山东聊城，跑出国产宠物食品一哥。 6月26日，乖宝宠物收报107.55元/股，总市值约430亿元，今年以来涨幅超40%。 57岁的老板秦华，中学物理老师出身，靠着高端宠物食品生意，挣到百亿级身家。 天眼查显示，他在公司的最终受益股份约53.24%。按最新市值计算，持股价值约230亿元。 国产一哥 秦华，押中了一个爆火的赛道。 今年618大促期间，麦富迪在天猫、抖音电商、京东等平台的宠物食品榜单上，均入三甲。 拥有这个猫粮狗粮品牌的公司——乖宝宠物，是A股宠物行业的市值一哥。 根据高盛发布的报告，到2030年，中国城镇宠物数量将超过7000万只。 "穷养自己富养宠"，家住上海的吴琦（化名）告诉记者，家里有两只狗，算上吃的用的、洗澡美容等， 月均花费1500元左右，有时需要看病，支出会更多。 "毛孩子"们的需求，直接拉动了一个千亿级市场，2024年城镇犬猫的消费市场规模增长7.5%，首次突破 3000亿元。 其中，宠物粮消费是大头，秦华做的正是这门生意。 乖宝宠物的产品，有三大品类共1300多个品种：以烘干鸡鸭肉猪肉为主的宠物零食系列，以肉和果蔬搭 配为主的宠物湿粮系列，以天然食材为主的宠物主粮系列。 秦华看到， ...

A股7家宠物股价走势图，来源：Wind 在去年9月大涨之前，宠物板块跟随大消费市场，足足调整四年之久，累计跌幅高达六成。在悲观大市情绪下，有基 本面面支撑的宠物属于属于被错杀的对象。 2020—2024年，乖宝宠物、中宠股份营收年复合增速为27%、18.9%，归母净利润年复合增速为54%、30.7%，远超一 般食品饮料企业失速表现。 近月，A市场热炒"新消费"，宠物经济是其核心代表，一派"A股'猫狗'唱K，水池里面银龙鱼"的景象。 4月8日以来，宠物经济板块指数大涨近40%。若统计去年9月底部至今，更是整整翻了一倍。其中，中宠股份、路斯股 份飙涨逾200%，"市值一哥"乖宝生物则大涨逾110%。 拥挤交易之后，宠物经济板块行情戛然而止，于5月21日开始一波调整，天元宠物、路斯股份又大跌逾 20%，中宠股份则下跌10%。 那么，如何看待这波"宠物经济"行情，它将何去何从？ 01 大涨之谜 2025年一季度，乖宝生物营收、利润同比大增超34%，中宠股份分别增长25%、62%。除此之外，天元宠物、依依股 份为首的宠物用品企业业绩同样保持良好增长。 这再次印证了宠物行业的高景气度，成为本轮宠物板块集体爆发的重要导火索 ...

而膨化量 50 元左右。这种价格提升反映出消费能力边界不断扩展。此外，全 主粮赛道刚起步，如乖宝新品汪臻醇烘焙狗粮 84 元/公斤，对比麦富迪双拼犬 粮 30 元/公斤，显示出明显量价提升逻辑。 科学养宠方面，各公司开始细分产 品，如幼年、老年猫犬粮，以及不同品种专用粮。这要求供应链和研发能力进 一步提升。今年市场对供应链关注度显著提高，例如乖宝宠物食品通过自有工 厂保证产品安全和稳定，更容易获得信任和优势。 如何解读 4 月宠物食品线上数据？20250518 摘要 • 头部宠物品牌保持快速增长，增速领先于行业平均水平，如某品牌同比增 长 70%，显示出品牌集中度提升趋势，但京东平台宠物产品销售额同比下 降 7.3%，需关注电商平台分化对品牌销售的影响。 • 新锐网红宠物品牌在购物节期间投入大量销售费用，全年收入占比高，而 乖宝宠物等头部品牌全年均衡生产，受季节性影响较小，反映出不同品牌 在营销策略和供应链管理上的差异。 • 高端烘焙粮正加速替代传统膨化粮，烘焙粮价格显著高于膨化粮，如弗列 加特烘焙粮价格约 89 元/公斤，而膨化粮约 74 元/公斤，表明宠物消费升 级趋势明显，消费能力边界不断扩展。 • 宠 ...

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]

Core Viewpoint - The company has demonstrated impressive growth in its financial performance, with a strong focus on high-end brand development and a positive outlook for the pet food industry in China [1][2][7]. Financial Performance - In 2024, the company achieved revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to shareholders of 625 million yuan, up 45.68% [2]. - For Q1 2025, the company reported revenue of 1.48 billion yuan, a growth of 34.82%, and a net profit of 204 million yuan, increasing by 37.68% [2]. - The direct sales revenue in 2024 showed significant growth, with pet food and supplies generating 5.220 billion yuan, a 21.11% increase [3]. Product and Sales Breakdown - In 2024, the revenue from snacks, staple food, health products, and other businesses was 2.484 billion yuan, 2.690 billion yuan, 46 million yuan, and 25 million yuan, respectively, with year-on-year growth rates of 14.66%, 28.88%, -18.90%, and 49.41% [3]. - Domestic and international revenues were 3.551 billion yuan and 1.693 billion yuan, respectively, with year-on-year growth of 24.03% and 15.70% [3]. - The company’s self-owned brand revenue increased by 29.14% to 3.545 billion yuan, while OEM and ODM revenue grew by 19.07% [3]. Profitability Metrics - The gross margin for 2024 was 42.27%, an increase of 5.43 percentage points year-on-year, while the net profit margin improved to 11.96% [4]. - The sales expense ratio increased to 20.11% in 2024, attributed to the growth in self-owned brand and direct sales revenue [4]. Brand Development - The company has successfully advanced its high-end brand strategy, with its main brand, Mai Fu Di, leading the industry and achieving a 150% increase in sales during the 2024 Double 11 shopping festival [5]. - The introduction of new high-end products, such as the "0 Pressure Fresh Meat Cat Food" series, has also contributed to its market leadership [5]. Industry Outlook - The pet food industry in China is still in its early stages, with pet food penetration rates for dogs and cats at 25% and 43%, respectively, indicating significant growth potential [6]. - The high-end pet food market share in China is currently low, with only 29.4% for cat food and 33.4% for dog food, compared to much higher rates in the US and Japan [6]. Investment Forecast - The company is expected to achieve revenues of 6.405 billion yuan, 7.929 billion yuan, and 9.957 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 800 million yuan, 1.009 billion yuan, and 1.272 billion yuan [7]. - The company has been given an "Accumulate" rating based on its strong brand development and the growth potential in the pet food industry [7].

Core Viewpoint - The company is focused on the development and sales of pet food, emphasizing innovation and brand strength to capture market share in both domestic and international markets [5][6][11]. Company Overview - The company operates in the "C13 Agricultural and Sideline Food Processing" industry, specifically in "C1321 Pet Feed Processing" [3]. - The main business includes the research, production, and sales of pet food, with a focus on dog and cat food products [3]. Domestic Market - The company's flagship brand, Maifudi, has maintained the top position in Tmall's comprehensive ranking for five consecutive years, achieving a brand index of 92.53 [5]. - The high-end sub-brand, Bafute, saw a 150% increase in sales during the 2024 Double Eleven shopping festival, enhancing its market position [5]. - The brand Freigat completed a 2.0 upgrade and launched a new cat food series, achieving a 190% sales increase during the same festival [5]. International Market - The company has established good relationships with international firms like Walmart and has been exporting products to North America, Europe, and Japan [6]. - The acquisition of the American pet food brand "Waggin' Train" in 2021 further solidified its international market presence [6]. Business Model - The company employs a research and development model focused on the physiological and nutritional needs of pets, utilizing a digital approach to enhance product development [7]. - The production model is primarily self-manufactured, with a focus on both proprietary and OEM/ODM business lines [8]. - The procurement model involves a centralized purchasing process based on production plans and inventory [9]. - The sales model includes both direct sales through e-commerce platforms and distribution through regional dealers [10]. Long-term Growth Drivers - The pet food industry is experiencing rapid growth due to rising disposable incomes and increasing demand for pet companionship [11]. - The company emphasizes innovation in product development, production processes, and marketing strategies to meet consumer needs [12]. - The company has established a comprehensive sales channel strategy, integrating online and offline operations to enhance market reach [13]. - Brand influence and product quality are prioritized, with the company achieving multiple international certifications to ensure product safety and quality [14][15].