公 司 研 佩蒂股份（300673.SZ）：海外业务 短期承压，毛利率稳步提升 2025 年 8 月 28 日 强烈推荐/维持 佩蒂股份 公司报告 事件：公司公布 2025 年半年报，公司 25H1 实现营业收入 7.28 亿元，同比减 少 13.94%，实现归母净利润 0.79 亿元，同比下降 19.23%。 关税带来收入波动，毛利率稳步提升。美国政府关税政策对客户订单节奏产生 冲击，公司也承担了一部分上涨关税，导致公司收入出现波动。但公司通过降 本增效和产品结构优化，毛利率持续提升，25H1 销售毛利率 31.98%，相比去 年同期提升 5.63 个百分点。从细分产品来看，公司主要品类毛利率均有提升， 25H1 畜皮咬胶、植物咬胶、营养肉质零食、主粮和湿粮毛利率分别同比提升 5.28、3.12、6.75 和 11.04 个百分点，体现了公司高质量发展态势。公司与海 外客户长期深度合作，订单出货稳定，公司东南亚产能基本能够满足美国客户 需求，预计海外 ODM 业务全年维持稳健发展。 费用率有所提升，未来有望逐步改善。25H1 公司期间费用率 17.60%，相比 去年同期提升 5.31 个百分点，部分抵消了毛 ...

证券研究报告 佩蒂股份 (300673 CH) Q2 关税影响延续，境内亏损收窄 佩蒂股份发布半年报，2025 年 H1 实现营收 7.28 亿元（yoy-13.94%），归 母净利 7910.26 万元（yoy-19.23%），扣非净利 7728.61 万元（yoy-19.19%）。 其中 Q2实现营收 3.99 亿元（yoy-13.56%，qoq+21.17%），归母净利 5687.34 万元（yoy+1.15%，qoq+155.85%）。25Q2 关税影响或延续，境外营收或 同比下滑，自主品牌继续维持较高速增长，我们看好后续烘焙粮等新品放量 所带来的国内自主品牌营收高增，维持"买入"评级。 关税影响下公司境外营收继续承压，自主品牌保持增长 我们维持公司 25-27 年归母净利润为 1.89/2.24/2.63 亿元，对应 EPS 为 0.76/0.90/1.06 元。可比公司 2025 年 Wind 一致预期 PE 均值为 38.4 倍， 考虑公司代工业务占比较高、且自主品牌仍在成长初期，给予公司 25 年 29X 倍 PE，目标价 22.04 元（前值 19.00 元，对应 25E 25XPE），维持 ...

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]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 1.659 billion yuan in 2024, representing a year-on-year growth of 17.6%, and a net profit of 182 million yuan, marking a return to profitability [1] - The gross margin improved to 29.4% in 2024, an increase of over 10 percentage points year-on-year, driven by product mix optimization and enhanced capacity utilization in overseas bases [1] - The company plans to focus on its proprietary brands and create blockbuster products to drive growth in 2025 [3] Financial Performance - In 2024, revenue from various segments included: 505 million yuan from pet skin chews (+19.1%), 608 million yuan from plant-based chews (+43.7%), 403 million yuan from nutritious meat snacks (+26.6%), and 118 million yuan from staple and wet food (-43.6%) [1] - Quarterly performance showed a revenue of 336 million yuan in Q4 2024 (down 32.1% year-on-year) and 329 million yuan in Q1 2025 (down 14.4% year-on-year), with net profits of 27 million yuan and 22 million yuan respectively [1] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 1.914 billion yuan, 2.163 billion yuan, and 2.387 billion yuan, with year-on-year growth rates of 15.34%, 13.04%, and 10.37% respectively [4] - Expected net profits for the same period are 199 million yuan, 221 million yuan, and 251 million yuan, with growth rates of 9.16%, 11.15%, and 13.53% respectively [4] Market Position and Strategy - The company reported domestic sales of 288 million yuan in 2024, primarily driven by proprietary brands, which saw a 33% increase in revenue, with the Jueyan brand growing by 52% [3] - The overseas capacity utilization remains high, with factories in Vietnam operating at full capacity and significant improvements in profitability from the Cambodia factory [2][9]