 归母净利润（百万元） | 266.88 | 428.84 | 574.22 | 731.85 | 932.42 | | 同比（ % ） | 90.26 | 60.68 | 33.90 | 27.45 | 27.41 | | EPS- 最新摊薄（元 / 股） | 0.67 | ...

2024 年 10 月 24 日 公司研究/公司快报 公司近一年市场表现 | --- | --- | |----------------------------|-------| | | | | 基础数据： 2024 年 9 月 30 | | | 基本每股收益(元)： | 1.18 | | 摊薄每股收益(元 )： | 1.18 | | 每股净资产(元 )： | 10.22 | | 净资产收益率 (%) ： | 11.54 | 陈振志 我们再次强调需继续重视公司在淘宝天猫京东等传统电商以及抖音 资料来源：最闻 /直播等新渠道新业态的领先优势，随着公司重点发力自有品牌中高端产 品线，重点关注双十一大促节点公司 BARF 系列、弗列加特产品的推广放 分析师： 量，我们看好公司自有品牌在市占率以及盈利水平方面的双重提升。预 计 公 司 2024-2026 年 净 利 润 为 5.58/6.95/8.22 亿 元 ， EPS 分 别 为 1.39\1.74\2.05 元，目前股价对应公司 2024、2025 年 PE 分别为 47.6 倍、 38.1 倍，维持"增持-A"评级。 风险提示 执业登记编码：S0760522 ...