证券研究报告 | 公司点评 | 饲料 佩蒂股份(300673) 报告日期：2025 年 04 月 29 日 发力自主品牌，全球化产能布局对冲扰动 ——佩蒂股份 2024 年报&2025 一季报点评 投资要点 佩蒂股份发布 2024 年报&2025 年一季报： 佩蒂股份 2024 年实现营业收入 16.59 亿元，同比增长 17.6%；归母净利润达 1.82 亿元，实现扭亏为盈。24 年毛利率提升至 29.4%，同比增加超过 10pct，得益于 产品结构优化、海外基地产能利用率提升。 分业务看，2024 年畜皮咬胶、植物咬胶、营养肉质零食、主粮和湿粮收入分别 为 5.05 亿元、6.08 亿元、4.03 亿元、1.18 亿元，同比+19.1%、+43.7%、 +26.6%、-43.6%。 分季度看，2024Q4 和 2025Q1 营业收入 3.36 亿元（同比-32.1%）和 3.29 亿元 （同比-14.4%），归母净利润分别为 0.27 亿元（同比+51.7%）和 0.22 亿元（同比 -46.7%），季度业绩受到客户订单波动影响。 海外产能利用率保持高位，全球化产能布局对冲扰动 | [Table_Forc ...

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 ...

Core Insights - The company reported a revenue of 1.659 billion yuan for 2024, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, marking a turnaround from losses [1] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decline of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% [1] - The company experienced rapid growth in its proprietary brand revenue in 2024, with significant performance in overseas markets [1] Revenue Breakdown - In 2024, revenue from various product lines included 505 million yuan from animal skin chew toys, 608 million yuan from plant-based chew toys, 403 million yuan from nutritious meat snacks, and 118 million yuan from staple and wet food, with year-on-year changes of +19.1%, +43.7%, +26.6%, and -43.6% respectively [1] - The overseas market generated 1.371 billion yuan in revenue in 2024, reflecting a year-on-year increase of 29.1%, with a gross margin of 28.94%, up 11.04 percentage points [1] Domestic Market Performance - The domestic market revenue was 288 million yuan, down 17.6% year-on-year, primarily due to a contraction in agency brands, while proprietary brand revenue grew by 33%, with the "Jueyan" brand increasing by 52% [2] - The domestic market gross margin reached 31.72%, an increase of 8.04 percentage points year-on-year [2] Product and Brand Strategy - The company is expanding its product categories and diversifying its channels, with "Jueyan" focusing on high-end dog food and extending into high-end cat food [2] - New Zealand's staple food brand "SmartBalance" is expected to enter the domestic market in the second half of the year, with production capacity anticipated to increase by 20%-30% in 2025 [2] Financial Metrics - In Q1 2025, the gross margin was 28.62%, an increase of 4.26 percentage points year-on-year, while the net margin was 7.07%, down 3.82 percentage points [3] - The sales and management expense ratios were 8.45% and 9.31%, respectively, with increases attributed to higher marketing expenses for proprietary brands [3] Profit Forecast - The company adjusted its profit forecasts for 2025-2026, now expecting net profits of 194 million yuan and 231 million yuan, with corresponding EPS of 0.78 and 0.93 yuan [3]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-028 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 关于不向下修正佩蒂转债转股价格的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 重要提示： 1. 自2025年4月7日起至2025年4月25日下午收市期间，佩蒂动物营养科技股份 有限公司（以下简称公司）股票已出现连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的85%的情形，触发佩蒂转债转股价格的向下修正条件。 2. 公司于2025年4月25日召开第四届董事会第十三次会议，决定本次不向下修正 佩蒂转债的转股价格，且在未来六（6）个月内（自2025年4月26日起至2025年10月 25日止）如再次触发佩蒂转债的转股价格向下修正条款，董事会亦不提出向下修正转 股价格的方案。 3. 自2025年10月26日起的第一个交易日重新计算，若再次触发佩蒂转债的转股 价格向下修正条款，届时董事会将另行召开会议决定是否行使提出佩蒂转债转股价格 向下修正方案的权利。 一、可转换公司债券发行上市情况 经深圳证券交易所审核 ...

2024年度 环境、社会和公司治理 (ESG) 报告 佩蒂动物营养科技股份有限公司 目录CONTENTS | 报告编制说明 | 2 | | --- | --- | | 公司寄语 | 4 | | 走进佩蒂的世界 | 6 | | ESG 管理 | 14 | | 专题聚焦 | 22 | | 伴宠同行 | | --- | | 源自品质信赖 | | 营养健康产品 28 | | 夯实质量管理 32 | | 仁心服务客户 36 | | 创新赋能发展 39 | 逐绿前行 谱写生态新篇 | 环境管理与生态保护 | 46 | | --- | --- | | 能源管理与气候变化 | 50 | | 资源节约与循环利用 | 52 | | 三废治理与化学品安全 | 53 | 协行笃志 勇担社会责任 以人为本 支持员工成长 | 员工招聘雇佣 | 58 | | --- | --- | | 员工薪酬福利 | 63 | | 民主权益沟通 | 64 | | 员工培训发展 | 66 | | 职业健康安全 | 67 | 01 02 03 04 05 | 关键绩效表 | 90 | | --- | --- | | 指标索引表 | 92 | | 读者反馈表 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-029 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 第四届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、会议召开情况 本次会议为佩蒂动物营养科技股份有限公司（ 以下简称公司）第四届董事会第十 三次会议 临时会议），召开情况如下： 1. 会议通知的时间和方式：2025年4月21日 星期一）以通讯方式向参会/列席 人员发出通知； 2. 会议召开的时间：2025年4月25日 星期五）下午15:00； 3. 会议召开方式：现场/通讯相结合方式； 4. 现场会议地点：浙江省杭州市萧山区宁围街道诺德财富中心2001室； 6. 会议主持人：董事长陈振标先生； 5. 会议召集人：董事长陈振标先生； 7. 会议表决方式：投票表决； 8. 会议出席情况：本次会议应参会董事七名，实际参会董事七名，董事长陈振标 先生、唐照波先生现场出席会议，副董事长陈振录先生、董事郑香兰女士和独立董事 金晓斌先生、李路先生、余飞涛女士以通讯方式出席会议，无董事缺席会议；全体监 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.659 billion yuan for 2024, representing a year-on-year increase of 17.56%, and a net profit of 182.21 million yuan, marking a turnaround from losses [2] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decrease of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% year-on-year [2] - The company expects continued growth in its self-owned brand revenue, particularly in the overseas market, which saw a revenue increase of 29.1% year-on-year in 2024 [5] Summary by Sections Financial Performance - 2024 revenue: 1,659.04 million yuan, with a year-on-year growth of 17.56% [3] - 2024 net profit: 182.21 million yuan, with a year-on-year growth of 1742.81% [3] - Q1 2025 revenue: 329 million yuan, down 14.4% year-on-year [2] - Q1 2025 net profit: 22.23 million yuan, down 46.71% year-on-year [2] Profit Forecast and Valuation - Forecasted revenues for 2025, 2026, and 2027 are 2,012.76 million yuan, 2,370.97 million yuan, and 2,680.31 million yuan respectively, with year-on-year growth rates of 21.32%, 17.80%, and 13.05% [3] - Forecasted net profits for the same years are 193.92 million yuan, 231.48 million yuan, and 266.29 million yuan, with year-on-year growth rates of 6.43%, 19.36%, and 15.04% [3] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 0.78 yuan, 0.93 yuan, and 1.07 yuan [3] Market and Product Insights - The company has seen strong growth in its self-owned brands, with a 33% increase in revenue from these brands in the domestic market [5] - The overseas market's gross margin improved to 28.94%, up 11.04 percentage points year-on-year, driven by increased demand and production capacity utilization [5] - The company plans to expand its product offerings, including high-end pet food, and enhance its distribution channels both online and offline [5]

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food Industry Key Points and Arguments Domestic Brand Performance - In Q1 2025, domestic brands maintained over 30% growth, with the Jueyan brand exceeding 50% growth, indicating strong domestic market momentum [2][4][3] - The company aims to sustain over 30% growth for domestic brands in 2025, with Jueyan being a major revenue contributor [3][18] Impact of U.S. Tariffs - Due to U.S. tariff barriers, Petty Co. has shifted some U.S. orders to production in Vietnam and Cambodia to avoid high tariffs, with expected production capacity utilization reaching 8,000 tons [2][4][5] - In 2024, revenue from exports to the U.S. was approximately 1.37 billion yuan, with Vietnam and Cambodia projected to generate 700-800 million yuan and 500-600 million yuan in revenue, respectively [2][9] Strategic Adjustments - The company is actively responding to changes in trade dynamics by expanding domestic product categories and introducing New Zealand brands, which are expected to significantly contribute to revenue and profit in the second half of the year [2][6][7] - The New Zealand grain project is anticipated to transition from losses to stable profits as production capacity increases, with a projected utilization rate of 20%-30% in 2025, potentially reaching 80%-90% in 2-3 years [2][7][19] Market Diversification - Petty Co. is expanding into non-U.S. markets such as Canada, the EU, Japan, and South Korea to mitigate operational risks and stabilize existing overseas ODM clients [2][12][24] - The company is focusing on enhancing its market competitiveness through a diversified product matrix and online-offline channel strategies [8][9] Financial Performance - The company reported a consolidated revenue of 1.66 billion yuan in 2024, with domestic brand revenue nearing 290 million yuan [4] - Despite a slight decline in overseas export data in Q1 2025 due to tariff impacts, revenue is expected to rise as overseas production capacity increases [5][12] Production Capacity and Profitability - The Cambodian factory is expected to reach full production capacity, generating revenue of 400-500 million yuan with a profit margin of around 10% [21] - The Vietnamese factory's expansion is limited, with a projected increase of 2,000 tons expected to conclude by the end of the year [22] Customer Relations and Market Trends - The company is observing stable customer order situations, with a slight increase in orders for Q2 2025 compared to the previous year [11][12] - The U.S. pet food market is experiencing stable demand despite high inflation, with a focus on cost-effective and innovative products [10] Pricing Strategy - The company may consider price adjustments in response to high tariffs, but any changes will depend on actual market conditions [14][15] Future Outlook - Petty Co. anticipates positive growth in 2025, primarily driven by the main grain category, with a focus on expanding product offerings and channel strategies [18][26] - The New Zealand factory is expected to ramp up production significantly in 2025, contributing to overall revenue growth [19][20] Conclusion - Petty Co. is strategically navigating the challenges posed by U.S. tariffs and global trade dynamics while focusing on domestic growth and international market expansion, positioning itself for sustainable long-term profitability and market competitiveness [2][12][13]

国投证券股份有限公司关于 佩蒂动物营养科技股份有限公司 向不特定对象发行可转换公司债券 持续督导之保荐总结报告书 国投证券股份有限公司（以下简称"国投证券"或"保荐人"）作为佩蒂动 物营养科技股份有限公司（以下简称"佩蒂股份"、"公司"或"发行人"）向不 特定对象发行可转换公司债券的保荐人，持续督导期至 2024 年 12 月 31 日。目 前，持续督导期已满。根据《证券发行上市保荐业务管理办法》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等法律法规、规范性文件的有 关规定，出具本保荐总结报告书。 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的 任何质询和调查。 （三）本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理 办法》等有关规定采取的监管措施。 | 公司名称 | 佩蒂动物营养科技股份有限公司 | | | | --- | --- | --- | --- | | 注册资本 | 元人 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant growth in revenue and profit driven by its focus on self-owned brands, despite a decline in domestic sales due to strategic adjustments [1][2]. Financial Performance - For 2024, the company achieved revenue of 1.66 billion and a net profit of 180 million, representing year-on-year growth of 17.6% and 1742.8% respectively [1]. - In Q1 2025, revenue decreased to 330 million, with a net profit of 20 million, showing a decline of 14.4% and 46.7% year-on-year [1]. - The earnings per share (EPS) for 2024 and Q1 2025 were 0.75 and 0.09 yuan per share respectively [1]. Market Dynamics - The company’s overseas market sales accounted for 82.6% of total revenue, with a 33% increase in self-owned brand revenue, particularly a 52% increase for the brand "Jueyan" [2]. - The company’s overall gross margin improved by 10.2 percentage points to 29.4% in 2024, with overseas markets contributing an 11.0 percentage point increase to 28.9% [2]. Cost and Margin Analysis - In Q1 2025, the company faced short-term pressure on performance due to increased sales and management expenses, with expense ratios rising by 3.8 and 3.0 percentage points to 8.5% and 9.3% respectively [2]. - The gross margin for Q1 2025 increased by 4.3 percentage points to 28.6% year-on-year [2]. Strategic Initiatives - The company plans to launch new high-end products under the "Jueyan" brand, including freeze-dried snacks and premium cat food, to enhance brand visibility and growth [3]. - The company anticipates that the impact of tariffs will be manageable, with a shift of U.S. customer orders to Southeast Asian factories [3]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.88 billion, 2.10 billion, and 2.35 billion respectively, with net profits expected to be 180 million, 217 million, and 259 million [3]. - The projected price-to-earnings (PE) ratios for 2025-2027 are 19.89, 16.47, and 13.80 times [3].