截至4月29日晚19时，共有近5300家A股公司披露2024年年报，占A股公司总数的98%。2024年，近六成 A股公司收入保持增长，申万一级行业中，电子、汽车、计算机等行业整体收入增长可观。 与此同时，已有逾5100家A股公司披露了2025年一季报，其中超六成企业一季度营收实现增长，贵金 属、风电设备、影视院线、游戏、休闲食品等板块一季度保持较高景气度。 龙头企业展现定力 从收入端来看，超过3000家A股公司2024年营业收入同比实现增长，占A股公司的六成。其中，超1000 家公司收入同比增幅超过20%，逾200家公司收入增幅超过50%。 多家创新药企业收入爆发式增长。在收入增幅前20名的企业中，有智翔金泰-U、亚虹医药-U、百利天 恒、迪哲医药-U等多家创新药企业。百利天恒2024年收入达到58.2亿元，同比增长936.3%；归母净利润 达到37亿元，同比扭亏。 今年春节档电影票房刷新多项历史纪录，《哪吒之魔童闹海》进入全球影史票房前列。Wind数据显 示，影视院线板块一季度营业收入同比增长44.51%，居各行业榜首。 今年1月实施或延续的家电以旧换新、消费电子国补等政策，对家电、消费电子等板块带动作用明 ...

Industry Rating - The industry rating is maintained at "Outperform" [2] Core Insights - The pet industry is experiencing significant growth, with the urban dog and cat consumption market reaching 300.2 billion yuan in 2024, a year-on-year increase of 7.5%. The dog consumption market is valued at 155.7 billion yuan, growing by 4.6%, while the cat consumption market is at 144.5 billion yuan, increasing by 10.7% [4][14] - The demographic shift towards younger pet owners, particularly among the post-90s and post-00s generations, is driving demand for pet products and services. The post-90s account for 41.2% of pet owners, while the post-00s represent 25.6%, marking a significant increase of 15.5 percentage points year-on-year [5][18] - The online sales channel for pet food has become dominant, with over 80% of pet owners purchasing staple food through traditional online channels. The Taobao and Tmall platforms hold over 50% market share in the pet industry, with a significant increase in user engagement and sales [6][46] Summary by Sections Pet Industry Scale - The pet market is expanding, with the urban dog and cat consumption market surpassing 300 billion yuan for the first time. The growth is driven by the increasing number of young pet owners and their willingness to spend on pet care [4][14] - The pet population is also on the rise, with the number of pet dogs reaching 52.58 million and pet cats at 71.53 million in 2024, reflecting a growth of 1.6% and 2.5% respectively compared to 2023 [14][25] Online Channel Transformation - The e-commerce landscape for pet products is evolving, with a multi-polar structure forming. Taobao and Tmall dominate the online market, while Douyin (TikTok) is rapidly gaining traction, showing a 65% year-on-year growth in the pet category [6][52] - Major promotional events like Double Eleven have demonstrated strong consumer resilience, with significant increases in sales across various platforms, indicating a robust market for pet products [6][57] Offline Channel Upgrade - Offline retail for pet products is recovering, with a notable increase in the number of pet hospitals and stores. The offline channel accounts for 44% of total consumer spending in the pet industry, highlighting the importance of physical services [7][66] - The medical market for pets is substantial, comprising nearly 30% of the overall market share, with a rapid increase in the number of pet hospitals, totaling 28,975 by the end of 2024 [7][80] Investment Recommendations - The report suggests focusing on the dual themes of "domestic substitution and consumption upgrade" within the pet economy. Recommended stocks include: "Guibao Pet," "Petty Co.," "Zhongchong Co.," and "Lusi Co." [8]

Industry Rating - The industry rating is maintained at "Outperform" [2] Core Insights - The pet industry is experiencing significant growth, with the urban dog and cat consumption market reaching 300.2 billion RMB in 2024, a year-on-year increase of 7.5%. The dog consumption market is valued at 155.7 billion RMB, growing by 4.6%, while the cat consumption market is at 144.5 billion RMB, increasing by 10.7% [4][14] - The demographic shift towards younger pet owners, particularly those born in the 1990s and 2000s, is driving consumption upgrades and creating a robust demand for pet products and services [5][18] - The online sales channel for pet food has become dominant, with over 80% of pet owners purchasing staple food through traditional online channels, and the Taobao platform holding over 50% market share [6][46] - The offline retail market is recovering, with a significant portion of spending still occurring in physical stores, particularly for services like grooming and veterinary care [7][66] Summary by Sections Pet Industry Scale - The pet market is expanding, with the urban dog and cat consumption market surpassing 300 billion RMB, driven by a growing number of young pet owners [4][14] - The number of pet owners aged 00s has increased significantly, indicating a shift in consumer demographics [5][18] - The pet food market remains the largest segment, accounting for 52.8% of total consumption, followed by the medical market at 28.0% [24][84] Online Channel Transformation - The online channel is the primary sales avenue for pet food, with 80% of purchases made through traditional online platforms [6][43] - Taobao and Douyin are leading platforms, with Douyin's pet category experiencing a 65% year-on-year growth in 2024 [52][46] - The growth of live streaming and content-driven sales is enhancing consumer engagement and driving sales [43][52] Offline Channel Upgrade - Offline channels account for 44% of total pet spending, with a notable increase in service-oriented spending [66][71] - The number of pet stores has surpassed 90,000, indicating a robust growth in physical retail presence [75][76] - The medical market is a significant segment, with nearly 30% market share and a rapid increase in the number of veterinary clinics [80][84] Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet food sector, recommending companies such as "Guibao Pet," "Petty Co.," "Zhongchong Co.," and "Lusi Co." as potential investment targets [8]

Core Insights - Petty Co. reported a revenue of 1.659 billion yuan for 2024, marking a year-on-year increase of 17.6%, and achieved a net profit of 182 million yuan, reversing previous losses [1] - The gross margin for 2024 improved to 29.4%, an increase of over 10 percentage points, attributed to product structure optimization and enhanced capacity utilization in overseas bases [1] - The company experienced fluctuations in quarterly performance, with Q4 2024 and Q1 2025 revenues of 336 million yuan (down 32.1% year-on-year) and 329 million yuan (down 14.4% year-on-year), respectively, influenced by customer order volatility [1] Business Segments - Revenue from various business segments in 2024 included: - Pet skin chew toys: 505 million yuan (+19.1%) - Plant-based chew toys: 608 million yuan (+43.7%) - Nutritional meat snacks: 403 million yuan (+26.6%) - Staple food: 118 million yuan (-43.6%) [1] - The Cambodian factory significantly improved its profitability, achieving a net profit of 51 million yuan with a profit margin of 14.3% in 2024, compared to a loss in 2023 [2] - The New Zealand facility has commenced production of 40,000 tons of high-quality staple food, with expected capacity release of 20%-30% in 2025 [2] Market Strategy - The company has successfully shifted nearly all U.S. customer orders to Southeast Asian factories to mitigate tariff fluctuations, leveraging its global production layout [2] - In the domestic market, Petty Co. achieved sales revenue of 288 million yuan in 2024, primarily driven by its own brands, which saw a 33% revenue growth, with the Jueyan brand growing by 52% [2] - The gross margin for domestic sales reached 31.7%, reflecting an improvement of 8.04 percentage points, indicating enhanced profitability [2] Financial Forecast - Revenue projections for Petty Co. from 2025 to 2027 are estimated at 1.914 billion yuan, 2.163 billion yuan, and 2.387 billion yuan, representing year-on-year growth rates of 15.34%, 13.04%, and 10.37%, respectively [3] - Net profit forecasts for the same period are 199 million yuan, 221 million yuan, and 251 million yuan, with corresponding growth rates of 9.16%, 11.15%, and 13.53% [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 18.85x, 16.96x, and 14.94x, respectively, maintaining a "buy" rating [3]

佩蒂于 2024 年成立佩蒂宠物健康营养研究院，将借助这一 开放性的研发平台，深入关注宠物生命全周期的营养需求、心理 健康和行为研究，最大限度地利用科研资源、转化科技成果，丰 富我们的营养健康产品，用科学的方式保障每一只宠物的健康。 我们一直在努力构建覆盖全产业链的可持续生态。 二、问答交流主要信息 问题 1：2024 年度及 2025 年第一季度，公司销售费用增长明显， 其中广告宣传费用占比较大，广告投入都有哪些方向？ 答：国内销售费用主要聚焦于品牌建设与渠道拓展两大核心领 域。一是在品牌战略层面，公司通过系统化的市场推广及品牌宣 传活动，持续强化品牌认知度与美誉度，以品牌形象构建市场竞 争优势。二是在渠道优化方面，依托精准的渠道资源投放，着力 完善终端网络布局，深化渠道合作伙伴关系，有效提升市场覆盖 率与销售渗透能力。 规模效应，经营质量大幅提升。大家比较关注的新西兰主粮目前 处于一个产能爬坡的状态，预计今年二季度产能释放明显加快， 可以满足国内外高端主粮品牌的多样化需求。 2023 年，在中国"3060"双碳目标的指引下，我们携手壳 牌中国开启了一场绿色革命。这一年，温州生产基地经国际权威 机构 SGS ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][7]. Core Views - The company has shown significant revenue and net profit growth in Q1 2025, with revenue increasing by 25.4% and net profit by 62.1% year-on-year. The domestic brand momentum is on the rise, particularly with the "Wang Pi Xiao Jin Dun" high-fresh meat cat food, which is expected to gain market share in the mid-to-high-end cat food segment [1][6][7]. - The overseas factories have sufficient orders, and the second phase of production in Canada and the United States is expected to support North American demand, further enhancing the global supply chain layout [1][7]. - The company is expected to maintain good profitability due to low-cost structures and high capacity utilization in overseas factories, despite a slight increase in expenses due to higher marketing investments [1][6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 4.465 billion, a year-on-year increase of 19.1%, and a net profit of 394 million, up 68.9% year-on-year. The fourth quarter of 2024 saw a revenue of 1.276 billion, a 23.3% increase year-on-year, and a net profit of 112 million, up 98.2% year-on-year [6][9]. - The company's gross margin improved by 1.9 percentage points year-on-year in 2024, driven by a higher proportion of high-margin staple food products and structural optimization [6][9]. - For Q1 2025, the company reported a gross margin of 31.9%, an increase of 4.0 percentage points year-on-year, with a net profit margin of 8.3%, up 1.9 percentage points year-on-year [6][9]. Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to 1.59 and 1.88 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 34x for 2025 [1][7][8]. - The company is expected to maintain a high single-digit profit margin throughout the year, benefiting from the acceleration of domestic brand market share [1][7]. Market Position and Shareholder Information - The company has a total market capitalization of 15.8 billion yuan, with a return on equity (ROE) of 16.8% and a debt-to-asset ratio of 40% [2][6]. - The major shareholder is Yantai Zhongxing Biotechnology Co., Ltd., holding a 24.8% stake in the company [2].

[Table_Reportdate] 2025年04月29日 [证券分析师： Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250429 重点推荐 财经要闻 ➢ 1.国新办召开新闻发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.蚂蚁财富要约收购耀才证券，万能险迎监管优化——非银金融行业周报（20250421- 20250427） ➢ 2.AI芯片厂商业绩表现亮眼，谷歌Q1资本开支持续高增——电子行业周报2025/4/21- 2025/4/27 ➢ 3.匠心家居（301061）：业绩超预期，自主品牌稳步建设——公司简评报告 ➢ 4.乖宝宠物（301 ...

事件描述 公司发布2024 年年报及2025 年一季报，2024 年实现营收52.45 亿元，同比增长21.22%，实现归母净利 润6.25 亿元，同比增长45.68%。单四季度公司实现营收15.73 亿元，同比增长29.55%，实现归属净利润 1.54 亿元，同比增长34.78%。2025 年一季度公司营收14.8 亿元，同比增长34.82%，实现归属净利润 2.04 亿元，同比增长37.68%。 事件评论 自主品牌增速持续超预期，高端化带动利润率提升显著。2024 年预计公司自主品牌收入同比增长 30%+，外销收入同比增长15%左右。分品牌来看，预计2024 年麦富迪增速20%左右，弗列加特增速 120%左右，子品牌弗列加特处于爆发增长期，2024 年下半年推出的烘焙粮大单品成为品牌延续高增长 的重要动力，预计弗列加特2024 年实现8 亿左右收入。2024 年公司实现净利率12%，同比+2.0pct，境 内毛利率45.62%，同比+6.4pct，境外毛利率35.24%，同比+3.1pct，弗列加特、barf 等高端系列产品的 增长带动内销毛利率大幅提升，原材料价格利好带动外销毛利率水平有所提升。 202 ...

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing at 3288.41, down 0.20% [2] - The total market capitalization of the Shanghai Composite Index is 6344.43 billion, with a PE ratio of 11.70 and a PB ratio of 1.22 [3] - The overall market sentiment is cautious, with a significant number of stocks declining [10] Economic Policies - The central bank will continue to implement a moderately loose monetary policy to support the real economy [15][16] - Measures to stabilize employment and promote high-quality economic development are set to be introduced [17][18] - The central bank conducted a 279 billion 7-day reverse repurchase operation, injecting liquidity into the market [19] Industry Dynamics - The engineering machinery export maintained growth momentum in Q1 2025, with total exports reaching 13.61 billion USD, up 7.6% year-on-year [27][28] - The export of excavators saw a significant increase, with a total of 2.34 billion USD, up 21.4% year-on-year [28] - The industrial vehicle sector experienced a slight decline in exports, totaling 2.06 billion USD, down 1.3% year-on-year [29] Company Performance - Keda Li (002850.SZ) reported a Q1 2025 net profit of 387 million, up 25.51% year-on-year, with revenue of 3.022 billion, reflecting a 20.46% increase [34][35] - Jin Lei Co., Ltd. (300443.SZ) achieved a net profit of 55.91 million in Q1 2025, up 91.2% year-on-year, with revenue of 505 million, up 97.5% [36] - Qingsong Co., Ltd. (300132.SZ) turned a profit with a net profit of 54.68 million in 2024, compared to a loss in the previous year [38] - Hualing Cable (001208.SZ) reported a net profit of 28 million in Q1 2025, up 101.34% year-on-year, driven by improved gross margins [46] Investment Opportunities - The banking sector is highlighted as a defensive investment due to its stable dividend yields amid market volatility [10][11] - The energy sector, particularly electric power, is expected to see increased demand as summer approaches, presenting potential investment opportunities [11] - Companies in the AI industry chain and those benefiting from domestic consumption expansion are recommended for long-term investment [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]