佩蒂股份：2024年中报点评：公司各产品均有亮眼表现，2024H1实现业绩高增

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved significant growth in H1 2024, with revenue reaching 850 million yuan, a year-on-year increase of 71.6%, and a net profit attributable to shareholders of 100 million yuan, up 329.4% [1] - The company successfully overcame the impact of overseas market fluctuations in 2023, turning losses into profits [2] - The company has seen strong performance across all product categories, with rapid growth in international business [2] - The company has a global production layout, continuously increasing capacity, with significant contributions from its factories in Southeast Asia and Cambodia [2] - The company is expected to achieve net profits of 137 million, 179 million, and 204 million yuan from 2024 to 2026, with corresponding EPS of 0.55, 0.72, and 0.82 yuan, indicating a strong growth outlook [2] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 26.4%, an increase of 11.0 percentage points year-on-year, and a period expense ratio of 12.3%, down 10.6 percentage points year-on-year [2] - The company’s revenue by product category includes: - Chewable dog treats: 260 million yuan, up 87.9%, gross margin 22.8% - Plant-based chewables: 300 million yuan, up 114.6%, gross margin 29.0% - Nutritional meat snacks: 190 million yuan, up 38.4%, gross margin 29.9% - Main and wet food: 80 million yuan, up 34.9%, gross margin 22.2% [2] Market Strategy - The company is focusing on expanding its domestic market for staple foods and the overseas pet snack market, anticipating high growth in performance as inventory pressure eases and capacity is gradually released [2] - The company has improved operational efficiency through better management of raw material procurement, production, quality control, and employee training [2] Future Projections - The company’s projected revenue for 2024 to 2026 is 1.411 billion, 1.839 billion, and 2.057 billion yuan, with growth rates of -18.5%, 30.3%, and 11.8% respectively [3] - The projected net profit for the same period is -11 million, 137 million, 179 million, and 204 million yuan, with growth rates of -108.7%, 1337.0%, 30.8%, and 13.6% respectively [3]