股票简称：佩蒂股份 股票代码：300673.SZ （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年六月 重要声明 国投证券股份有限公司（以下简称"国投证券"）编制本报告的内容及信 息均来源于佩蒂动物营养科技股份有限公司（以下简称"发行人"、"公司" 或"佩蒂股份"）对外公布的《佩蒂动物营养科技股份有限公司 2024 年年度报 告》等相关公开信息披露文件、发行人提供的证明文件以及第三方中介机构出 具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国投证券所作的 承诺或声明。 债券简称：佩蒂转债 债券代码：123133.SZ 佩蒂动物营养科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 第一节 本次债券情况 一、注册文件及注册规模 佩蒂股份本次向不特定对象发行可转换公司债券相关事项已经公司 2021 年 5 月 25 日召开的第三届董事会第三次会议审议通过，并经 2021 年 6 月 11 日 召开的 2021 年第二次临时股东大会审议通过，于 2021 年 ...

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]

证券研究报告 | 公司点评 | 饲料 佩蒂股份(300673) 报告日期：2025 年 04 月 29 日 发力自主品牌，全球化产能布局对冲扰动 ——佩蒂股份 2024 年报&2025 一季报点评 投资要点 佩蒂股份发布 2024 年报&2025 年一季报： 佩蒂股份 2024 年实现营业收入 16.59 亿元，同比增长 17.6%；归母净利润达 1.82 亿元，实现扭亏为盈。24 年毛利率提升至 29.4%，同比增加超过 10pct，得益于 产品结构优化、海外基地产能利用率提升。 分业务看，2024 年畜皮咬胶、植物咬胶、营养肉质零食、主粮和湿粮收入分别 为 5.05 亿元、6.08 亿元、4.03 亿元、1.18 亿元，同比+19.1%、+43.7%、 +26.6%、-43.6%。 分季度看，2024Q4 和 2025Q1 营业收入 3.36 亿元（同比-32.1%）和 3.29 亿元 （同比-14.4%），归母净利润分别为 0.27 亿元（同比+51.7%）和 0.22 亿元（同比 -46.7%），季度业绩受到客户订单波动影响。 海外产能利用率保持高位，全球化产能布局对冲扰动 | [Table_Forc ...

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]