Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The pet food industry continues to grow, with domestic brands increasing market share despite a slight slowdown in overall industry growth in 2023. The report emphasizes that pet food remains a key focus area within the optional consumption sector, with expectations for continued expansion driven by rising penetration of specialized pet food and increasing pet ownership [2][3] - The company, Guobao Pet, is a leading player in the pet food sector, with its core brand "Maifudi" achieving sales exceeding 2 billion yuan in 2023. The company is also expanding its high-end product offerings with brands like "Fuleijiate" and the newly launched "Wangzhenchun" [3][4] - Guobao Pet exhibits strong company attributes, including an experienced management team, high R&D investment, a clear brand strategy centered around "Maifudi," and effective channel planning that has led to significant growth in direct sales [4][5] Summary by Sections 1. Company Overview - Guobao Pet was established in 2006, initially focusing on OEM pet food production before transitioning to its own brand "Maifudi" in 2013. The company went public in August 2023 [10][12] 2. Market Position - The pet food market is currently valued at nearly 90 billion yuan, with a trend towards increased concentration among leading brands and a strong domestic replacement effect. The report anticipates that rising penetration rates will drive ongoing industry growth [2][6] 3. Financial Performance - The company reported revenue of 4.327 billion yuan in 2023, a year-on-year increase of 27.4%. The projected net profits for 2024-2026 are estimated at 623 million yuan, 759 million yuan, and 934 million yuan, respectively, with corresponding P/E ratios of 41.4, 34.0, and 27.6 [5][24] 4. Product and Sales Strategy - Guobao Pet's product strategy focuses on a single brand approach with a comprehensive range of offerings, including main meals, wet food, snacks, and health products. The company has seen significant growth in its main meal segment, which accounted for 48.24% of revenue in 2023 [15][26] 5. Management and Governance - The company has a stable management structure, with founder Qin Hua holding a significant stake and a team with extensive industry experience. The report highlights the implementation of stock incentive plans to align management interests with company performance [18][22]

证 券 研 究 报 告 乖宝宠物（301498）2024 年三季报点评 推荐（维持） 高端化又下一城，盈利能力再度提升 目标价：71 元 事项： ❖ 公司发布 2024 年三季报：24 年前三季度实现营收 36.71 亿元，同比增长 17.96%；归母净利润 4.70 亿元，同比增长 49.64%。24Q3 实现营收 12.45 亿元， 同比增长 18.92%；归母净利润 1.62 亿元，同比增长 49.11%。 公司同步发布《关于公司 2024 年前三季度利润分配预案的议案》：以截止 2024 年 9 月 30 日的公司总股本 4.00 亿股为基数，向全体股东每 10 股派红利 2.5 元（含税），共计 1 亿元（含税）。 评论： ❖ 国内业务：以弗列加特为代表的高端化成果瞩目，盈利能力再度提升。以麦 富迪为基本盘、弗列加特为高端天花板品牌，并在中间价格带区间孵化自生品 牌的模式已经跑通、且渐入佳境。根据炼丹炉数据：麦富迪前三季度销售额同 比增长 36%；高端品牌弗列加特增长强势，前三季度销售额同比增长 290%， 单三季度增长 200%。根据天猫战报，双十一开卖 4 小时，弗列加特成交同比 大涨近 230 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.96%, with a net profit of 470 million yuan, up 49.64% year-on-year [1] - The board proposed a profit distribution plan for the first three quarters of 2024, with a dividend of 2.5 yuan per 10 shares, totaling 100 million yuan [1] - The company has optimized its brand matrix, with the high-end brand "弗列加特" showing significant performance, ranking third in GMV during the Double Eleven shopping festival, with a 230% year-on-year increase [1] - The overall gross margin for the first three quarters was 41.98%, up 6.2 percentage points year-on-year, driven by product structure optimization and a higher proportion of direct sales [1] - The company is expected to strengthen its leading position in the pet food industry, with projected revenues of 5.295 billion yuan, 6.586 billion yuan, and 8.155 billion yuan for 2024, 2025, and 2026 respectively [1] Financial Summary - Revenue (million yuan): 4,327 in 2023A, 5,295 in 2024E, 6,586 in 2025E, 8,155 in 2026E [2] - Net profit (million yuan): 429 in 2023A, 629 in 2024E, 819 in 2025E, 1,055 in 2026E [2] - Earnings per share (yuan): 1.07 in 2023A, 1.57 in 2024E, 2.05 in 2025E, 2.64 in 2026E [2] - The company’s total assets are projected to reach 5.670 billion yuan in 2024E and 8.349 billion yuan in 2026E [2] - The company’s cash flow from operating activities is expected to be 1.412 billion yuan in 2024E [2]

证券研究报告 | 公司点评 | 农林牧渔 乖宝宠物(301498) | --- | --- | |-------|-------------------------| | | | | | 报告日期:2024年11月02日 | 投资要点 □ 公司发布 24Q3 业绩: 24Q1-Q3 公司营收 36.71 亿，yoy+17.96%，归母净利润 4.70 亿，yoy+49.64%， 扣非归母净利4.43亿,yoy+41.75%,其中 24Q3 营收 12.45亿,yoy+18.92%，归 母净利润 1.62 亿, yoy+49.11%, 扣非归母净利润 1.52 亿, yoy+40.74%, 考虑公 司持续计提股权激励与绩效考核相关费用,公司 Q3 利润表现突出,此外公司拟 每 10 股派红利2.5元,共计1 亿元。 □ 品牌延续高增,代工维持稳健 公司产品力品牌力突出,推动自有品牌与代工业务稳健增长,且随着自主品牌占 比提升,盈利能力持续优化,拆分看:1)内销:产品结构化升级持续推进,预 计实现 20%-30%增长,根据久谦数据，弗列加特 Q3 天猫增长 195%，麦富迪增 长 32%,持续超越大盘,推动份额提 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2][7] Core Views - The company has demonstrated strong performance with a total revenue of 3.671 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.96%, and a net profit attributable to the parent company of 470 million yuan, up 49.64% year-on-year [1][2] - In Q3 2024, the company achieved a total revenue of 1.245 billion yuan, reflecting an 18.92% increase year-on-year, and a net profit of 162 million yuan, which is a 49.11% increase year-on-year [1][2] - The company's gross margin for Q3 2024 was 41.84%, an increase of 3 percentage points year-on-year, while the net profit margin was 13.07%, up 2.74 percentage points year-on-year [2] - The company's self-owned brand "Mai Fu Di" has been successful in launching innovative products, enhancing its market position and brand recognition [2] - The company has made strategic acquisitions, including the purchase of the American pet food brand Waggin'Train, to strengthen its presence in the high-end pet food market [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.246 billion yuan, with a growth rate of 21%, and a net profit of 614 million yuan, reflecting a growth rate of 43% [5][7] - The earnings per share (EPS) for 2024 is estimated at 1.54 yuan, with a return on equity (ROE) of 15% [5][7] - The company’s total market capitalization is approximately 26.47 billion yuan, with a circulating market value of about 11.85 billion yuan [2][7]

证券研究报告 公司点评 乖宝宠物(301498.SZ) 农林牧渔｜ 饲料 业绩表现亮眼，品牌力有望持续提升 乖宝宠物（301498.SZ）2024 年三季报点评 2024 年 10 月 25 日 评级 增持 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 首次 | | 当前价格（元） | 64.45 | | 52 周价格区间（元） | 36.30-66.69 | | 总市值（百万） | 25782.90 | | 流通市值（百万） | 11537.97 | | 总股本（万股） | 40004.50 | | 流通股（万股） | 17902.20 | | | | 涨跌幅比较 -27% -7% 13% 33% 53% 73% 2023-10 2024-01 2024-04 2024-07 2024-10 乖宝宠物 饲料 | --- | |-------| | | | | | | | 1M | | 30.54 | | 23.70 | 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.co ...

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

乖宝宠物（301498.SZ） 优于大市 2024 三季报点评：自主品牌增长，渠道结构优化，Q3 归母净 利润同比+49% 自主品牌增长，渠道结构优化，Q3 归母净利润同比+49%。公司 2024 年前三 季实现营业收入 36.71 亿元，同比+17.96%，主要得益于海外代工业务景气 较好，国内自主品牌业务拓展；2024 年前三季实现归母净利润 4.70 亿元， 同比+49.64%，主要得益于主业扩张和毛利率提升。分季度来看，公司 2024Q3 实现营业收入 12.45 亿元，环比-6.35%，同比+18.92%，主业维持同比增长； 2024Q3 实现归母净利润 1.62 亿元，环比+1.10%，同比+49.11%，受自主品牌 增长、渠道结构优化带动，公司盈利继续维持同环比扩张趋势。 公司 Q3 毛利率和净利率均实现同比提升。公司 2024Q1-Q3 销售毛利率 41.98%，同比+6.21pct，其中 Q3 销售毛利率为 41.84%，环比-0.96pct，同 比+3.00pct，受自主品牌拓展，直销渠道占比提升、原材料成本下降、供应 链优化等多重因素影响，公司毛利率同比提升明显；2024Q1-Q3 销售 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 25 日收盘价（元） ] | 64.73 | | 52 周股价波动（元） | 30.16-72.88 | | 总股本 / 流通 A 股（百万股） | 400/179 | | 总市值 / 流通市值（百万元） | 25895/11588 | | 相关研究 | | | [Table_ReportInfo] 《产品 & 渠道双优化，自有品牌未来可期》 | | | 2024.09.04 | | | 《 24Q1 业绩超预期，国产宠食快速崛起》 | | | 2024.04.19 | | | 《立足自有品牌，乘国内宠物经济东风》 | | | 2024.03.05 市场表现 | | | [Table_QuoteInfo] 乖宝宠物 海通综指 | | -21.27% -7.27% 6.73% 20.73% 34 ...

公司网址:www.avicsec.com 联系电话:010-59219558 - 传真:010-59562637 2024年10月24日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |---------------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | 乖宝宠物(301498) | 投资评级 | 买入 | | Q3 业绩较快增长,深耕赛道、势头不改 | | 维持评级 | | | 2024年 10 月 23 日 | | | | 收盘价(元): | 66.29 | | 报告摘要 ◆ Q3 业绩较快增长 | 公司基本数据 | | | 2024 年前三季度,公司实现营业收入 36.71 亿元,同比上升 17.96%; | 总股本(百万股) | 400.04 | | | 总市值(百万) | ...