宠物食品品牌积极布局，海外客户拓展 佩蒂股份(300673) 佩蒂股份近况更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | 本报告导读： 佩蒂股份宠物食品自主品牌保持增长，特别是狗零食板块地位进一步稳固。公司积 极拓展欧洲等区域的海外客户，有望推动海外新增订单增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,411 | 1,659 | 1,604 | 2,062 | 2,416 | | (+/-)% | -18.5% | 17.6% | -3.3% | 28 ...

Group 1: Business Performance - In the first three quarters of 2025, despite impacts from tariffs, the company's revenue and gross profit margin showed continuous growth, indicating strong resilience in profitability [2] - The company has seen an increase in the number of end customers and clients in Europe, with expectations for additional orders in the coming year following market expansion efforts [2] Group 2: Brand Development - During the "Double Eleven" shopping festival, the company's self-owned brand revenue maintained a high growth rate, with significant contributions from new staple foods and duck meat snacks [2] - The brand "Jueyan" has solidified its leading position in the dog snack category across various platforms, with standout products like air-dried snacks and canned food ranking at the top [2] Group 3: ODM Business Insights - In Q4 2025, the ODM business is expected to show a significant recovery compared to the previous quarter, with a dual trend of month-on-month improvement and year-on-year growth [3] - The company has established core production lines in China, Southeast Asia, and New Zealand, enabling it to meet diverse customer needs through flexible production capabilities [5] Group 4: Future Outlook - The company anticipates steady growth in overseas markets, driven by new customer development and the release of production capacity from its New Zealand and Southeast Asia facilities [6] - The strategy for self-owned brands will focus on quality and nutritional science, aiming to expand international market share while enhancing collaboration with core customers [6]

Core Insights - The company reported a revenue of 1.089 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million yuan, down 26.62% year-on-year [1] - In Q3 2025, the company achieved a revenue of 361 million yuan, a decline of 24.29% year-on-year, with a net profit of 34.48 million yuan, down 39.35% year-on-year [1] Group 1: Brand and Production Capacity - The company's proprietary brand continues to perform well, with the Jueyan brand experiencing rapid growth in the high-end price segment [2] - New production capacity from the Taizhou and New Zealand factories is expected to contribute to further growth in domestic business [2] Group 2: Financial Performance - The gross profit margin for Q3 2025 was 32.24%, an increase of 1.29 percentage points year-on-year, while the net profit margin was 9.53%, a decrease of 2.54 percentage points year-on-year [2] - Sales expenses for Q3 2025 were 29.68 million yuan, up 19.08% year-on-year, primarily due to the extended promotional period for Double Eleven [2] - Research and development expenses increased by 27.39% year-on-year to 9.80 million yuan [2] Group 3: Profit Forecast and Investment Rating - The company is expected to achieve revenues of 1.632 billion, 1.840 billion, and 2.143 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 163 million, 200 million, and 241 million yuan [3] - Corresponding price-to-earnings ratios are projected to be 25.87, 21.09, and 17.46 times for the respective years [3] - The investment rating is maintained at "Recommended" based on the company's product advantages in the high-end price segment [3]