事件： 盈利预测与投资评级：我们长期看好公司自主品牌的核心增长动力与公司全球供应链的深厚内功以及品 牌出海的领先优势，有望在全球多个主要宠物市场实现放量增长。我们预计公司2025-2027 年实现营收 分别为53.40、64.58、76.80 亿元，实现归母净利分别为4.52、5.95、7.11 亿元，对应PE 为38.18、 28.97、24.27x，维持"推荐"评级。 风险提示：原材料价格波动风险；汇率波动风险；贸易战加剧风险；产能释放不及预期。 境内自有品牌增长强劲，产品矩阵持续完善。顽皮品牌继推出小金盾核心产品系列后，2025 年于亚宠 展推出精准营养系列，各产品系列精准定位，产品线实现向中高价格带覆盖；领先品牌与国民IP"武林 外传"联名，持续出圈；ZEAL 品牌于2025 年三季度推出新西兰寒流帝王鲑系列，持续打造天然高品质 的品牌形象。2025 年公司旗下品牌持续加码推新，成功开启新一轮增长周期。 毛利率略有波动，净利率有所提升。25Q3 公司销售毛利率为29.11%，同比+2.22pcts，环比-1.86pcts； 销售净利率为9.58%，同比-2.39pcts，环比+0.53pcts，公司在 ...

Core Insights - The pet industry in China is experiencing significant growth, with the upcoming Asia Pet Expo in 2025 expected to set new scale records. The focus on "precise segmentation" and "efficacy" in pet food products is becoming increasingly important [1][2] - There is a notable shift in pet brand innovation from merely pleasing pet owners to prioritizing pet health, with Chinese brands showing stronger overall innovation capabilities compared to their counterparts in the US and Japan [1][2] Industry Trends - The proportion of pet owners from the post-2000 generation is rising, with their share increasing from 10.1% in 2023 to 25.6% in 2024. This demographic is expected to drive growth in the pet industry, as they seek emotional support from pets at a low cost [3] - Average annual spending per pet is projected to grow, with a year-on-year increase of 3% for dogs and 4.9% for cats in 2024. Despite the growth in pet spending in China, it remains significantly lower than in the US and Japan, where spending is 4-6 times higher [3] Market Structure - The pet food industry in China is still in a fragmented stage, with leading brands like MaiFuDi and Royal Canin holding single-digit market shares. The market is expected to trend towards consolidation as brand loyalty increases due to the separation of buyers and users [4] - The demand for pet healthcare is rapidly increasing, driven by the aging of pets and advancements in medical technology and equipment. Pet owners are showing a greater willingness to seek veterinary care, leading to higher average costs for pet medical treatment [5]