中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 2023 年度跟踪报告 | 保荐人名称：中泰证券股份有限公司 | 被保荐公司简称：乖宝宠物 | | --- | --- | | 保荐代表人姓名：陈凤华 | 联系电话：0531-68888089 | | 保荐代表人姓名：孙喜运 | 联系电话：0531-68888089 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 5 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一 ...

【东吴商社】乖宝宠物23&24Q1业绩交流会 时间：2024年4月23日 嘉宾：乖宝宠物 董事长 秦总，总裁 杜总，董秘 王总，财务总监 袁总等 （联系人 东吴商社 吴劲草/张家璇/郗越） 公司自有品牌麦富迪市占率持续提升，多个平台名列第一，高端猫粮品牌弗列加特也取得快速增长 关于行业发展大家应该也了解，最近几年以及未来几年，宠物食品都在快速增长阶段，预计到2026 年，宠物主粮，营养品等都是两位数以上的复合增长，全球市场2012-2022年间也达8.5%，这个行业 是增速较高的领域。中国宠物食品市场不仅仅是快速扩张，还有两个机遇：消费升级和国货崛起。行 业集中度不断提升，国货品牌增速超越外资品牌。 乖宝是国内首家以自主品牌为主的上市公司，也是创新导向性的行业头部企业，2023年，乖宝宠物营 收43.27亿（+27.36%），归母净利4.29亿（+60.68%），自有品牌和代工业务都有较大增长，其中自 有品牌增长更快，自有品牌去年实现27.45亿元收入（+37%），盈利能力持续提升，保持行业头部地 位，数字的背后，是产品，技术，品牌和发展理念。 品牌建设方面，麦富迪市场占有率继续提升，名列前茅，多个电商平台上 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [13]. Core Views - The company achieved a revenue of 4.33 billion yuan in 2023, representing a year-on-year growth of 27.4%. The net profit attributable to shareholders was 429 million yuan, up 60.7% year-on-year. The gross profit margin improved to 36.8%, an increase of 4.3 percentage points [13][7]. - The report highlights that the company's self-owned brand sales channels have been optimized, leading to a significant improvement in profitability. The direct sales channel's revenue has notably increased, contributing to higher gross margins [13][12]. Financial Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 5.40 billion yuan, 6.25 billion yuan, and 7.20 billion yuan, respectively, with year-on-year growth rates of 24.9%, 15.7%, and 15.1% [3][7]. - **Net Profit Forecast**: Expected net profits for the same years are 581 million yuan, 727 million yuan, and 860 million yuan, with growth rates of 35.4%, 25.3%, and 18.2% [3][7]. - **Profitability Ratios**: The gross margin is projected to increase to 37.8% in 2024 and further to 38.4% in 2025, while the return on equity (ROE) is expected to rise to 13.9% in 2024 and 15.1% in 2025 [3][7]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.45 yuan in 2024, 1.82 yuan in 2025, and 2.15 yuan in 2026 [3][7]. Market Performance - The company's stock closed at 53.30 yuan on April 19, 2024, with a market capitalization reflecting a strong performance in the pet food industry [13]. - The report notes that the company's direct sales revenue reached 1.24 billion yuan in 2023, a year-on-year increase of 57.0%, with a gross margin of 50.1% [13][12]. Product Segmentation - In 2023, the company's pet snacks revenue was 2.17 billion yuan, up 10.9% year-on-year, while the pet staple food revenue surged to 2.09 billion yuan, marking a 50.4% increase [13][12]. - The report also indicates that the company's domestic revenue was 2.86 billion yuan, a 39.4% increase year-on-year, while international revenue was 1.46 billion yuan, up 9.0% [13][12]. Sales Channel Analysis - The report highlights that the company's sales through direct channels have significantly increased, contributing to higher profitability. The gross margin for direct sales was reported at 50.1% [13][12]. - The company has also seen a notable increase in sales through e-commerce platforms, with a GMV of 1.88 billion yuan in 2023, reflecting a year-on-year growth of 31.2% [13][12].

Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Insights - The company reported a revenue of 4.33 billion and a net profit of 429 million for 2023, reflecting a year-on-year growth of 27.36% and 60.68% respectively. The Q1 2024 results also showed a revenue of 1.10 billion and a net profit of 148 million, with year-on-year growth of 21.33% and 74.49% [14]. - The growth in revenue is primarily driven by the increase in staple food sales, with a slight decrease in sales price per ton. The self-owned brand revenue reached 2.75 billion, up 34.15%, accounting for 63.44% of total revenue [14]. - The company has successfully captured the rapidly expanding domestic pet food market, increasing its market share from 2.4% in 2015 to 4.8% in 2022, ranking first among domestic brands [14]. - The direct sales channel has shown significant growth, with domestic sales reaching 2.86 billion, a 39.38% increase, while overseas sales grew by 8.96% to 1.46 billion [14]. - The overall gross margin improved to 36.83%, an increase of 4.19 percentage points, attributed to the higher proportion of self-owned brands and direct sales channels [14]. - The company expects revenue growth to continue, projecting revenues of 5.38 billion, 6.66 billion, and 8.19 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 549 million, 689 million, and 857 million [14]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a revenue of 4.33 billion and a net profit of 429 million, with respective growth rates of 27.36% and 60.68% [14]. - The Q1 2024 results showed a revenue of 1.10 billion and a net profit of 148 million, with growth rates of 21.33% and 74.49% [14]. Product Performance - Revenue from snacks, staple foods, and health products reached 2.17 billion, 2.09 billion, and 57 million respectively, with year-on-year growth of 10.86%, 50.35%, and 54.40% [14]. - The staple food revenue grew significantly, increasing its revenue share by 7.38 percentage points to 48.24% [14]. Market Position - The company has increased its market share in the domestic pet food sector, achieving a market share of 4.8% in 2022, up from 2.4% in 2015 [14]. Sales Channels - Domestic sales reached 2.86 billion, a 39.38% increase, while overseas sales were 1.46 billion, growing by 8.96% [14]. - Direct sales accounted for 28.56% of total sales, an increase of 5.40 percentage points year-on-year [14]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 5.38 billion, 6.66 billion, and 8.19 billion respectively, with net profits of 549 million, 689 million, and 857 million [14].

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company's performance in 2023 exceeded the forecast median, with a significant year-on-year increase in Q1 2024 profits [1]. - The company achieved a revenue of 4.327 billion yuan in 2023, a year-on-year increase of 27.36%, which is notably higher than the growth rate of the pet consumption industry [1]. - The net profit attributable to the parent company reached 429 million yuan in 2023, marking a year-on-year increase of 60.68%, also surpassing the forecast median [1]. - The company is a leading domestic pet brand, holding a market share of 4.8% in 2022, and continues to leverage its advantages through innovation, branding, and marketing [1]. Summary by Relevant Sections Financial Performance - In 2023, the company generated a revenue of 4.327 billion yuan, with a net profit of 429 million yuan, reflecting strong growth in the pet food and supplies sector [1]. - For Q1 2024, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 21.33%, and a net profit of 148 million yuan, which is a substantial year-on-year increase of 74.49% [1]. Business Strategy - The company focuses on continuous R&D innovation, with an investment of 73.28 million yuan in 2023, up 8% year-on-year [1]. - The brand "Mai Fu Di" has been successfully managed, emphasizing an image of "international, natural, professional, fashionable, and innovative," leading to a revenue of 2.75 billion yuan from its own brands, a year-on-year increase of 34.15% [1]. - The company has implemented an omnichannel strategy, achieving direct sales revenue of 1.24 billion yuan in 2023, a year-on-year increase of 57.02% [1]. Market Position - The company ranks first among domestic brands in market share, benefiting from its deep engagement in the pet industry and continuous innovation [1]. - The company’s main product line, pet staple food, generated a revenue of 2.09 billion yuan in 2023, with a year-on-year growth of 50.35%, accounting for 48.24% of total revenue [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8] Core Views - The company reported a revenue of 4.327 billion yuan in 2023, representing a year-on-year increase of 27.36%, and a net profit of 429 million yuan, up 60.68% year-on-year [5][10] - The company's proprietary brand revenue reached 2.745 billion yuan in 2023, a growth of 34.15% year-on-year, with significant contributions from both domestic and overseas markets [6][8] - The company is expected to maintain stable growth in its OEM/ODM business, with a projected revenue increase due to recovering overseas consumption [7][8] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.215 billion yuan, a year-on-year increase of 33.5%, and a net profit of 114 million yuan, up 128.67% year-on-year [5] - For Q1 2024, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 21.33%, and a net profit of 148 million yuan, up 74.49% year-on-year [5][10] - The company plans to distribute a cash dividend of 1.7 yuan per 10 shares to all shareholders [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.287 billion yuan in 2024, 6.498 billion yuan in 2025, and 7.929 billion yuan in 2026, with respective year-on-year growth rates of 22.2%, 22.9%, and 22.0% [10][15] - Net profit is expected to reach 607 million yuan in 2024, 760 million yuan in 2025, and 976 million yuan in 2026, with year-on-year growth rates of 41.5%, 25.3%, and 28.5% respectively [10][15] Valuation and Price Target - The estimated EPS for 2024, 2025, and 2026 are 1.52 yuan, 1.90 yuan, and 2.44 yuan respectively [10][15] - The company is assigned a PE ratio of 38-40 times for 2024, leading to a target price range of 58-61 yuan [8][10]

证券代码：301498 证券简称：乖宝宠物 公告编号：2024-018 乖宝宠物食品集团股份有限公司 关于召开2023年度暨2024年第一季度 业绩说明会的公告 一、说明会召开的时间、地点和方式 会议召开时间：2024年04月23日（星期二）08:30-09:30 会议召开地点：全景网（https://ir.p5w.net） 会议召开方式：网络互动方式 二、参加人员 公司董事长秦华先生，董事、总裁杜士芳女士，财务总监袁雪女士，董事会 秘书王鹏先生，独立董事王锐先生，保荐代表人陈凤华女士，保荐代表人孙喜运 先生参会。如有特殊情况，参会人员可能调整。 三、投资者参加方式 （一）投资者可于2024年04月23日（星期二）08:30登陆全景网"投资者关系 互动平台"（https://ir.p5w.net）参与本次业绩说明会。 （二）为了做好中小投资者的保护工作，公司现就本次业绩说明会提前向投 资者征集相关问题，广泛听取投资者的意见和建议。投资者可于2024年4月22日 （星期一）08：30前访问https://ir.p5w.net/zj/，或扫描下方二维码，进入问 本公司及董事会全体成员保证信息披露内容的真实、准确和 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 52.71 CNY [4][23]. Core Insights - The company's proprietary brand growth is impressive, with strong momentum in staple food products. The domestic business proportion has increased, making it the market leader in brand share within the country. The gross profit margin continues to improve, supported by increased sales and management investments [5][15]. Financial Performance Summary - In 2023, the company achieved a revenue of 4.327 billion CNY, a year-on-year increase of 27.36%. The net profit attributable to the parent company was 429 million CNY, up 60.68% year-on-year. For Q1 2024, revenue reached 1.097 billion CNY, growing 21.33% year-on-year, with a net profit of 150 million CNY, an increase of 74.49% year-on-year [15][18]. - The proprietary brand business generated 2.745 billion CNY in revenue, a 34.15% increase year-on-year, accounting for 63.44% of total revenue. The OEM/ODM business contributed 1.407 billion CNY, up 18.01% year-on-year, representing 32.51% of total revenue [15][16]. Gross Margin and Cost Structure - The gross margin for 2023 was 36.84%, an increase of 4.25 percentage points year-on-year. The gross margins for staple food and snack products were 36.00% and 37.19%, respectively, reflecting improvements in management and supply chain optimization [17]. - The company’s expenses for sales, management, R&D, and finance were 721 million CNY, 250 million CNY, 73 million CNY, and -13 million CNY, respectively, with year-on-year increases of 32.22%, 41.17%, 8.00%, and a decrease of 27.66% [17]. Future Projections - The company forecasts revenues of 5.333 billion CNY, 6.565 billion CNY, and 8.079 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.25%, 23.10%, and 23.06%. The net profit attributable to the parent company is expected to be 551 million CNY, 679 million CNY, and 860 million CNY for the same years, with growth rates of 28.47%, 23.32%, and 26.64% [18][19].

Investment Rating - The report maintains a "Buy" rating for the company, citing strong performance and brand upgrades as key reasons [4][9]. Core Insights - The company has shown impressive financial results, with a total revenue of 43.27 billion yuan in 2023, representing a year-on-year increase of 27.36%. The net profit attributable to the parent company reached 4.29 billion yuan, up 60.68% year-on-year [22]. - The company's gross margin for 2023 was 36.84%, an increase of 4.25 percentage points compared to the previous year, while the net margin was 9.95%, up 2.13 percentage points [8][9]. - The self-owned brand business is growing rapidly, with a significant increase in high-end product offerings, which is expected to enhance profitability further [9][10]. Revenue and Profitability - In 2023, the company achieved revenues of 21.66 billion yuan from snacks, 20.87 billion yuan from staple foods, and 0.57 billion yuan from health products, with year-on-year growth rates of 10.86%, 50.35%, and 54.40% respectively [10]. - The self-owned brand business generated 27.45 billion yuan in revenue, a year-on-year increase of 34.15%, while the ODM/OEM business brought in 14.07 billion yuan, up 18.01% [10]. Future Projections - The company forecasts net profits of 6.03 billion yuan, 7.48 billion yuan, and 9.04 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.51 yuan, 1.87 yuan, and 2.26 yuan [9][36]. - The report anticipates a continued upward trend in profitability driven by the increasing share of self-owned brands and the expansion of high-end products [9][10]. Market Position and Strategy - The company is actively expanding its online and offline channels, with direct sales channels experiencing a growth rate of 57.02% year-on-year [6]. - The strategic focus on high-end product promotion and leveraging new media platforms for marketing is expected to sustain rapid growth in sales [6][9].

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 盈利预测： 根据 wind 一致预期，2024-2025 年公司归母净利润分别为 5.14/6.43 亿元，对应 PE 分别为 38/30 倍，建议关注。 刘嘉仁，社零&美护首席分析师。曾供职于第一金证券、凯基证券、兴业证券。2016 年加 入兴业证券社会服务团队，2019 年担任社会服务首席分析师，2020 年接管商贸零售团队， 2021 年任现代服务业研究中心总经理。2022 年加入信达证券，任研究开发中心副总经理。 2021 年获新财富批零与社服第 2 名、水晶球社服第 1 名/零售第 1 名、新浪财经金麒麟最佳 分析师医美第 1 名/零售第 2 名/社服第 3 名、上证报最佳分析师批零社服第 3 名，2022 年 获新浪财经金麒麟最佳分析师医美第 2 名/社服第 2 名/零售第 2 名、医美行业白金分析师。 结束，低基数的同时恢复性增长，国内线上平台销售快速增长；2）利 ➢ 我们认为我国宠物食品行业正值高速发展、渠道变革、市场竞争格局快 速变化的重要时期，我们看好本土品牌凭借自身优势突围，乖宝厚积薄 发验证其品牌运 ...