Core Insights - Petty Co. (300673) indicated that chicken and duck meat are important raw materials for its products, and fluctuations in their prices significantly impact production costs [1] - A decrease in raw material prices has led to a reduction in production costs, which is beneficial for improving gross margins [1] - The company is continuously innovating in research and management to launch high-quality pet food, enhance operational efficiency, and reduce costs, promoting healthy development [1]

Investment Rating - The report indicates a neutral outlook for the agricultural, forestry, animal husbandry, and fishery sector, with a focus on the performance of specific companies within the industry [10]. Core Insights - The report highlights a significant decline in the performance of 22 key listed companies in the agricultural sector, with an expected 47% year-on-year drop in combined earnings for the first three quarters of 2025. However, certain segments, such as egg production and animal health, are expected to show notable growth [4][5]. - The pig farming sector is experiencing losses due to falling prices, with the average price of live pigs dropping to 13.9 yuan/kg, a 28% decrease year-on-year. This has led to a significant decline in profits for major pig farming companies [4][5]. - In the poultry sector, while white chicken prices are stabilizing, yellow chicken is seeing seasonal demand increases. The average price for commodity broiler chicks is reported at 2.67 yuan/chick, down 13% year-on-year [4]. - The animal health segment is witnessing a recovery in demand driven by improved cash flow for downstream customers, with a 6.73% increase in vaccine approvals from July to September 2025 [4]. - The pet food industry is maintaining high growth domestically, with online sales growth of 7% in Q3 2025, despite a decline in export performance due to tariffs [4]. Summary by Relevant Sections Pig Farming - The average profit for self-bred and purchased pig farming is reported at 43.2 and -116.7 yuan per head respectively, indicating a significant disparity in profitability among companies [4][5]. - Major pig farming company Muyuan Foods is expected to report a 50% year-on-year decline in net profit for Q3 2025 [4]. Poultry Farming - The report notes a seasonal recovery in yellow chicken prices, while white chicken prices remain under pressure due to oversupply [4]. - The average price for commodity egg-laying chicks is reported at 3.24 yuan/chick, reflecting a 4% year-on-year decrease [4]. Animal Health - The demand for veterinary vaccines is recovering, with a notable increase in sales driven by improved cash flow in the farming sector [4]. - The prices of veterinary raw materials have increased, with prices for certain antibiotics rising by 34% and 26% year-on-year respectively [4]. Pet Food - Domestic pet food companies are expected to continue high growth rates, with specific companies like Guibao and Petty showing year-on-year profit increases of 2% and flat performance respectively [4][5].

事件： 盈利预测与投资评级：我们长期看好公司自主品牌的核心增长动力与公司全球供应链的深厚内功以及品 牌出海的领先优势，有望在全球多个主要宠物市场实现放量增长。我们预计公司2025-2027 年实现营收 分别为53.40、64.58、76.80 亿元，实现归母净利分别为4.52、5.95、7.11 亿元，对应PE 为38.18、 28.97、24.27x，维持"推荐"评级。 风险提示：原材料价格波动风险；汇率波动风险；贸易战加剧风险；产能释放不及预期。 境内自有品牌增长强劲，产品矩阵持续完善。顽皮品牌继推出小金盾核心产品系列后，2025 年于亚宠 展推出精准营养系列，各产品系列精准定位，产品线实现向中高价格带覆盖；领先品牌与国民IP"武林 外传"联名，持续出圈；ZEAL 品牌于2025 年三季度推出新西兰寒流帝王鲑系列，持续打造天然高品质 的品牌形象。2025 年公司旗下品牌持续加码推新，成功开启新一轮增长周期。 毛利率略有波动，净利率有所提升。25Q3 公司销售毛利率为29.11%，同比+2.22pcts，环比-1.86pcts； 销售净利率为9.58%，同比-2.39pcts，环比+0.53pcts，公司在 ...

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery sector, indicating an "Overweight" investment rating for the industry [1][12]. Core Insights - The report highlights a significant decline in the performance of 22 key listed companies in the agriculture, forestry, animal husbandry, and fishery sector, with an expected 47% year-on-year drop in combined earnings for the first three quarters of 2025. However, certain segments, particularly egg-laying hens and animal health, are expected to show notable growth [1][4]. - The report identifies specific companies with strong performance forecasts, including Huisheng Biological (+1559%), Bangji Technology (+185%), Xiaoming Co. (+55%), and Placo (+55%) for Q3 [4]. - The report discusses the challenges in pig farming, with a significant drop in pig prices leading to industry-wide losses. The average price of external three-breed pigs fell to 13.9 yuan/kg, a 28% year-on-year decrease [4][5]. - In poultry farming, the report notes a mixed outlook, with white chicken prices stabilizing and seasonal demand for yellow chicken increasing. The average price for commodity broiler chicks was 2.67 yuan/chick, down 13% year-on-year [4][5]. - The animal health sector is experiencing a recovery in demand due to improved cash flow for downstream clients, with a 6.73% year-on-year increase in vaccine approvals [4]. - The pet food segment is facing challenges in overseas markets due to tariffs, but domestic brands are maintaining high growth rates, with online GMV for the pet food industry increasing by 7% year-on-year [4]. Summary by Relevant Sections Pig Farming - The report indicates a significant decline in profitability for pig farming, with average profits for self-bred and purchased pig farming at 43.2 and -116.7 yuan/head respectively. Major companies like Muyuan Foods are expected to see a 50% drop in net profit for Q3 [4][5]. Poultry Farming - The report notes a mixed performance in poultry farming, with white chicken prices under pressure and yellow chicken entering a seasonal peak. The average price for commodity broiler chicks and chicken products has shown varying trends [4][5]. Animal Health - The report highlights a recovery in the animal health sector, driven by increased livestock inventory and improved cash flow for clients, leading to a rise in vaccine and drug sales [4]. Pet Food - The report discusses the impact of tariffs on overseas pet food sales, while domestic brands continue to grow, with notable increases in sales for companies like Guibao and Petty [4].

Core Viewpoint - Petty Co., Ltd. is actively working to ensure that its products from New Zealand can enter the Chinese market, adhering to relevant regulations for importing pet food and additives [1] Regulatory Compliance - The import of pet food must comply with the "Administrative Measures for the Registration of Imported Feed and Feed Additives" and other related regulations [1] - Foreign companies exporting feed and feed additives to China for the first time must apply for registration with the Ministry of Agriculture and Rural Affairs and obtain a product registration certificate [1]

Core Viewpoint - Petty Holdings (300673.SZ) primarily utilizes the FOB (Free on Board) model for its export business, confirming revenue upon completion of production and customs clearance, with shipping costs borne by the buyer [1] Group 1 - The majority of the company's export operations are conducted under the FOB model, where revenue is recognized after the goods are shipped [1] - A smaller portion of the export business operates under the DAP (Delivered at Place) model, where the company is responsible for delivering goods to the buyer's specified location [1] - The company anticipates that port fees will not have a significant impact on its current performance and has been closely monitoring this matter [1]

Core Viewpoint - Petty Holdings (300673.SZ) emphasizes the importance of compliance with regulations for importing pet food into China, specifically the "Registration Management Measures for Imported Feed and Feed Additives" [1] Group 1: Regulatory Compliance - Imported pet food must adhere to relevant regulations, including the requirement for foreign companies to register with the Ministry of Agriculture and Rural Affairs before exporting feed and feed additives to China [1] - Companies must obtain a product registration certificate to facilitate the import process [1] Group 2: Market Expansion - Petty Holdings is actively working to expedite the entry of its products from New Zealand into the domestic market [1]

Group 1 - Yuanhe Capital, in collaboration with Shandong Land Development Group, has completed an investment of over 100 million yuan in Shuaike Pet [1] - Shuaike Pet is a domestic pet food OEM, with main products including dry food, canned food, wet food packages, and freeze-dried products [1] - The company has notable clients such as Blue Cross and NetEase Yanxuan, and owns several subsidiaries including Shandong Hano Biological Technology, Shandong Taimeng Pet Products Co., Ltd., and Shandong Dongci Food Co., Ltd. [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 75.00 CNY [6][12]. Core Insights - The domestic independent brands are accelerating, with continuous improvement in brand rankings. The overseas independent brands are performing strongly, and attention should be paid to the progress of overseas factory production [2][12]. - The company is continuously enhancing its R&D innovation capabilities, leading to an increase in market recognition [2][12]. - The company reported a revenue of 3.86 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 21.1%, with a net profit of 330 million CNY, up 18.2% year-on-year [12]. Financial Summary - Total revenue is projected to grow from 3.75 billion CNY in 2023 to 8.23 billion CNY in 2027, with a CAGR of 21.2% [4][13]. - Net profit attributable to the parent company is expected to increase from 233 million CNY in 2023 to 784 million CNY in 2027, reflecting a significant growth trajectory [4][13]. - The earnings per share (EPS) are forecasted to rise from 0.77 CNY in 2023 to 2.58 CNY in 2027 [4][13]. Market Position and Strategy - The company has launched new products under its brands during the Asia Pet Expo, enhancing its product matrix and driving revenue growth [12]. - The company’s brand "Wanpi" has seen a rapid rise in rankings on Douyin, indicating increasing market competitiveness [12]. - The company’s 100% owned factory in Mexico is completed, with an expected output value of 150 million CNY once fully operational, and a second factory in the U.S. is anticipated to start production in the first half of 2026 [12]. R&D and Cost Management - The company has increased its sales, management, R&D, and financial expense ratios, indicating a strategic investment in brand and product development [12]. - The R&D expenses are expected to grow, contributing to enhanced product capabilities and market acceptance [12].

格隆汇10月15日｜华福证券研报指出，中宠股份2025Q1-Q3归母净利润3.33亿元，同比+18.21%，单季 度来看，25Q3归母净利润1.30亿元，同比-6.64%。单季度营收规模创新高，内外市场全面开花。业绩表 现符合预期，盈利能力稳中有升。公司稳步推进全球产业链布局，海外工厂（美国二期项目、加拿大二 期项目、墨西哥生产基地、柬埔寨二期项目）持续加速建设。另外公司已成立北美总部，通过整合当地 研发、销售及供应链管理职能，构建并推动"全球研发+北美制造+全球销售"的协同运营模式。当前股 价对应2025-2027年PE分别为35x、28x、23x，维持"买入"评级。 ...