佩蒂股份(300673.SZ)/农林牧渔 证券研究报告/公司点评 2024 年 08 月 31 日 [Table_Title] 评级：买入（维持） 市场价格：12.45 元 [Table_Industry] 分析师：姚雪梅 执业证书编号： S0740522080005 电话：021-20315138 Email：yaoxm@zts.com.cn 分析师：严瑾 执业证书编号： S0740523010001 电话：021-20315125 Email：yanjin @zts.com.cn | --- | --- | |--------------------------------------------|-------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 249 | | 流通股本 ( 百万股 ) | 161 | | 市价 ( 元 ) | 12.45 | | 市值 ( 百万元 ) | 3,098 | | 流通市值 ( 百万元 ) | 2,010 | | [Table_QuotePic] 股价与行业-市场走势对比 | | 相关报告 1、佩蒂股份：出口业务 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 09 月 03 日 [Table_Title] 盈利能力显著提升，自有品牌持续突破 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|------------| | [Table_DataInfo] | 评级： 买入 股票代码： | | 300673 | | 上次评级： 买入 | | 52 周最高价/最低价： | 15.51/8.82 | | 目标价格： | 总市值(亿) | | 31.60 | | 最新收盘价： | 12.7 | 自由流通市值(亿 ) | 20.50 | | | | 自由流通股数(百万 ) | 161.44 | [Table_Summary] 事件概述 公司 24H1 实现营收 8.46 亿元，同比+71.6%，实现归母净利润 0.98 亿元，去年同期亏损 0.43 亿元，实现 扣非归母净利润0.96亿元，去年同期亏损0.44亿元。据此推算，公司24Q2实现营收4.61亿元，同比+38. ...

Investment Rating - Strong Buy / Maintain [3] Core Views - The company achieved a turnaround in performance, with significant growth in both domestic and overseas markets [3] - Overseas revenue surged, driven by the rapid release of production capacity in Cambodia and improved operational efficiency in Southeast Asia [3] - Multiple product categories showed growth, with improved profitability due to increased gross margins and reduced expense ratios [3] - The domestic market saw strong performance from the company's high-end brand, Jueyan, and the successful launch of new staple food products [3] Financial Performance - Revenue for H1 2024 reached RMB 846 million, a YoY increase of 71.64%, with net profit attributable to shareholders of RMB 98 million, a YoY increase of 329.38% [3] - Overseas sales accounted for RMB 689 million, a YoY increase of 108.35%, with a gross margin of 27.06% [3] - Revenue breakdown by product: rawhide chews (RMB 263 million, +87.85%), plant-based chews (RMB 298 million, +114.62%), nutritional meat snacks (RMB 190 million, +38.39%), and wet staple food (RMB 80 million, +34.86%) [3] - Gross margins for these products increased by 11.51%, 7.86%, 16.82%, and 3.20% respectively [3] - The company's expense ratio decreased by 10.6 percentage points, with sales, management, R&D, and financial expense ratios at 6.01%, 5.89%, 1.67%, and -1.28% respectively [3] Domestic Market Strategy - The company focused on its own brand, Jueyan, which achieved a total transaction volume of over RMB 25 million during the 618 shopping festival, a YoY increase of 67% [3] - New staple food products were well-received in the market, and the company plans to expand its product line and enhance marketing efforts in the second half of the year [3] Future Projections - The company is expected to achieve net profits of RMB 158 million, RMB 203 million, and RMB 246 million for 2024-2026, with EPS of RMB 0.62, RMB 0.80, and RMB 0.97 respectively [4] - PE ratios are projected at 20x, 15x, and 13x for 2024-2026 [4] Industry Context - The company is a pioneer in China's pet food industry, with a diversified portfolio of brands both domestically and internationally [6] - The pet food market is experiencing growth, driven by increasing pet ownership and consumer demand for high-quality pet products [6]

Investment Rating - The report maintains a "Buy" rating for Petty Co., Ltd. (300673.SZ) [4] Core Views - Petty Co., Ltd. reported strong performance in the first half of 2024, achieving revenue of 846 million yuan, a year-on-year increase of 71.64%, and a net profit of 98 million yuan, compared to a loss of 43 million yuan in the same period of 2023 [1] - The company is seeing positive growth in both overseas orders and domestic self-owned brands, with overseas revenue increasing by 87.79% and domestic revenue by 24.55% in the first half of 2024 [1] - The gross margin improved significantly, reaching 26.35% in the first half of 2024, driven by scale effects and a higher proportion of high-margin products [2] - The company has adjusted its profit forecasts for 2024-2026, raising the net profit estimates to 174 million yuan, 215 million yuan, and 257 million yuan respectively, reflecting a positive outlook for its overseas business and production capacity [2] Summary by Sections Financial Performance - In the first half of 2024, Petty Co., Ltd. achieved a revenue of 846 million yuan, with a net profit of 98 million yuan, a significant turnaround from a loss in the previous year [1] - The second quarter of 2024 saw a revenue of 461 million yuan, marking a year-on-year increase of 38.06% [1] - The gross margin for the first half of 2024 was 26.35%, with a notable increase in the second quarter to 28.02% [2] Market and Product Development - The company reported strong growth in its overseas market, with revenue from international sales reaching 689 million yuan in the first half of 2024 [1] - Domestic self-owned brands, particularly the "Jueyan" brand, are performing well, with plans to introduce new staple food products in the second half of 2024 [1] - The company’s various product categories, including animal skin chew toys and plant-based chew toys, showed significant revenue growth, with increases of 87.85% and 114.62% respectively [1] Profitability and Forecasts - The report indicates an upward revision of profit forecasts for 2024-2026, with net profit estimates adjusted to 174 million yuan for 2024, reflecting a 39.38% increase from previous estimates [2] - The expected earnings per share (EPS) for 2024 is projected at 0.70 yuan, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 for 2024-2026 [2]

农产品加工Ⅱ 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩同比扭亏为盈，海外产能持续释放 ——佩蒂股份(300673)2024 年中报点评 | --- | --- | --- | --- | |---------------------------------------|------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][15]. Core Views - The company achieved significant growth in its first half of 2024, with revenue reaching 846 million yuan, a year-on-year increase of 71.64%, and a net profit of 98 million yuan, up 329.38% year-on-year [1]. - The domestic market is expanding with a focus on self-owned brands, particularly the "Jueyan" brand, which has seen strong sales performance [2]. - The overseas business is recovering, with a 90.2% increase in revenue from international markets, driven by the end of inventory destocking by overseas clients [3]. - The company is expected to continue its growth trajectory, with projected revenues of 1.976 billion yuan, 2.434 billion yuan, and 2.843 billion yuan for 2024, 2025, and 2026 respectively [4]. Summary by Sections Domestic Market Performance - In the first half of 2024, domestic revenue reached 157 million yuan, a 24.6% increase, with a gross margin of 23.23% [2]. - The company has established a comprehensive online and offline sales strategy, enhancing brand visibility and sales through platforms like Tmall, JD.com, and Douyin [2]. - The "Jueyan" brand has become a bestseller, particularly during promotional events like the 618 shopping festival, achieving a GMV of over 25 million yuan [2]. International Market Performance - The company's international revenue for the first half of 2024 was 689 million yuan, reflecting a 90.2% increase, with a gross margin of 27.06% [3]. - The company has production bases in Vietnam, Cambodia, and New Zealand, with the New Zealand facility set to begin large-scale production soon [3]. - The New Zealand factory is expected to supply high-quality products primarily for the company's self-owned brands [3]. Financial Projections - The company is projected to turn profitable, with net profits expected to reach 148 million yuan, 190 million yuan, and 245 million yuan for 2024, 2025, and 2026 respectively [4]. - The report anticipates a significant recovery in profitability, with a net profit margin projected to improve over the next few years [4].

[Table_Reportdate] 2024年08月28日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月27日，公司发布2024年半年报业绩，公司2024年H1营业总收入为8.46亿元（同 比+71.64%），归母净利润为0.98亿元（同比+329.38%），扣非净利润0.96亿元（同比 +319.74%）。其中，2024年Q2公司营业收入为4.61亿元（同比+38.06%），归母净利润 为0.56亿元（同比扭亏），扣非净利润为0.56亿元（同比扭亏）。 | --- | --- | |-------------------------------|------------| | | | | 数 Ta 据 b 日 le_ 期 cominfo] | 2024/08/27 | | 收盘价 | 11.75 | | 总股本 ( 万股 ) | 24,883 | | 流通 A 股 /B 股 ( 万股 ) | 16,144/0 ...

佩蒂动物营养科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------------------------|-------------------| | | | 编号：IR2024-007 | | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | | 方正证券股份有限公司：邱星皓 | | | | 国海证券股份有限公司：王思言、熊子兴 | | | | 中原证券股份有限公司：张蔓梓 | | | | 广发证券股份有限公司：张雨露 | | | | 高盛(亚洲)有限责任公司：穆笛、周洋 | | | | 深圳市国晖投资有限公司：马进青 | | | | 上海耶诺资产管理有限公司：沈雷 | | | | 信达证券股份有限公司：李汶静、张弛 | | | | 鸿运私募基金管理(海南) | 有限公司：高波 | | | 中信证券股份有限公司：彭家乐、王聪、郭芳、施杨 | | | 参与单位名称及 | ...

佩蒂股份（300673.SZ）2024 年中报点评 公司各产品均有亮眼表现，2024H1 实现业绩高增 2024 年 08 月 28 日 ➢ 事件概述：公司于 8 月 26 日发布 2024 年中报，2024H1 实现营收 8.5 亿 元，同比+71.6%；实现归母净利润 1.0 亿元，同比+329.4%；其中 2024Q2 实 现营收 4.6 亿元，同比+38.1%，环比+20.0%；实现归母净利润 0.6 亿元，同 比+1316.0%，环比+34.8%。 ➢ 成功摆脱 2023 年海外市场波动影响，公司业绩同比实现扭亏为盈。 2024H1 公司在国内、国外两个市场的业务均有斩获，在国内市场，公司在压 缩代理重点发展自主品牌的策略下，自主品牌业务保持了较高水平增长，同时 实现毛利率稳健提升，期间费用大幅下降。2024H1 公司实现毛利率 26.4%， 同比+11.0PCT；期间费用率 12.3%，同比-10.6PCT；其中销售费用率 6.0%， 同比-2.8PCT；管理费用率 5.9%，同比-5.8PCT；研发费用率 1.7%，同比0.9PCT；财务费用率 1.7%，同比-1.2PCT，主要系汇兑收益增加所 ...

华福证券 及预期，外贸摩擦加剧，汇率大幅波动，原料价格大幅波动。 and Tax 2017 佩蒂股份（300673.SZ） 24H1 业绩点评：海外业务明显修复，盈利能力 持续提振 事件：2024 年 8 月 26 日公司发布 2024 年半年度报告。2024H1 公司 实现营业总收入 8.46 亿元，同比+71.64%，归母净利润 0.98 亿元，去年同 期亏损 0.43 亿元，扣非归母净利润 0.96 亿元，去年同期亏损 0.44 亿元。 单季度来看，24Q2 实现营业总收入 4.61 亿元，同比+38.06%，归母净利润 0.56 亿元，去年同期亏损 0.05 亿元，扣非归母净利润 0.56 亿元，去年同期 亏损 0.05 亿元。 国外代工修复明显，爵宴引领内销快增。国外：公司持续加深现有核 心客户并积极拓展新客户，积极把握客户从去库存到补库存的机遇，东南 亚工厂的产能利用率和经营效率均有明显提升，24H1 公司境外实现营收 6.9 亿元，同比+88%；国内：自主品牌持续获效，公司在国内市场实施多 品牌策略，聚焦爵宴、好适嘉等重点品牌，618 期间公司旗下高端宠物食 品品牌爵宴全网成交总额超 2500 ...