佩蒂股份（300673）：H1公司盈利能力提升中，爵宴持续高增

Investment Rating - The report maintains a "Recommended" rating for Petty Co., Ltd. (stock code: 300673.SZ) [1] Core Views - The company is experiencing an improvement in profitability, with significant growth in its premium product line, "Jueyan" [1][3] - The report highlights a decline in revenue for H1 2025, primarily due to the impact of overseas customer order rhythms, but notes a significant increase in gross margin [3] - The company is focusing on brand development and product innovation, particularly in the domestic market, which is expected to contribute to revenue growth [3] Financial Performance Summary - For H1 2025, the company reported revenue of 728 million yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of 79 million yuan, down 19.23% [3] - The gross margin for H1 2025 was 31.98%, an increase of 5.63 percentage points year-on-year [3] - The company’s domestic business revenue grew by 190.71% year-on-year, with the "Jueyan" brand achieving nearly 50% growth [3] - The report projects revenue growth rates of 31.03% for 2025 and 16.88% for 2026, with net profit growth rates of 20.61% and 19.16% for the same years, respectively [4] Product and Market Strategy - The company is launching new products in four high-growth categories in H2 2025, focusing on premium pet food and snacks [3] - The report indicates that the company is expanding its overseas market presence despite a 21% decline in foreign revenue due to tariff policies [3] - The company is enhancing its online and offline sales channels, with a focus on major e-commerce platforms and large retail chains [3] Financial Forecasts - The forecast for operating revenue is 2,173.91 million yuan for 2025, with a projected net profit of 219.76 million yuan [4] - The expected EPS for 2025 is 0.88 yuan, with a PE ratio of 20 times [4] - The report anticipates a gradual improvement in the company's financial metrics, including ROE increasing to 11.13% by 2025 [4][6]