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东海证券:晨会纪要-20241115
Donghai Securities·2024-11-15 06:13

Group 1: Key Recommendations - The "Double 11" sales performance of pet food is outstanding, with a total online sales of 5.9 billion yuan, representing a year-on-year growth of 22.92% [6][9] - The leading brands in the pet food sector have shown strong performance, with several brands achieving over 1 billion yuan in sales during the "Double 11" period [6][8] - The domestic pet food market continues to grow rapidly, with opportunities for domestic brands to gain market share as pet ownership increases and consumer preferences shift towards high-quality products [9] Group 2: Company Analysis - DiKe Co., Ltd. (300842) reported a revenue of 11.509 billion yuan for Q1-Q3 2024, a year-on-year increase of 88.77%, with a net profit of 293 million yuan, showing stability in profit margins [10][11] - The company maintains a leading position in the photovoltaic conductive silver paste market, with sales of 1,581.16 tons in the first three quarters of 2024, a year-on-year increase of 41.40% [11][12] - Juhe Materials (688503) achieved a revenue of 9.826 billion yuan in Q1-Q3 2024, a year-on-year increase of 32.80%, but faced a decline in net profit by 4.47% [13][14] Group 3: Market Trends - The pet food market is experiencing a shift towards health-oriented products, with baked cat food sales increasing by 147% during the "Double 11" period, indicating a growing consumer focus on pet health [7][8] - The export of pet food from China continues to grow, with a volume of 25,600 tons and an export value of 124 million USD in September 2024, reflecting a year-on-year increase of 5.47% and 11.04% respectively [9] - The competitive landscape in the pet food industry remains intense, with domestic brands like Guobao Pet and Zhongchong Co. showing significant sales growth during the "Double 11" event [8][9]