[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 ...

乖宝宠物：第三季度净利润同比增长49.11% 财联社10月23日电，乖宝宠物发布2024年第三季度报告， 公司前三季度实现营业收入36.71亿元，同比增长17.96%；归属于上市公司股东的净利润4.7亿元，同比 增长49.64%。 其中，第三季度实现营业收入12.45亿元，同比增长18.92%；归属于上市公司股东的净利润1.62亿元， 同比增长49.11%。 报告期内，公司销售费用、其他收益、投资收益等均有所增长。 查看公告原文 ...

Revenue and Profit Growth - Revenue for the third quarter reached 1.244 billion yuan, an increase of 18.92% year-over-year[2] - Net profit attributable to shareholders was 161.95 million yuan, up 49.11% compared to the same period last year[2] - Net profit for the period was 471.76 million yuan, up 49.58% year-over-year, driven by increased revenue and improved gross margins[7] - Total revenue for the quarter reached 3,671,474,874.34 yuan, representing an increase from 3,112,349,338.52 yuan in the same period last year[15] - Net profit attributable to the parent company rose to 1,503,543,839.09 yuan from 1,116,842,403.84 yuan, showing improved profitability[15] - Net profit attributable to the parent company's shareholders reached 470,420,815.92, up from 314,362,445.13[17] - Total profit for the period was 597,291,903.43, up from 369,616,494.39[16] Asset and Liability Changes - Total assets increased by 12.24% to 4.65 billion yuan compared to the end of the previous year[2] - Accounts receivable rose by 42.49% to 395.7 million yuan, driven by increased sales revenue[5] - Construction in progress surged by 520.51% to 208.79 million yuan due to increased investment in fundraising projects[5] - Accounts receivable increased to 395,696,531.92 yuan from 277,697,481.49 yuan, indicating a growth in sales on credit[14] - Inventory levels rose to 746,751,875.33 yuan from 657,187,046.54 yuan, reflecting higher stock levels[14] - Fixed assets increased to 1,013,952,364.95 yuan from 915,882,917.07 yuan, showing investment in infrastructure[14] - Total assets grew to 4,650,571,347.06 yuan from 4,143,247,172.12 yuan, indicating overall company growth[14] - Total liabilities increased to 561,802,774.91 yuan from 473,371,226.07 yuan, reflecting higher financial obligations[14] - Capital reserves increased to 2,108,727,481.19 yuan from 2,105,669,559.48 yuan, indicating stronger financial health[15] Cash Flow and Financial Activities - Tax refunds increased by 31.54% to RMB 115.86 million, mainly due to an increase in export tax rebates[8] - Other operating cash inflows surged by 208.79% to RMB 30.45 million, driven by increased customer deposits and government subsidies[8] - Tax payments rose by 65.09% to RMB 190.25 million, primarily due to higher income tax expenses[8] - Other operating cash outflows increased by 57.34% to RMB 689.99 million, mainly due to higher daily operating expenses[8] - Cash inflows from other investment activities reached RMB 50.11 million, a 100% increase due to the redemption of cash management products[8] - Cash outflows for the construction of fixed assets and other long-term assets surged by 250.12% to RMB 461.85 million, driven by increased investment in fundraising projects[8] - Cash outflows for other investment activities increased by 100% to RMB 80 million, mainly due to the purchase of cash management products[8] - Cash and cash equivalents decreased to 838,221,329.89 yuan from 1,009,093,815.68 yuan, reflecting potential cash outflows[13] - Net cash flow from operating activities increased to 396.56 million yuan, up from 346.63 million yuan in the previous period[19] - Cash received from tax refunds rose to 115.86 million yuan, compared to 88.08 million yuan in the prior period[19] - Cash paid for goods and services increased to 2.18 billion yuan, up from 1.92 billion yuan in the previous period[19] - Cash paid to employees and for employee benefits grew to 398.36 million yuan, compared to 335.17 million yuan in the prior period[19] - Net cash flow from investing activities decreased to -492.11 million yuan, down from -131.59 million yuan in the previous period[19] - Cash used for the purchase of fixed assets, intangible assets, and other long-term assets surged to 461.85 million yuan, up from 131.91 million yuan in the prior period[19] - Net cash flow from financing activities dropped to -74.95 million yuan, compared to 1.32 billion yuan in the previous period[19] - Total cash and cash equivalents at the end of the period stood at 837.14 million yuan, down from 1.72 billion yuan in the prior period[20] Expenses and Costs - Sales expenses increased by 40.30% to 694.51 million yuan, mainly due to higher business promotion and sales service fees[6] - Total operating costs increased to 3,093,785,319.69, with operating costs at 2,130,234,326.94, up from 2,717,624,766.32 and 1,999,174,681.68 respectively[16] - Sales expenses rose to 694,511,192.88 from 495,025,422.06, indicating increased marketing and distribution efforts[16] - R&D expenses increased to 59,975,444.63 from 55,644,338.72, reflecting ongoing investment in new product development[16] Income and Subsidies - Government subsidies contributed 13.85 million yuan to other income, a 347.57% increase year-over-year[7] - Investment income from cash management products reached 19.07 million yuan, a significant increase compared to the previous year[7] - Financial income improved to -17,510,167.44 from -13,910,853.24, with interest income rising to 7,154,426.42 from 3,958,555.13[16] - Total comprehensive income for the period was 483,842,269.39, up from 314,764,975.19[17] - Other comprehensive income after tax for the parent company's owners was 12,149,742.42, compared to -782,922.94 in the previous period[17] Shareholder Information - The company's largest shareholder, Qin Hua, holds 45.76% of the shares, totaling 183.08 million shares[9] - GOLDEN PROSPERITY INVESTMENT S.A R.L., the second-largest shareholder, holds 19.08% of the shares, totaling 76.32 million shares[9] - Beijing Junlian Shengyuan Equity Investment Partnership holds 9.27% of the shares, totaling 37.07 million shares[9] Earnings and Share Performance - Basic and diluted earnings per share both increased to 1.18 from 0.86[17] - Cash received from selling goods and providing services amounted to 3,710,335,560.62, up from 3,057,575,144.79[18] Miscellaneous - The company's third-quarter report was unaudited[20]

丨证券研究报告丨 公司研究丨点评报告丨乖宝宠物（301498.SZ） [Table_Title] 乖宝宠物系列报告之四：渠道及产品结构双重优 化，上半年毛利率提升明显 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 在渠道和产品结构的双重优化下， 2024 年上半年乖宝宠物毛利率同比 +7.88pct ，盈利能力提升 | | | 明显。麦富迪主粮升级趋势明显，预计 2024Q2 高端主粮占比接近 20% ，高毛利子品牌弗列加 特保持高增速，产品结构升级稳 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 56.33 CNY per share, based on a 30x PE multiple for 2025 [1][3] Core Views - The company is a leading domestic pet food manufacturer with strong brand positioning and profitability driven by its premiumization strategy [1] - Its overseas OEM experience and global supply chain layout provide competitive advantages [1] - The company is a pioneer in domestic pet food brands, leveraging diversified marketing to drive brand awareness and online sales growth [1] Financial Performance - In H1 2024, the company achieved revenue of 2.427 billion CNY, up 17.48% YoY, with pet food gross margin reaching 44.70%, up 12.78 percentage points YoY [1] - In 2023, the company's revenue reached 4.327 billion CNY, up 27.36% YoY, with net profit attributable to shareholders of 429 million CNY, up 60.69% YoY [19] - The company's own brand revenue reached 2.745 billion CNY in 2023, up 34.15% YoY, accounting for 63.44% of total revenue [19] Business Segments Domestic Market - The domestic business focuses on own-brand sales, with brands like "Myfoodie", "Fleigart", and "Wangzhenchun" covering the full range of pet food categories [19] - In 2023, domestic revenue reached 2.863 billion CNY, up 39.38% YoY, accounting for 66.17% of total revenue [19] Overseas Market - The overseas business started with OEM and expanded through acquisitions like "Waggin' Train" [19] - In 2023, overseas revenue reached 1.464 billion CNY, up 8.96% YoY, accounting for 33.83% of total revenue [19] Growth Drivers Product Innovation - The company has a comprehensive product matrix with over 1,300 SKUs, covering snacks, wet food, and dry food [26] - Premium products like "Fleigart" and "BARF" series have driven significant margin improvement [26] Marketing Strategy - The company employs celebrity endorsements, entertainment marketing, and co-branding to enhance brand awareness [55][56] - Online direct sales reached 866 million CNY in H1 2024, up 61.24% YoY, accounting for 35.85% of total revenue [59] Capacity Expansion - The company is expanding production capacity with new projects expected to increase total dry food capacity to over 200,000 tons [64][66] Financial Projections - Revenue is expected to grow at a CAGR of 21.3% from 2024 to 2026, reaching 7.723 billion CNY in 2026 [2] - Net profit attributable to shareholders is projected to grow at a CAGR of 31.9% from 2024 to 2026, reaching 984 million CNY in 2026 [2] Valuation - The company is valued at 30x 2025 PE, higher than peers, reflecting its leading position in the domestic pet food market and strong growth potential [69]