Investment Rating - The report maintains an "Increase" rating for the pet food industry, indicating a favorable outlook for the sector's fundamentals and expected performance relative to the market benchmark [3]. Core Insights - The pet food industry is experiencing significant growth, with domestic brands outperforming foreign competitors due to a trend of domestic substitution. Leading domestic brands like Guai Bao Pet and Zhong Chong Co. are showing impressive sales growth and profitability [1]. - Guai Bao Pet's main brand, Mai Fu Di, has maintained the top position on Tmall for five consecutive years, achieving a 150% year-on-year sales increase during the 2024 Double 11 shopping festival. The company reported a revenue of 5.245 billion yuan in 2024, a 21.22% increase year-on-year, with a net profit of 625 million yuan, up 45.68% [1]. - Zhong Chong Co. has developed a strong portfolio of proprietary brands and reported a revenue of 4.465 billion yuan in 2024, a 19.15% increase year-on-year, with a net profit of 394 million yuan, up 68.89% [1]. - Petty Co. also showed strong performance with a revenue of 1.659 billion yuan in 2024, a 17.56% increase year-on-year, and a remarkable net profit growth of 1742.81% [1]. - The report highlights the increasing consumer focus on experience-driven pet care, with new retail formats emerging that combine product offerings with services, catering to the evolving needs of pet owners [2]. Summary by Sections Company Performance - Guai Bao Pet achieved a revenue of 5.245 billion yuan in 2024, with a net profit of 625 million yuan, reflecting a strong growth trajectory [1]. - Zhong Chong Co. reported a revenue of 4.465 billion yuan in 2024, with a net profit of 394 million yuan, showcasing robust brand performance [1]. - Petty Co. reached a revenue of 1.659 billion yuan in 2024, with a net profit increase to 1.82 billion yuan, marking a historic high [1]. Market Trends - The pet food sector is identified as the largest segment within the pet industry, driven by the essential nature of pet care throughout their lifecycle [1]. - The report notes a shift towards high-end market opportunities due to uncertainties in tariffs, which may benefit companies with strong proprietary brands [1]. Investment Opportunities - The report suggests focusing on companies with strong channel strategies and innovative product offerings, such as Tian Yuan Pet and Yi Yi Co., as well as those expanding into smart pet care solutions [3]. - Companies like Guai Bao Pet and Petty Co. are highlighted for their impressive growth in proprietary brand sales, indicating potential investment opportunities [3].

Core Viewpoint - The company is focusing on the development of smart controllers and products, aiming to enhance brand recognition and expand into new market segments while maintaining stable growth in its core business [1][3]. Group 1: Business Strategy - The company plans to leverage its advantages in technology, quality, and supply chain management to deepen strategic partnerships with core customers and solidify its "cash cow" business [1][3]. - The company aims to build a diversified business model and strengthen brand development, transitioning from manufacturing to branding to create new growth curves [1][3][13]. - The company is exploring various cooperation models with cross-border e-commerce, focusing on overseas smart auto parts markets and expanding product applications to emerging scenarios [1][3][12]. Group 2: Financial Performance - In Q1 2025, the company achieved a sales revenue of 216.49 million yuan, a year-on-year increase of 6.57%, while the net profit attributable to shareholders was 10.58 million yuan, a year-on-year decrease of 36.68% [4][6][7]. - For the year 2024, the company reported a sales revenue of 851.38 million yuan, a year-on-year decrease of 1.78%, but the net profit attributable to shareholders increased by 16.06% to 55.25 million yuan [6][7]. - The decline in net profit in Q1 2025 was attributed to increased R&D expenses, reduced other income, and ongoing losses from non-wholly-owned subsidiaries [4][7][10]. Group 3: Market Position and Challenges - The company has a relatively low exposure to the U.S. market, which mitigates the impact of U.S. tariff policies on its overall operations [9][10]. - The company has established an international smart production base in Vietnam to diversify tariff risks and optimize global resource allocation [9][10][11]. - The company is actively expanding its presence in the smart pet care sector through its "Pikfang" brand, utilizing various online and offline sales channels to enhance brand visibility [13][14]. Group 4: Future Outlook - The integration of information technology, IoT, and AI is expected to create broader development opportunities for smart controllers, with increasing technical content and added value [12]. - The company is committed to continuous innovation in technology and market expansion, focusing on high-quality development in its core business areas [12][13].

4月24日晚间，贝仕达克（300822）发布2024年年报和2025年一季报，2024年公司实现营业收入8.51亿 元，同比减少1.78%；净利润5525.16万元，同比增长16.06%。同时，公司披露2024年年度权益分派预 案，拟每10股派1元，合计派发现金红利3099.58万元。 今年一季度，贝仕达克实现营业收入2.16亿元，同比增长6.57%；净利润1057.91万元，同比减少 36.68%。 贝仕达克表示，在智能家居行业线上红利趋于饱和的今天，公司将主动拥抱线下场景，深入推进全屋智 能产品的普及。通过深入社区、医院、养老院等渠道场景，提供高性价比、便捷、安全的智能家居解决 方案，满足不同群体对智能生活的刚需。 贝仕达克主营业务为智能控制器及智能产品的研发、生产和销售。2024年，世界之变、时代之变、产业 之变交织叠加，企业步入挑战与机遇并存的浪潮之中。贝仕达克上下以创新为引擎、以战略为纲，坚定 推进多元业务布局，夯实根基、拓展边界，在风高浪急中稳舵前行。 随着全球经济一体化的深入推进，贝仕达克将凭借扎实的制造能力、高效的供应链体系，加速构建全球 竞争力，并打造品质过硬、市场满意的产品矩阵。公司将强化 ...