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]
乖宝宠物：宠物食品景气持续，自主品牌份额提升