宠物行业周观点：乖宝发布二期股权激励计划，佩蒂烘焙主粮产线投产-20250820

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [5]. Core Insights - Guibao Pet released its second phase of stock incentive plan, which is expected to enhance team motivation. The plan involves granting up to 556,000 restricted shares, accounting for approximately 0.14% of the company's total equity, with performance targets set for revenue and net profit growth from 2025 to 2027 [1]. - Petty Co. has launched its first baking staple production line, optimizing its product structure. The company is transitioning from a pet snack leader to a full-category supplier, with a focus on baking products that meet evolving consumer preferences [2]. - The pet food market is shifting towards baked products, with significant increases in consumer preference for these items, providing a favorable environment for Petty's entry into the baking segment [2]. Summary by Sections Guibao Pet's Stock Incentive Plan - The second phase of the stock incentive plan aims to motivate key personnel by granting 556,000 restricted shares, with a performance assessment based on revenue growth targets of 25%, 53%, and 84% for 2025 to 2027, and net profit growth targets of 16%, 32%, and 45% for the same period [1]. - The expected revenue targets for 2025-2027 are 6.556 billion, 8.025 billion, and 9.651 billion yuan, respectively, with net profit targets of 725 million, 825 million, and 906 million yuan [1]. - The total estimated expense for the incentive plan is 25.836 million yuan, with impacts on financials spread across 2025-2028 [1]. Petty Co.'s Production Line Launch - Petty Co. has officially launched its baking staple production line, enhancing its ability to produce various staple products, including baked, dried, and wet food [2]. - The company is adapting to changing consumer preferences, with a notable increase in the demand for baked pet food, which aligns with the trend of pet owners investing in nutrition rather than just fulfilling basic needs [2]. - The baking staple's digestibility rate is reported at 97%, exceeding the industry average, which supports the product's health attributes [2]. Investment Recommendations - The report suggests focusing on companies with strong channel layouts and innovative product offerings in the pet industry, including Guibao Pet and Petty Co., as well as other firms involved in pet technology and health [3].