证券研究报告|公司深度研究报告 [Table_Date] 2025 年 07 月 28 日 [Table_Title] 宠物用品及食品双轮驱动，发力自主品牌 [Table_Title2] 源飞宠物(001222) [Table_Summary] ► 投资建议 源飞宠物作为国内宠物牵引用具及宠物食品龙头企业，具 备优质海外客户资源与全球化产能优势，同时积极开拓自主品 牌、打造第二增长曲线，公司 23Q2 迎来补库存收入拐点，24 年发力自主品牌、收入和利润共振。我们分析：1）公司股权激 励目标要求未来 3 年收入 CAGR24%，主要来自扩产贡献，海 外食品及用品产能存在较大扩产空间。2）公司三大自主品牌通 过差异化定位抢占细分市场，我们测算未来 3 年有望做到 3-5 亿收入、并实现盈亏平衡。3）公司代理业务有望改善结构、实 现利润率提升。我们预计 25-27 公 司 收 入 分 别 为 16.33/21.07/25.40 亿元，归母净利润分别为 1.87/2.25/2.59 亿 元，对应 2025-2027 年 EPS 为 0.98/1.18/1.36 元，25 年 7 月 28 日公司收盘价 19.15 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of the company in 2024, with a revenue of 1.31 billion and a net profit of 164 million, indicating significant year-on-year growth [1] - The company achieved overseas revenue of 1.12 billion, a 27.15% increase compared to the previous year, while domestic revenue reached 186 million, marking a substantial 73.38% growth [1] - In Q1 2025, the company reported a revenue of 335 million, reflecting a 36.30% year-on-year increase, although net profit decreased by 30.57% to 25.36 million due to increased expenses from domestic business expansion and new product development [1] Group 2 - The company has over 20 years of experience in the pet industry, focusing on the research, production, and sales of pet supplies and food, with a strong position in the pet leash market [2] - The company is expanding its domestic market presence by building sales channels and launching its own brands, including PIKAPOO, while maintaining a comprehensive product matrix in pet supplies and food [2] - The company emphasizes innovation in pet food development, combining functional innovation with market orientation, ensuring products meet both practical needs and market competitiveness [2] Group 3 - The company plans to increase investment in technological innovation and product development to enhance market competitiveness and expand its product lines in pet supplies and food [3] - The company aims to strengthen its online sales channels and increase the number of operational stores, focusing on refined user operations to stimulate consumer demand [3] - The company intends to keep pace with trends in pet supplies, enhancing the functionality and fashion of its dog leashes while expanding its product offerings for dogs [3]