Investment Rating - The industry is rated as "Increase" [5] Core Views - The pet industry shows strong performance with leading companies reporting significant revenue growth and an increasing share of domestic business. The trend of brand localization and premiumization is evident, with 2024 revenue growth for leading companies such as Guibao Pet, Zhongchong Co., and Petty Co. at 21.22%, 19.15%, and 17.56% respectively, while net profit growth is 45.68%, 68.89%, and 1743% respectively [1][12] - In Q1 2025, Guibao Pet and Zhongchong Co. reported revenue growth of 34.82% and 25.41% respectively, while Petty Co. experienced a decline of 14.4% [1][12] - The domestic business of Zhongchong Co. grew by 30.26%, accounting for 31.67% of total revenue, while Guibao Pet's domestic business grew by 24%, making up 67.71% of its revenue [1][12] - The self-owned brand revenue of Guibao Pet reached 3.545 billion yuan, growing by 29% year-on-year, representing 67.6% of its total revenue [1][12] Summary by Sections Pet Industry - Leading pet companies reported strong growth in both revenue and net profit, with significant increases in domestic business and self-owned brand revenue [1][12] - Douyin's sales data for March 2025 shows a sales revenue of 818 million yuan, up 24.32% year-on-year, and a sales volume of 18.004 million, up 34.12% year-on-year, indicating a positive growth trend for top domestic brands [2][13] Livestock Farming - The national price for lean meat pigs is 14.81 yuan/kg, down 0.3% from the previous week, with a focus on low-cost, high-growth companies such as Muyuan Foods and Wens Foodstuffs [3][14] - The average price for white feather chickens is 7.47 yuan/kg, down 0.4%, and the average price for chicken products is 8.9 yuan/kg, down 0.6% [14][28] - The price for meat chicken seedlings is 2.85 yuan each, down 4% from the previous week [14][26] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution are confirmed [14] - The fluctuation of agricultural product prices is increasing, with leading feed companies likely to replace smaller firms due to their advantages in procurement and scale [14]

| 证券代码 | 证券名称 | | 一周涨跌幅(%) 4月涨跌幅(%) 2025年以来涨跌幅(%) | | | --- | --- | --- | --- | --- | | 832419. BJ | 路斯股份 | 9. 7324 | 32. 4912 | 54. 4521 | | 002891. SZ | 中宠股份 | 15. 4666 | 25. 5211 | 51. 8207 | | 301498. SZ | 乖宝宠物 | 15. 3043 | 27. 9140 | 45. 1609 | | 301335. SZ | 天元宠物 | 20. 2202 | 1. 5645 | 6. 7556 | | 001222. SZ | 源飞宠物 | 5.7102 | -3. 9559 | -6. 4435 | | 300673. SZ | 佩蒂股份 | -2. 5983 | -14. 3025 | -17.5409 | | 数据来源:同花顺iFinD 华夏时报 | | | | | 同花顺iFinD统计进一步显示，2025年以来，宠物食品板块涨幅喜人，路斯股份、中宠股份、乖宝宠物股价涨幅均 超过45%。其中，路斯股份、 ...

宠物公司业绩表现亮眼，行业持续高景气 同时，宠物营销界发布 3 月数据：抖音作为新内容平台，销量、销售 额数据均呈现同比增长，看好头部国产品牌中长期成长空间。根据宠 物营销界数据，抖音 2025 年 3 月情况如下：销售额达到 8.18 亿，同 比+24.32%，销售量 1800.4 万，同比+34.12%；客单价下降 6.27%， 关联商品数增长 2.7%，关联品牌数增长 0.43%，关联小店数增长 29.94%，关联达人数增长 34.65%。其中销售额前五品牌情况：1）抖 音狗主粮：麦富迪、伯纳天纯、明亮与狗、比乐、鲜粮说，2）抖音猫 主粮：麦富迪、弗列加特、卫仕、喵梵思、蓝氏。淘宝 2025 年 3 月情 况如下：1）淘宝猫主粮：销量环比上升了29.30%，同比下降了21.25%； 销售额环比上升了 35.34%，同比下降了 21.37%。2）淘宝狗主粮：销 量环比上升 33.78%，同比下降了 17.79%；销售额环比上升 36.26%， 同比下降 12.56%，抖音新内容平台增长较好。 证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 生猪养殖：本周全国瘦肉型肉 ...

Core Viewpoint - The pet economy continues to attract market attention, with leading companies in pet food, Zhongchong Co. and Petty Co., being the focus of institutional interest this week [1][2]. Market Performance - During the week of April 21 to April 25, the A-share market showed slight recovery, with the Shanghai Composite Index rising by 0.56% to close at 3295.06 points, and the Shenzhen Component Index increasing by 1.38% [1]. - The overall performance of the Shenwan first-level industries was positive, with sectors like utilities, automotive, beauty care, and home appliances leading the gains, while food and beverage, social services, agriculture, forestry, animal husbandry, and military defense sectors saw declines [1]. Institutional Research and Company Performance - A total of 294 listed companies received institutional research, with 209 stocks achieving positive returns during the week. Notably, Shijia Photon surged by 66.54%, while several other companies, including Erkang Pharmaceutical and Tianyuan Pet, saw gains exceeding 20% [1]. - The pet economy sector saw a 1.74% increase, ranking fourth among concept sectors, with Tianyuan Pet hitting a 20% limit-up, and Zhongchong Co. and Yiyi Co. also reaching limit-up [1]. Company Financials - Zhongchong Co. reported a revenue of 4.46 billion yuan for 2024, a year-on-year increase of 19.1%, and a net profit of 394 million yuan, up 68.9%. In Q1 of this year, the company achieved a revenue of 1.101 billion yuan, a 25.41% increase, and a net profit of 91.155 million yuan, up 62.13% [2]. - Petty Co. highlighted the growth of its popular brand "Jueyan" in the first quarter of 2025, particularly in categories like natural bone and meat chew snacks, main course cans, freeze-dried snacks, and fresh grain, with freeze-dried products showing rapid growth [2]. Production Capacity and Market Strategy - Petty Co. noted that its New Zealand staple food is currently in a ramp-up phase, with expected capacity release of 20%-30% by Q2 2025, which will cater to diverse domestic and international high-end staple food demands [3]. - Zhongchong Co. has established a comprehensive tariff response system, indicating that recent tariff adjustments will not significantly impact its operations. The company has a global production footprint, including facilities in the U.S., Canada, New Zealand, and Cambodia, which mitigates risks from trade policy changes [3][4]. Strategic Adjustments - Petty Co. has shifted nearly all U.S. customer orders to its Southeast Asian factories due to rapid changes in tariff policies, although the specific impact on business remains uncertain [4].

Core Insights - The company reported a revenue of 1.659 billion yuan for 2024, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, marking a turnaround from losses [1] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decline of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% [1] - The company experienced rapid growth in its proprietary brand revenue in 2024, with significant performance in overseas markets [1] Revenue Breakdown - In 2024, revenue from various product lines included 505 million yuan from animal skin chew toys, 608 million yuan from plant-based chew toys, 403 million yuan from nutritious meat snacks, and 118 million yuan from staple and wet food, with year-on-year changes of +19.1%, +43.7%, +26.6%, and -43.6% respectively [1] - The overseas market generated 1.371 billion yuan in revenue in 2024, reflecting a year-on-year increase of 29.1%, with a gross margin of 28.94%, up 11.04 percentage points [1] Domestic Market Performance - The domestic market revenue was 288 million yuan, down 17.6% year-on-year, primarily due to a contraction in agency brands, while proprietary brand revenue grew by 33%, with the "Jueyan" brand increasing by 52% [2] - The domestic market gross margin reached 31.72%, an increase of 8.04 percentage points year-on-year [2] Product and Brand Strategy - The company is expanding its product categories and diversifying its channels, with "Jueyan" focusing on high-end dog food and extending into high-end cat food [2] - New Zealand's staple food brand "SmartBalance" is expected to enter the domestic market in the second half of the year, with production capacity anticipated to increase by 20%-30% in 2025 [2] Financial Metrics - In Q1 2025, the gross margin was 28.62%, an increase of 4.26 percentage points year-on-year, while the net margin was 7.07%, down 3.82 percentage points [3] - The sales and management expense ratios were 8.45% and 9.31%, respectively, with increases attributed to higher marketing expenses for proprietary brands [3] Profit Forecast - The company adjusted its profit forecasts for 2025-2026, now expecting net profits of 194 million yuan and 231 million yuan, with corresponding EPS of 0.78 and 0.93 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 59.5 CNY, compared to the closing price of 48.58 CNY on April 23, 2025 [6][12]. Core Insights - The company achieved a revenue of 4.465 billion CNY and a net profit of 394 million CNY in 2024, representing year-on-year growth of 19.15% and 68.89% respectively. The first quarter of 2025 saw revenues of 1.1 billion CNY and net profits of 91 million CNY, with year-on-year increases of 25.4% and 62% [3][12]. - The company's strategy of focusing on staple food products has led to significant revenue growth, with overseas revenue expected to reach 3.051 billion CNY in 2024, accounting for 68.33% of total revenue, a year-on-year increase of 14.62% [3][12]. - The company is expanding its overseas production capacity, particularly in the U.S. and Canada, with the second phase of the U.S. factory expected to be operational by 2026. This expansion is anticipated to enhance profitability [3][12]. Financial Summary - Revenue projections for 2025-2027 are 5.284 billion CNY, 6.3 billion CNY, and 7.659 billion CNY respectively, with net profits expected to be 503 million CNY, 635 million CNY, and 826 million CNY [2][12]. - Earnings per share (EPS) are projected to grow from 1.34 CNY in 2025 to 2.80 CNY by 2027, indicating a strong upward trend in profitability [2][12]. - The company’s gross margin is expected to improve from 28.2% in 2024 to 31.6% in 2027, reflecting enhanced operational efficiency [2][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [15]. Core Insights - The company achieved a record high in annual performance for 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit attributable to shareholders of 394 million yuan, up 68.89% [1][3]. - The company's core brands are experiencing significant growth, particularly in the domestic market, where revenue from pet food has surged by 92% year-on-year, contributing to a robust overall performance [2][3]. - The company has successfully met its employee stock ownership plan targets, with a notable increase in profit margins and a strong performance in both domestic and international markets [3]. Revenue Summary - In 2024, the company generated total revenue of 4.465 billion yuan, with snacks (including canned food) contributing 3.1 billion yuan (up 5%) and pet staple food generating 1.1 billion yuan (up 92%) [2]. - Domestic revenue reached 1.41 billion yuan, reflecting a 30% year-on-year growth, while international revenue was 3.05 billion yuan, up 15% [2]. Profitability Summary - The company achieved a gross margin of 28.2% in 2024, an increase of 1.9 percentage points year-on-year, with domestic gross margin at 35% and international gross margin at 25% [3]. - The net profit margin for Q4 2024 was 8.8%, up 3.3 percentage points year-on-year, while Q1 2025 saw a net profit margin of 8.3%, an increase of 1.9 percentage points [3]. Financial Forecast - The company is projected to achieve revenues of 5.198 billion yuan in 2025, 6.088 billion yuan in 2026, and 6.989 billion yuan in 2027, with year-on-year growth rates of 16.4%, 17.1%, and 14.8% respectively [3][5]. - Net profit forecasts for 2025, 2026, and 2027 are 455 million yuan, 542 million yuan, and 632 million yuan, with respective growth rates of 15.7%, 19.0%, and 16.6% [3][5].

Macroeconomic Overview - In April, the US Markit Manufacturing PMI preliminary value is 50.7, above the expected 49 and previous 50.2; the Services PMI preliminary value is 51.4, below the expected 52.6 and previous 54.4; the Composite PMI preliminary value is 51.2, below the expected 52 and previous 53.5 [3] - The Eurozone's Manufacturing PMI preliminary value is 48.7, above the expected 47.4 and previous 48.6; the Services PMI preliminary value is 49.7, below the expected 50.5 and previous 51; the Composite PMI preliminary value is 50.1, slightly above the neutral 50, below the expected 50.2 and previous 50.9 [4] - The data indicates that Manufacturing PMI values are performing better than Services PMI, suggesting that the impact of trade wars on manufacturing has not yet fully materialized, while the Services sector reflects economic sentiment more quickly [4] Company Analysis: Yiyuan Communication - Yiyuan Communication reported a 2024 revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, with a gross margin of 17.61%, down 1.33 percentage points; net profit attributable to shareholders is 588 million yuan, up 548.5% [7] - In Q1 2025, revenue reached 5.2 billion yuan, a year-on-year increase of 31.5%, with a net profit of 145 million yuan, up 265% [7] - The growth is driven by a recovery in the IoT industry, with shipments of LTE, automotive, and 5G modules increasing by over 60% [7] Company Analysis: Sanhuan Group - Sanhuan Group reported a 2024 revenue of 7.375 billion yuan, a year-on-year increase of 28.8%, with a gross margin of 43%, up 3.15 percentage points; net profit attributable to shareholders is 2.19 billion yuan, up 38.6% [8] - The fourth quarter of 2024 saw revenue of 1.994 billion yuan, a year-on-year increase of 23%, with a net profit of 587 million yuan, up 33.8% [8] - The strong performance is attributed to a recovery in demand for consumer electronics and optical communication, as well as increased sales of MLCC products [8] Company Analysis: Zhongchong Co., Ltd. - Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [10] - In Q1 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% [10] - The overseas market remains the core source of revenue and profit, with a focus on OEM/ODM partnerships to enter international markets [10] Company Analysis: Wen's Food Group - Wen's Food Group reported a 2024 revenue of 104.92 billion yuan, a year-on-year increase of 16.7%, with a net profit of 9.23 billion yuan, up 244.5% [11] - In Q1 2025, revenue was 6.3 billion yuan, a year-on-year increase of 14.2%, with a net profit of 50 million yuan, up 82.7% [11] - The company achieved profitability in its pig farming business, with a significant increase in pig sales volume and a rise in average selling price [12]

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Core Insights - The company, Guibao Pet, has become the highest revenue-generating domestic pet food listed company in 2024, achieving a revenue of 5.245 billion yuan, a year-on-year increase of 21.2%, and a net profit of 625 million yuan, up 45.7% [1] Revenue and Profitability - Guibao Pet's self-owned brand revenue reached 3.545 billion yuan in 2024, growing by 29.14%, accounting for 67.59% of total revenue, an increase from 63.44% in 2023 [3] - The company's gross profit margin in 2024 was 42.27%, an increase of 5.43 percentage points from the previous year, with the main food gross margin at 44.70% and snacks at 39.47% [6] Market Position and Strategy - Guibao Pet has established a strong market position, with its main brand, Myfoodie, ranking first in the Tmall Double Eleven pet food sales for four consecutive years [10] - The company is focusing on high-end product offerings, aligning with the trend of refined and high-nutrition pet care, which has shown resilience even during the pandemic [6] Brand Development and Product Range - The company has developed a matrix of self-owned brands since 2013, including Myfoodie and Fuleijiate, and has launched various product lines targeting different market segments [2] - Guibao Pet has also introduced a budget brand, "Baicui," which operates independently and aims to penetrate the lower price segment while leveraging the company's brand effect and supply chain [8][7] Industry Trends - The rise of domestic pet food brands is increasingly replacing imported pet food, reflecting a broader trend in the industry [9] - The domestic pet food market is characterized by a shift towards online marketing and sales, with domestic brands investing heavily in digital channels to enhance brand recognition [10] Export Challenges - Guibao Pet faces potential risks from tariff disputes, particularly with the U.S., which could impact its export orders and pricing strategies [11] - In 2024, the company's overseas revenue was 1.693 billion yuan, a year-on-year increase of 15.70%, accounting for 32.29% of total revenue, indicating a stable export performance despite external pressures [11]