佩蒂股份：产能突破释放成长，自主品牌渐露头角

Investment Rating - The report gives a "Buy" rating for the company, Petty Co., Ltd. (佩蒂股份) [1][5] Core Views - Petty Co., Ltd. is a leader in the chewing gum sector, diversifying its product range since 2018 and expanding both domestically and internationally. The company has shifted from an OEM model to developing its own brands, achieving significant growth in the domestic market [2][4] - The company is currently in a capacity-driven phase with strong downstream demand, as evidenced by high capacity utilization rates and ongoing production expansion [3][5] - Future growth is expected to come from domestic self-owned brands, with the company leveraging e-commerce channels to enhance brand recognition and market share [4][5] Summary by Sections 1. Industry Overview - The pet economy is experiencing robust growth, with the market expected to reach 8,114 billion yuan by 2025. The pet food market alone is projected to grow from 2,793 billion yuan in 2023 to 3,040 billion yuan in 2024, reflecting a CAGR of 6.64% from 2019 to 2023 [104][109] 2. Petty Co., Ltd. - Petty Co., Ltd. started with chewing gum products and has expanded into various categories, including pet nutrition and wet food. The company has maintained double-digit growth from 2015 to 2020, with a compound annual growth rate (CAGR) of 15.1% from 2014 to 2023 [2][147] - The company has established a strong presence in both domestic and international markets, with significant production facilities in Vietnam, Cambodia, and New Zealand [3][146] 3. Business Analysis - The company has successfully transitioned from an OEM model to developing its own brands, such as "Jueyan" and "Haoshijia," which have gained traction in the domestic market. The brand "Jueyan" achieved a remarkable 67% growth during the "618" shopping festival [4][5] - Petty Co., Ltd. has a diversified product portfolio, with a focus on high-quality pet food and snacks, which are increasingly favored by consumers [4][5] 4. Financial Analysis - The report forecasts significant revenue growth for the company, projecting revenues of 1.992 billion yuan in 2024, 2.429 billion yuan in 2025, and 2.876 billion yuan in 2026, with corresponding net profits of 183.91 million yuan, 233.61 million yuan, and 293.56 million yuan respectively [1][5] - The company's earnings per share (EPS) is expected to rise from 0.74 yuan in 2024 to 1.18 yuan in 2026, indicating a strong recovery and growth trajectory [1][5]