证券研究报告 | 半年报点评 gszqdatemark 2024 08 28 年 月 日 乖宝宠物（301498.SZ） 产品&渠道结构升级，盈利能力持续提升 公司发布 2024 年半年报：2024H1 公司实现营业收入 24.27 亿元（同比 +17.5%），归母净利润 3.08 亿元（同比+49.9%）；单 Q2 实现营业收入 13.29 亿元（同比+14.5%），归母净利润 1.60 亿元（同比+32.6%，剔除 汇兑影响+42.0%，剔除激励费用影响后增速更快）。公司 Q2 利润表现靓 丽，自主品牌延续快速放量，主粮驱动成长，直销占比快速提升，品牌高 端化升级顺畅。 自主品牌表现亮眼，产品&渠道结构升级。我们预计 24H1 自主品牌收入 增速为 20%+，麦富迪增长稳健、弗列加特超翻倍增长。2024H1 公司零 食/主粮/保健品及其他分别实现收入 11.94/11.99/0.24 亿元，零食/主粮 分 别 同 比 +17.3%/+18.5% ， 毛 利 率 分 别 为 39.2%/44.7% （ 同 比 +3.2pct/+12.8pct），主粮占比稳步提升至 49.4%（（ 23 年全年+1.2pct ...

[Table_Reportdate] 2024年08月28日 [Table_invest] 买入（维持） 报告原因：业绩点评 [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：8月27日，公司发布2024年半年度报告。2024年上半年，公司实现营业收入24.27 亿元，同比增长17.48%；归母净利润3.08亿元，同比增长49.92%。公司2024Q2实现营 业总收入13.29亿元，同比增长14.48%；归母净利润1.6亿元，同比增长32.64%。由于2023 年上半年存在K9代理的影响，整体业绩表现亮眼。 [Table_QuotePic] [相Ta关b研le究_Report] 《乖宝宠物（301498）：业绩表现 亮眼，自有品牌持续升级——公司简 评报告》 2024.04.17 《乖宝宠物（301498）：Q3业绩持 续释放，关注自有品牌成长——公司 简评报告》 2023.10.25 盈利能力持续提升，产品结构持续升级。2024上半年公司毛利率42.05%，同比+7.84pct； 2 ...

证券研究报告 非金融公司|公司点评|乖宝宠物（301498） 业绩表现亮眼，品牌高端化持续进行 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 公司披露 2024 年中报，实现营收 24.27 亿元，同比增长 17.48%；归母净利润 3.08 亿元，同 比增长 49.92%。分产品看：2024 年上半年公司宠物主粮实现营收 11.99 亿元（同比+18.45%）， 毛利率为 44.70%（同比+12.78pcts）；宠物零食实现营收 11.94 亿元（同比+17.32%），毛利率 为 39.19%（同比+3.19pcts），主粮及零食业务均实现收入盈利双增长。直销渠道销售来看， 公司第三方平台（阿里系、抖音平台、京东、拼多多等）营收增长显著，2024 年上半年实现 营收 8.66 亿元（同比+61.24%），实现总订单 1097.99 万笔。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a total revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 17.48%. The net profit attributable to the parent company was 308 million yuan, up 49.92% year-on-year [3][5] - The revenue from staple food exceeded that of snacks for the first time, with staple food revenue reaching 1.199 billion yuan, a year-on-year increase of 18.45%, while snack revenue was 1.194 billion yuan, up 17.32% year-on-year [3][4] - The gross margin for staple food improved significantly, mainly due to a decrease in raw material costs and further optimization of product structure [3][4] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.329 billion yuan, a year-on-year increase of 14.48%, and a net profit of 160 million yuan, up 32.64% year-on-year [3][4] - The gross margin for the first half of 2024 was 42.05%, an increase of 7.84 percentage points year-on-year, while the net profit margin was 12.74%, up 2.71 percentage points year-on-year [4] Sales Channels - The company achieved sales through third-party e-commerce platforms amounting to 866 million yuan, a year-on-year increase of 61.24%, with an order count of approximately 10.98 million [4] - Revenue from platforms like Alibaba and Douyin reached 607 million yuan, accounting for 25.10% of total revenue, with a year-on-year growth of 50.71% [4] Market Outlook - The pet economy is thriving due to rising disposable income and increasing demand for pet companionship, which is expected to further boost the market for pet food [5] - The company is well-positioned as a leader in the domestic pet food market, with projected revenues of 5.212 billion yuan, 6.127 billion yuan, and 6.996 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.44%, 17.57%, and 14.17% [5][7]

请务必阅读正文之后的免责声明及其项下所有内容 乖宝宠物（301498.SZ） 优于大市 2024 中报点评：主粮维持量利双增，Q2 归母净利润同比+33% 主粮维持量利双增，Q2 归母净利润同比+33%。公司 2024H1 实现营业收入 24.27 亿元，同比+17.48%，其中 Q2 实现营业收入 13.29 亿元，环比+21.11%， 同比+14.48%；实现归母净利润 1.60 亿元，同比+49.92%，其中 Q2 实现归母 净利润 13.29 亿元，环比+8.02%，同比+32.64%。在自有品牌拓展、海外代 工业务景气共同推动下，公司宠物食品销量维持增长，Q2 单季毛利率进一步 提升至 42.80%，进而带动收入利润持续扩张。 分产品：主粮、零食业务量利其增。零食受益海外代工业务景气，2024H1 营业收入同比+17.32%至 11.94 亿元，毛利率为 39.19%，同比+3.19pct；主 粮业务受益自有品牌增长及直销渠道拓展，2024H1 营业收入同比+18.45%至 11.99 亿元，毛利率为 44.70%，同比+12.78pct。 分模式：自有品牌的线上直销模式快速拓展。报告期内，公司继续 ...

证券研究报告 宠物食品 乖宝宠物（301498.SZ） 增持-A(维持) 线上销售保持高增速，主粮产品盈利水平继续提升 | --- | --- | --- | |-------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年半年报， 2024 年 H1 公司实现营收 24.27 亿元，同比 + | | | | 17.48% ；实现归母净利润 3.08 ...

[Table_Main] 证券研究报告|公司点评 乖宝宠物(301498.SZ) 2024 年 08 月 27 日 投资要点 | --- | --- | --- | --- | |---------------------------|------------------|----------------|-------| | 乖宝宠物： 买入（维持） | Q2 | 业绩实现高增， | | | | | | | | 所属行业：农林牧渔 / 饲料 | 盈利水平显著改善 | | | | 当前价格 ( 元 ) ： 46.35 | | | | | | | | | 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 乖宝宠物 沪深300 -23% | --- | --- | --- | --- | |-------------------------------- ...

农产品加工Ⅱ 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩快速增长，直销渠道表现亮眼 ——乖宝宠物(301498)2024 年中报点评 | --- | --- | --- | --- | |------------------------------------------|--------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 62.99 CNY over the next six months, corresponding to a 45x PE for 2024 [4][5]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, achieving a revenue of 2.427 billion CNY (+17.48%) and a net profit of 308 million CNY (+49.92%) [1]. - The gross margin improved significantly to 42.05% (+7.84 percentage points) in the first half of 2024, driven by an optimized product mix and increased sales of proprietary brands [2]. - The company’s proprietary brands have gained popularity among consumers, with sales during the 618 shopping festival exceeding 470 million CNY, a 40% increase year-on-year [3]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 12.71% (+2.75 percentage points) and a net profit of 308 million CNY, with a significant increase in gross margin [2]. - The second quarter of 2024 saw a revenue of 1.329 billion CNY (+14.48%) and a net profit of 160 million CNY (+32.64%) [1]. - The company expects net profits for 2024 to reach 560 million CNY, with growth rates of +30.6% for 2024, +25.3% for 2025, and +25.0% for 2026 [4]. Market Position and Strategy - The company has successfully expanded its distribution channels, focusing on online direct sales complemented by a broad offline distribution network [3]. - The proprietary brand strategy has led to a stable increase in market share, positioning the company to maintain its leading status in the pet food market [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company reported a revenue of 2.427 billion RMB for the first half of 2024, representing a year-on-year growth of 17.5%, and a net profit of 308 million RMB, up 49.9% year-on-year [1]. - The growth strategy focuses on a single product approach and rapid expansion of direct sales channels, particularly through e-commerce platforms like Douyin [1][2]. - The company has successfully launched new product lines, enhancing its market position in the high-end pet food segment [2]. Revenue and Profit Analysis - In Q2 2024, the company achieved a revenue of 1.329 billion RMB, with a year-on-year growth of 14.5%, and a net profit of 160 million RMB, up 32.6% year-on-year [1]. - The gross margin improved to 42.1% in H1 2024, an increase of 7.8 percentage points year-on-year, driven by supply chain optimization and product upgrades [2]. - The company’s main products, including staple food and snacks, generated revenues of 1.2 billion RMB and 1.19 billion RMB respectively, with growth rates of 18.5% and 17.3% year-on-year [1]. Cost and Expense Management - The report highlights an increase in the gross margin due to a higher proportion of direct sales, which typically have better margins [2]. - Selling and administrative expenses increased, with the sales expense ratio rising to 19.0% and the management expense ratio to 7.4% in H1 2024 [2]. - The net profit margin for H1 2024 was reported at 12.7%, reflecting a year-on-year increase of 2.7 percentage points [2]. Future Growth Projections - The company is projected to achieve net profits of 560 million RMB, 710 million RMB, and 920 million RMB for the years 2024, 2025, and 2026 respectively, with growth rates of 31.5%, 26.2%, and 29.7% [3]. - The current price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated at 34, 27, and 21 times respectively [3].