Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [1]. Core Views - The company has demonstrated impressive growth in its proprietary brands, with a significant increase in revenue and profit margins, particularly driven by the Fligat brand [2][3]. - The company's revenue for 2024 reached 5.245 billion yuan, reflecting a year-on-year growth of 21.2%, while the net profit attributable to the parent company was 625 million yuan, up 45.7% [1][2]. - In Q1 2025, the company achieved a revenue of 1.48 billion yuan, marking a 34.8% increase, and a net profit of 204 million yuan, which is a 37.7% rise [1][2]. Summary by Sections Revenue and Profit Growth - In 2024, the company's proprietary brands generated revenue of 3.545 billion yuan, a year-on-year increase of 29.1%, with Fligat expected to more than double its revenue [2]. - The company’s direct sales revenue reached 1.969 billion yuan in 2024, a 59.3% increase, with a significant contribution from e-commerce platforms [2]. Product and Market Development - The company has focused on high-end product offerings, with the Fligat brand's revenue significantly increasing and the product structure of Maifudi improving [2]. - The launch of upgraded products in March 2025, such as Fligat's baked grain, aims to enhance nutritional precision [2]. Financial Performance and Forecast - The company’s gross margin improved to 41.6% in Q1 2025, with net profit margins also showing steady improvement [3]. - Forecasts for net profit attributable to the parent company are 789 million yuan for 2025, 1.049 billion yuan for 2026, and 1.344 billion yuan for 2027, with corresponding P/E ratios of 60, 46, and 36 times [3][5].

2025Q1农业板块公募基金重仓持股占比下降，中宠股份获逆势增持 2025Q1农业板块公募重仓持股环比下降，受中美关税升级催化，2025Q2农业板块公募重仓持股或环比 提升。2023Q4以来农业板块公募重仓持股环比持续下降，2025Q1农业板块总流通市值降至12367亿元， 环比-0.40%，占A股流通市值比重降至1.69%，环比-0.03pct。从公募重仓持股看，2025Q1农业板块重仓 持股市值占公募股票投资总市值0.40%(环比-0.03pct，自2023Q4高点-0.44pct)。2024年3月末以来中美互 加关税加码升级，农业板块避险属性凸显投资逻辑增强，预计2025Q2农业板块公募重仓持股或环比提 升。 细分板块看，2025Q1养殖细分板块公募重仓持股同比下降明显，其他子板块持股占比相对稳定。 2025Q1农业细分板块中养殖/饲料/种植/动保/农产品加工公募重仓持股占比分别为0.19%、0.17%、 0.03%、0.01%、0.003%，分别同比-0.31、-0.01、-0.03、-0.01、0.00pct，因持仓占比绝对点位已处低水 平，故各农业细分板块持仓占比环比均微降。受猪周期影响，养殖板块 ...

Core Viewpoint - The research team conducted a field study at Guobao Pet Group in Shandong to understand the current state of the pet industry and analyze the company's development, aiming to provide practical recommendations for policy formulation to support high-quality growth in the pet industry [1]. Group 1: Industry Overview - The pet market is experiencing continuous growth in demand, but it faces challenges such as the need for improved industry standards, unregulated pet-keeping environments, and increasing market competition [5]. - The importance of brand building is emphasized, particularly in the context of intensified global competition, with a focus on enhancing the global influence of domestic pet food products [7]. Group 2: Company Insights - Guobao Pet's leadership provided a comprehensive overview of the entire production chain of pet food, from research and development to logistics, allowing the research team to gain a direct understanding of the company's production capabilities and the current state of the pet food industry [2]. - Guobao Pet aims to strengthen its technology, quality, and brand development to enhance the competitiveness of domestic brands on the international stage [5]. Group 3: Policy and Support - The research activity combined on-site visits and in-depth discussions, uncovering both the development experiences of leading enterprises and the bottlenecks they face, which will inform future policy-making and industry guidance [17]. - The role of private enterprises in economic development is highlighted, with associations pledging to leverage their platform advantages to support Guobao Pet in reaching households across the country and expanding globally [9].

Performance Overview - In 2024, the company achieved revenue of 5.25 billion, a year-on-year increase of 21%, and recorded a net profit attributable to shareholders of 630 million, a year-on-year increase of 45.7% [1] - In Q4 2024, revenue reached 1.57 billion, a year-on-year increase of 29.6%, with a net profit of 150 million, a year-on-year increase of 34.8% [1] - In Q1 2025, revenue was 1.48 billion, a year-on-year increase of 34.8%, and net profit was 200 million, a year-on-year increase of 37.7% [1] Dividend Plan - The company proposed a cash dividend of 2.5 yuan for every 10 shares [2] Business Segmentation - Pet snacks generated revenue of 2.48 billion, a year-on-year increase of 14.7% [2] - Main food products achieved revenue of 2.69 billion, a year-on-year increase of 28.9%, benefiting from the increasing influence of proprietary brands [2] - Health products and other revenues were 50 million, a year-on-year decrease of 19% [2] - Domestic revenue was 3.55 billion, a year-on-year increase of 24%, while overseas revenue was 1.7 billion, a year-on-year increase of 16% [2] Brand Performance - The proprietary brand "Mafudi" ranked first in Tmall's comprehensive ranking during the Double 11 shopping festival [2] - High-end brand "Fuleijiate" saw a year-on-year sales increase of 190%, while "Bafu" experienced a 150% increase in sales [2] - Total revenue from proprietary brands reached 3.54 billion, a year-on-year increase of 29% [2] OEM/ODM Performance - OEM/ODM revenue was 1.68 billion, a year-on-year increase of 19% [3] Profitability Metrics - The overall gross margin increased by 5.43 percentage points to 42.3% for the year [3] - In Q4 2024, the gross margin rose by 3.3 percentage points to 42.9% [3] - The increase in gross margin was attributed to the high-end positioning of proprietary brands and stable raw material costs [3] Expense Analysis - The expense ratio for 2024 increased by 3.09 percentage points to 26.91%, mainly due to increased brand promotion and service fees [3] - Sales expense ratio increased by 3.45 percentage points, while management expense ratio rose by 0.07 percentage points [3] - Financial and R&D expense ratios decreased by 0.36 and 0.06 percentage points, respectively [3] Future Projections - The company expects to achieve net profits of 800 million, 960 million, and 1.15 billion in 2025, 2026, and 2027, representing year-on-year growth of 27%, 21.3%, and 19% respectively [4] - Earnings per share (EPS) are projected to be 1.99 yuan, 2.41 yuan, and 2.87 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 50, 41, and 34 [4]

4月24日，乖宝宠物股价走高，盘中最高触及121.34元/股，刷新历史记录。收报119.98元/股，涨超 15%，总市值达480亿元。截至目前，乖宝宠物股价年内累计涨幅已达53%。 Euromonitor数据显示，2015—2023年，乖宝宠物店额国内市占率已从2.4%升至5.5%，实现翻倍增长， 位列国产品牌市占率第一。同时，在国内宠物经济快速崛起的背景下，乖宝宠物有望从中继续获益。 除股价表现亮眼外，乖宝宠物的业绩也较为出色。资料显示，乖宝宠物主要从事宠物食品的研发、生产 和销售，主营宠物犬用和猫用多品类宠物食品，自2022年上市以来，营收持续稳健增长。 随着乖宝宠物对产品创新与技术研发愈发重视，其研发费用也随之上涨。2022年-2024年研发费用分别 为6800万元、7327.67万元、8547.62万元。乖宝宠物称，在未来还将继续加大研发投入。 从其披露的最新财报来看，2024年，乖宝宠物实现营收52.45亿元，同比增长21.22%；归母净利润6.25 亿元，同比增长45.68%。在2025年一季度中，实现营业收入14.8亿元，同比增长34.82%；归母净利润 为2.04亿元，同比增长37.68%。 ...

Group 1: Industry Overview - The pet economy sector is experiencing rapid growth, with the market size in China expected to reach 300.2 billion yuan in 2024, reflecting a year-on-year increase of 7.5% [2] - The pet food market will continue to dominate but may stabilize in market share, while segments like pet medical care, supplies, and services are anticipated to grow quickly [2] - The pet economy is driven by changing consumer trends, particularly among Generation Z and the elderly, leading to increased spending on pets [1][2] Group 2: Company Performance - Zhongchong Co., Ltd. reported a net profit of 91.1553 million yuan for Q1 2025, a year-on-year increase of 62.13%, with revenue reaching 1.101 billion yuan, up 25.41% [1] - Guai Bao Pet achieved total revenue of 1.48 billion yuan in Q1 2025, a 34.82% increase year-on-year, with a net profit of 204 million yuan, up 37.68% [1] - Tianyuan Pet's main business revenue consistently accounted for over 98% of total revenue, indicating stable performance in pet product sales [3] Group 3: Company Profiles - Zhongchong Co., Ltd. focuses on building a brand matrix with "Wanpy" and "Zeal," covering various pet food and product categories [3] - Guai Bao Pet, established in 2006, specializes in the research, production, and sales of pet food, including main food series and snacks [3] - Tianyuan Pet's revenue primarily comes from pet product sales, with a diverse product range including cat climbing frames and pet toys [3] - Yiyi Co., Ltd. has strong R&D and production capabilities in disposable pet hygiene products [3] - Beishidake has launched its own brand "Pickfun" for pet AI photography, expanding into service areas [3] - Petty Co. focuses mainly on the pet food industry [3] - Ruipubio collaborates with Ruipet Hospital to enhance brand building and channel promotion in pet medical care [3] - Yuanfei Pet's revenue mainly comes from the sale of pet supplies and snacks [4]

Investment Rating - The report assigns an "Accumulate" rating to the company, with an expected price target of 108.28 CNY over the next six months [5]. Core Insights - The company reported a revenue of 5.245 billion CNY for 2024, representing a year-on-year growth of 21.22%. The net profit attributable to the parent company reached 625 million CNY, up 45.68% year-on-year [1]. - The growth in the staple food business, particularly the self-owned brand segment, has been a significant driver, with self-owned brands accounting for 67.59% of total revenue in 2024, an increase of 4.15 percentage points [2]. - The overall gross margin improved by 5.43 percentage points to 42.27% in 2024, driven by a decline in chicken prices and the growth of high-margin self-owned brand products [3]. Financial Summary - For 2024, the company achieved a revenue of 5.245 billion CNY, with a projected revenue growth of 20.17% for 2025 [12]. - The net profit attributable to the parent company is expected to grow to 810 million CNY in 2025, reflecting a 29.72% increase [12]. - The earnings per share (EPS) for 2025 is projected to be 2.03 CNY, with a corresponding price-to-earnings (P/E) ratio of 51x [4][12]. Business Performance - The pet food and staple food segments generated revenues of 2.484 billion CNY and 2.690 billion CNY respectively in 2024, with year-on-year growth rates of 14.66% and 28.88% [2]. - The company’s direct sales channel saw a significant increase in revenue, growing by 59.33% year-on-year, indicating a shift towards higher-margin sales strategies [3]. Market Outlook - The domestic business is expected to serve as a stabilizing factor for the company's performance amid uncertainties in overseas operations due to changing tariff policies [4]. - The report anticipates steady growth in overseas OEM demand, with revenue from international operations reaching 1.693 billion CNY in 2024, a 15.70% increase year-on-year [4].

今天上午，"宠物双雄" 乖宝宠物、中宠股份双双爆发，股价均创新高 。 "宠物双雄"的表现，只是今年以来A股、港股市场新消费板块的一个缩影。卫龙美味（魔芋制品）、毛戈平（美妆）、蜜雪集团（现代茶饮）、泡泡玛特 （IP潮玩）、老铺黄金（黄金珠宝），还有拉芳家化等老牌国货实现二次焕新突破的个股，今年以来都走出趋势慢牛态势，大部分个股都创出历史新高。 今天上午，A股冲高回落，上证指数下跌0.1%，深证成指下跌0.66%，创业板指下跌0.68%。PEEK材料、美容护理、宠物经济等板块涨幅居前，电力、银 行等高股息资产表现活跃。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3292.98 | 9869.91 | 1935.84 | | -3.38 -0.10% -65.89 -0.66% | | -13.32 -0.68% | 宠物经济、美容护理板块上涨 今年以来，宠物经济、美容护理两大板块成为新消费领域牛股的集中地。 今天上午，这两大板块双双大涨。宠物经济板块中，路斯股份、天元宠物等个股大涨。两只龙头股 乖宝宠物上涨12.47%、中宠股份涨停 。 | | V | 宠物经济 ...

Group 1: Stock Performance - The pet economy concept stocks are experiencing strong performance, with companies like Zhongchong Co., Tianyuan Pet, and others seeing significant gains, with some stocks hitting the daily limit [1][2] - Zhongchong Co. (002891.SZ) reported a stock price of 53.44, with a rise of 10.00% and a market capitalization of 15.77 billion [2] - Tianyuan Pet (301335.SZ) saw a stock price of 25.40, increasing by 19.98% and a market capitalization of 1.27 billion [2] - Guai Bao Pet (301498.SZ) reported a stock price of 116.02, with an increase of 11.63% and a market capitalization of 20.77 billion [2] Group 2: Financial Performance - Guai Bao Pet reported a net profit of 204 million for Q1, a year-on-year increase of 37.68% [5] - Zhongchong Co. reported a net profit of 91 million for Q1, a year-on-year increase of 62.13% [6] - Yiyi Co. reported a net profit of 54 million for Q1, a year-on-year increase of 27.96%, with a non-recurring profit of 50 million, up 40.97% [7] Group 3: Industry Trends - The integration of AI in the pet industry is rapidly expanding, with applications in health management, behavior analysis, and interactive companionship [8] - The pet industry in China is in a phase of rapid growth, with the market expected to exceed 300 billion by 2024, driven by changing consumer trends [8] - The post-2000 generation is becoming the core consumer group in the pet economy, with a pet ownership penetration rate of 24% among those over 20, indicating significant growth potential [8] Group 4: Market Insights - The current pet food market in China is valued at approximately 100 billion, with significant room for growth in average annual spending per pet [9] - The market expansion may shift from quantity-driven to price-driven growth, as the number of pets stabilizes [9] - Domestic leading brands are expected to rise, similar to Japan's market, where local brands have gained significant market share [9]

Core Insights - The company reported a revenue of 5.245 billion and a net profit of 625 million for 2024, showing a year-on-year growth of 21.22% and 45.68% respectively [1] - In Q1 2025, the company achieved a revenue of 1.48 billion and a net profit of 204 million, reflecting a year-on-year increase of 34.82% and 37.68% respectively [1] Business Performance - The domestic self-owned brand business showed strong performance with a revenue increase of 29%, and direct sales revenue surged by 59% [2] - In 2024, self-owned brand revenue reached 3.545 billion, accounting for 67.6% of total revenue, while OEM/ODM revenue was 1.675 billion, growing by 19% [2] - Snack revenue was 2.48 billion, up 14.7%, while staple food revenue was 2.69 billion, increasing by 28.9% [2] - Direct sales model revenue was 1.969 billion, up 59%, while OEM/ODM revenue was 1.675 billion, up 19%, and distribution revenue was 1.576 billion, down 5.5% [2] - Domestic business revenue was 3.551 billion, up 24%, representing 67.7% of total revenue [2] - The company achieved a gross margin of 42.3% and a net margin of 11.96%, both showing significant year-on-year improvements [2] Brand Strategy and Market Position - The company's high-end brand strategy has shown significant results, with increased investment in R&D [3] - The brand "Mafudi" has enhanced its high-end product offerings, and the sub-brand "Bafute" saw a 150% increase in sales during the 2024 Double 11 shopping festival [3] - The high-end cat food brand "Fuleijiate" also experienced rapid growth, with a 190% increase in sales during the same period [3] - The launch of the ultra-premium dog food brand "Wangzhenchun" fills a gap in the domestic ultra-premium dog food market [3] - According to Euromonitor, the company's market share in the domestic market increased from 2.4% in 2015 to 5.5% in 2023, ranking first among domestic brands [3] Profit Forecast and Investment Rating - The company is expected to benefit from the ongoing pet economy, with projected net profits of 760 million, 960 million, and 1.28 billion for 2025, 2026, and 2027 respectively [3] - Corresponding price-to-earnings ratios are forecasted to be 55X, 43X, and 33X for the respective years [3] - The company maintains a "buy" rating based on its leading advantages in pet food production, manufacturing, and R&D [3]