Investment Rating - The report gives an "Overweight" rating to the company, indicating a positive outlook for its future performance [67] Core Views - The company is a leading domestic pet food enterprise with a strong self-owned brand, continuously expanding and moving towards high-end markets [3] - The pet industry is in a favorable development phase, with the company benefiting from its strong R&D capabilities and product differentiation [3] - The company's self-owned brand, "Myfoodie," has achieved significant growth, with a CAGR of 40.33% from 2020 to 2023 [32] - The company's direct sales channel exceeded 1 billion yuan, with impressive performance during key e-commerce sales events like "618" and "Double 11" [39] Company Development and Brand Strategy - The company was founded in 2006, starting with OEM/ODM business and launched its self-owned brand "Myfoodie" in 2013 [3] - The company has been focusing on high-end markets since 2019, launching high-end cat food brand "Fleigarte" and acquiring the US brand "Waggin'Train" in 2021 [12] - In 2024, the company further advanced its high-end strategy by introducing a high-end dog food brand "Wang Zhen Chun" [12] - The company's self-owned brand revenue reached 2.745 billion yuan in 2023, accounting for a leading share in the industry [3] Financial Performance - The company's revenue in 2023 was 4.327 billion yuan, with a year-on-year growth of 27.4% [4] - Net profit attributable to the parent company in 2023 was 429 million yuan, with a year-on-year growth of 60.7% [4] - The company's gross profit margin increased from 32.6% in 2022 to 36.8% in 2023, and is expected to reach 40.6% by 2026 [4] - The company's net profit margin is projected to increase from 7.8% in 2022 to 12.1% by 2026 [4] R&D and Product Innovation - The company's R&D capabilities have effectively translated into product strength, with significant sales during key e-commerce events [3] - The company has developed a variety of product lines, including dual-grain series, probiotic-based main food series, and freeze-dried products [5][6][7] - The company's R&D expenses increased from 68 million yuan in 2022 to 132 million yuan in 2026, reflecting its commitment to innovation [4] Market and Industry Overview - The domestic pet industry exceeded 300 billion yuan in 2024, with the pet food industry reaching 158.506 billion yuan [82] - The pet food industry is expected to grow to 404.2 billion yuan by 2027, with significant potential in the cat food market [82] - Domestic pet food brands are gradually rising, with increasing consumer preference for local brands [82] Sales and Distribution Channels - The company's direct sales revenue reached 1.236 billion yuan in 2023, with a year-on-year growth of 57.02% [39] - The company's online sales during "618" and "Double 11" in 2024 increased by 40% and 65% respectively [3] - The company's distribution channel revenue reached 1.668 billion yuan in 2023, with a CAGR of 35.45% from 2020 to 2023 [25] Geographic and Supply Chain Advantages - The company is located in Shandong, a major agricultural province, providing it with a supply chain advantage [43] - The company has diversified its supply chain, reducing its reliance on single suppliers, with the top five suppliers accounting for 15.91% of total procurement in 2023 [50] Future Projections - The company's revenue is expected to reach 7.575 billion yuan by 2026, with a CAGR of 18.4% from 2024 to 2026 [4] - Net profit attributable to the parent company is projected to reach 912 million yuan by 2026, with a CAGR of 25.9% from 2024 to 2026 [4] - The company's EPS is expected to increase from 1.43 yuan in 2024 to 2.28 yuan in 2026 [55]
乖宝宠物：公司深度报告：宠物行业长坡厚雪，国牌龙头砥砺前行