[Table_Title] 研究报告 Research Report 24 Jun 2025 中国包装食品 China (A-share) Packaged Food 各大平台 618 宠物行业战况数据 Data on the 618 overall market and the performance of the pet industry on major platforms 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 2025 年 618 期间宠物行业在各大平台均展现出强劲的增长态势，成为消费市场的亮点之一。根据解数咨询情报，天 猫 618 正式开卖 4 小时后，天猫宠物直播成交同比大涨近 180%；超 1000 个新品牌首次参与"618"， 京东超市宠物发 布全周期终极战报显示，618 期间京东宠物成交用户同比增长 32%、新晋养宠用户同比增长 39%、PLUS 用户同比增长 35%；成交 ...

重申持续推荐宠物和生猪板块 20250622 摘要 发改委和农业农村部出台政策，旨在通过去产能提升猪价，以活跃消费 并引导 CPI 恢复，类似于 2015-2016 年环保政策对生猪行业产能的约 束，但与此前非洲猪瘟后的保护性政策有所不同。 当前生猪板块估值较低，建议关注低成本、低负债率、出栏增速和成长 性高的企业，如牧原股份、温氏股份等一线标的，以及神农集团、巨星 农牧等二线标的。 2025 年宠物食品市场品牌格局中，国产品牌占比提升，鲜朗、麦富迪 等领先，弗列加特增速显著。外资品牌如皇家、天然百利、渴望、艾肯 拿仍占据重要地位。 宠物食品市场高端产品线快速增长，如烘焙风干粮等，其中弗列加特表 现突出。消费者更关注精准喂养功能，推动国产品牌以更高性价比竞争 外资品牌。 京东数据显示，皇家和麦富迪在猫粮和狗粮市场占据领先地位，同时网 易严选、渴望、爱肯拿、弗列加特等品牌也表现出色。中高端市场逐渐 向超高端领域发展，国产品牌竞争力增强。 Q&A 今年下半年生猪板块的基本面和政策拐点有哪些变化？ 今年下半年，生猪板块处于基本面拐点和政策拐点的阶段。从基本面来看，今 年的出栏规模增速预期以及二次育肥压栏对市场的压力 ...

证券研究报告 2025 年 06 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3359.90 | -0.07 | | 深证成指 | 10005.03 | -0.47 | | 创业板指 | 2009.89 | -0.83 | | 科创 50 | 957.87 | -0.53 | | 北证 50 | 1347.46 | -1.34 | | 沪深 300 | 3846.64 | 0.09 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 653138 | 506006 | 12.03 | 1.25 | | 深证成指 | 220912 | 180485 | 19.58 | 2.07 | | 创业板指 | 56764 | 44868 | 26.38 | 3.68 | | 科创 50 | 33281 | 21936 | 52.00 | 4.00 | | 北证 ...

历经二十一载岁月沉淀，新财富金牌董秘评选已成为中国资本市场极具权威性与公信力的标杆评选，不仅见证 了中国资本市场蓬勃发展的壮阔征程，更以专业视角镌刻下时代变革的深刻印记。金牌董秘群体凭借卓越的专 业素养与创新实践能力，持续优化上市公司治理、深化投资者关系管理，已然成为推动中国资本市场向高质量 发展迈进的一股重要力量。 值此新财富董秘评选二十一周年之际，诚邀历届金牌董秘，分享企业战略、发展历程与职业经验，以实战洞见 解构资本风云，共探行业发展逻辑。 在宠物食品行业从"小众赛道"向"千亿蓝海"跃迁的浪潮中，佩蒂股份（300673.SZ）凭借超前的全球 化布局与技术壁垒，成为中国宠物食品行业的领军企业。 宠物行业的三十年 佩蒂股份贯彻坚持用好全球产品供应链，不断推动中国宠物健康标准升级的发展理念，聚焦宠物食品 的研发、制造、销售，以及宠物产品品牌运营等主营业务，进而在全球化方面取得了显著成绩，至今 深耕宠物行业长达三十余年之久。 近年来，以爵宴、好适嘉、齿能为代表的自主品牌取得了长足进步，打造了爵宴风干粮、爵宴鸭肉 干、好适嘉98K罐头等一系列爆款产品，自主品牌收入和排名快速上升，稳定在同类产品的头部位 置，部分品 ...

Core Insights - The company reported significant revenue and profit growth for 2024 and Q1 2025, with revenues of 4.47 billion and 1.1 billion yuan, respectively, representing year-on-year increases of 19.2% and 25.4% [1] - The net profit attributable to shareholders for 2024 and Q1 2025 was 390 million and 90 million yuan, respectively, showing year-on-year growth of 68.9% and 62.1% [1] Revenue Growth - The company's main grain product revenue surged by 92% in 2024, increasing its share of total revenue by 9 percentage points to 25% [2] - Domestic revenue reached 1.4 billion yuan in 2024, up 30% year-on-year, while overseas revenue was 3.1 billion yuan, reflecting a 15% increase [2] Profitability Improvement - The company's gross margin improved by 2 percentage points to 28% in 2024, further rising to 32% in Q1 2025, driven by optimized product structure and lower raw material prices [2] Brand Development and Market Expansion - The company has established a three-brand matrix for domestic market growth, with key products including the "Wanpi Xiaojin Dung" series, leading baked grain products, ZEAL dried food, and staple canned food [2] - The company is actively expanding its overseas presence, with products sold in 73 countries and significant growth in European customers; North American market demand is high, with expansions of factories in the U.S. and Canada expected to be completed in 2026 and the second half of 2025, respectively [2] Marketing Strategy - The company has a clear marketing strategy for its three main brands, utilizing diverse channels such as influencer marketing, social media, and partnerships with national media to enhance brand recognition [3] - Sales expense ratios for 2024 and Q1 2025 were 11.1% and 11.4%, respectively, reflecting increases of 0.8 percentage points and 1 percentage point year-on-year [3] Future Projections - Revenue projections for 2025-2027 are 5.34 billion, 6.458 billion, and 7.68 billion yuan, with net profits of 452 million, 595 million, and 710 million yuan, respectively, corresponding to P/E ratios of 37.74, 28.66, and 24.02 [3]

佩蒂于 2024 年成立佩蒂宠物健康营养研究院，将借助这一 开放性的研发平台，深入关注宠物生命全周期的营养需求、心理 健康和行为研究，最大限度地利用科研资源、转化科技成果，丰 富我们的营养健康产品，用科学的方式保障每一只宠物的健康。 我们一直在努力构建覆盖全产业链的可持续生态。 二、问答交流主要信息 问题 1：2024 年度及 2025 年第一季度，公司销售费用增长明显， 其中广告宣传费用占比较大，广告投入都有哪些方向？ 答：国内销售费用主要聚焦于品牌建设与渠道拓展两大核心领 域。一是在品牌战略层面，公司通过系统化的市场推广及品牌宣 传活动，持续强化品牌认知度与美誉度，以品牌形象构建市场竞 争优势。二是在渠道优化方面，依托精准的渠道资源投放，着力 完善终端网络布局，深化渠道合作伙伴关系，有效提升市场覆盖 率与销售渗透能力。 规模效应，经营质量大幅提升。大家比较关注的新西兰主粮目前 处于一个产能爬坡的状态，预计今年二季度产能释放明显加快， 可以满足国内外高端主粮品牌的多样化需求。 2023 年，在中国"3060"双碳目标的指引下，我们携手壳 牌中国开启了一场绿色革命。这一年，温州生产基地经国际权威 机构 SGS ...

Financial Performance - In 2024, the company achieved a revenue of 4.465 billion CNY, a year-on-year increase of 19.15% [2] - The net profit attributable to shareholders for 2024 was 0.689 billion CNY, reflecting a growth of 3.94% [2] - For Q1 2025, revenue reached 1.101 billion CNY, up 25.41% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 0.162 billion CNY, a significant increase of 62.13% [2] Product Performance - Pet snacks generated a revenue of 3.132 billion CNY in 2024, with a gross margin of 27.56%, accounting for 70.16% of total revenue [2] - Pet food revenue was 1.107 billion CNY, showing a remarkable growth of 91.85% with a gross margin of 34.59% [2] - The OEM business revenue was 2.616 billion CNY, up 21.21%, with a gross margin of 27.32%, representing 58.59% of total revenue [3] Regional Performance - Overseas revenue for 2024 was 3.050 billion CNY, a year-on-year increase of 14.62%, with a gross margin of 24.90%, making up 68.33% of total revenue [3] - Domestic revenue reached 1.414 billion CNY, growing by 30.26% with a gross margin of 35.18%, accounting for 31.67% of total revenue [3] Supply Chain and Production - The company operates modern production bases across multiple countries, including China, the USA, Canada, New Zealand, and Cambodia, covering all pet food categories [5] - In 2024, the company plans to expand its supply chain with new projects in North America and domestic industrial parks [5] Brand Development - The company expanded its overseas market presence, entering 9 new countries in 2024, bringing the total to 73 countries [6] - The WANPY brand underwent a strategic upgrade in 2024, enhancing brand recognition and consumer loyalty [7] - The WANPY brand launched new products, including the "Golden Shield" fresh meat food, which has received positive market feedback [8] Future Outlook - The company aims to focus on brand building, domestic market growth, and overseas expansion while maintaining a commitment to high-quality development [10] - The domestic pet food market is expected to continue growing, driven by increasing consumer demand for quality [10] - The company plans to enhance its marketing strategies to ensure efficient resource allocation and maximize value creation [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-over-year [1]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. Financial Performance Summary - In 2024, the company reported a gross margin of 28.19%, an increase of 1.88 percentage points from 2023, and a gross margin of 31.87% in Q1 2025, up 4.02 percentage points year-over-year [2]. - Domestic revenue reached 1.414 billion yuan in 2024, a 30.26% increase year-over-year, with pet staple food revenue soaring by 91.85% [2]. - The company focuses on three major proprietary brands, with significant marketing and channel development efforts leading to expected high revenue growth [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 453 million yuan, 561 million yuan, and 709 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.54, 1.91, and 2.41 yuan [3][4]. - The price-to-earnings (PE) ratio is expected to decrease from 35 in 2025 to 22 in 2027, indicating improving valuation metrics over time [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% [1][4]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. - The domestic market is focusing on three major proprietary brands, with the pet staple food category showing remarkable growth, particularly a 91.85% increase in revenue for pet staple food [2][3]. Financial Summary - The company’s revenue is projected to grow from 4.465 billion yuan in 2024 to 7.640 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [4]. - The net profit is expected to rise from 394 million yuan in 2024 to 709 million yuan in 2027, indicating a strong growth trajectory [4]. - The earnings per share (EPS) are forecasted to increase from 1.34 yuan in 2024 to 2.41 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 39.88 to 22.16 over the same period [4].