Investment Rating - The report maintains a "Strong Buy" rating for Petty Co., Ltd. [5] Core Views - The company achieved significant growth in 2024, with operating revenue reaching 1.659 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 182.21 million yuan, a year-on-year increase of 1742.81% [1][3] - In Q1 2025, the company experienced revenue fluctuations due to tariff disturbances and increased expenses, with operating revenue of 329 million yuan, a year-on-year decrease of 14.40%, and a net profit of 22 million yuan, a year-on-year decrease of 46.71% [1][2] - The company is focusing on expanding its overseas market, particularly in the U.S., and has successfully transferred all U.S. customer orders to Southeast Asian factories [2][3] Summary by Sections Financial Performance - In 2024, the company reported overseas sales of 1.371 billion yuan, a year-on-year increase of 29.12%, with an overseas business gross margin of 28.94%, up 11.04 percentage points from 2023 [1] - The company’s expense ratio decreased to 15.45% in 2024, down 1.99 percentage points from 2023, contributing to the overall performance improvement [1] Domestic Market and Brand Development - In 2024, domestic sales revenue was 288 million yuan, with a focus on self-owned brands leading to a 33% increase in self-owned brand revenue, particularly the "Jueyan" brand, which grew by 52% [2] - The company plans to expand its self-owned brands into more platforms and enhance its offline presence in mid-to-high-end supermarkets [2] Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 199.07 million yuan, 232.75 million yuan, and 285.67 million yuan, respectively, with corresponding EPS of 0.79, 0.92, and 1.13 yuan [3][4]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 1.659 billion and a year-over-year growth of 17.56%, while net profit attributable to shareholders soared to 182 million, reflecting a staggering year-over-year increase of 1742.81% [1] - In Q1 2025, the company experienced a decline in revenue and net profit, with operating income at 329 million, down 14.40% year-over-year, and net profit at 22 million, down 46.71% year-over-year [1][2] Financial Performance - For 2024, the company achieved overseas sales of 1.371 billion, marking a year-over-year increase of 29.12%, with an overseas business gross margin of 28.94%, up 11.04 percentage points from 2023 [1] - The company’s expense ratio for 2024 was 15.45%, a decrease of 1.99 percentage points compared to 2023, contributing to the overall high growth in performance [1] Market Expansion and Strategy - The company is actively expanding its market presence, particularly in overseas markets such as the United States, leading to a notable increase in customer orders and enhancing its risk resilience [1][2] - The domestic market saw a revenue decline to 288 million in 2024, as the company focused on its own brands and reduced agency business, although self-owned brand revenue grew by 33%, with the "Jueyan" brand increasing by 52% [2] Product Development and Brand Strategy - The company plans to extend the "Jueyan" brand from high-end dog food to high-end cat food, continuously launching new specialty products [2] - The company is also preparing to launch its New Zealand staple food "SmartBalance" and is expanding its distribution channels to include more platforms and high-end supermarkets [2] Profit Forecast and Investment Rating - The company is expected to maintain stable overseas order volumes despite tariff disruptions, with domestic self-owned brands projected to sustain high growth through new product launches [3] - Forecasted net profits for 2025-2027 are 199 million, 233 million, and 286 million respectively, with EPS of 0.79, 0.92, and 1.13, and PE ratios of 18, 15, and 13 times, maintaining a "strong buy" rating [3]

Group 1: Company Overview - YuJin Investment recently conducted research on Petty Co., focusing on its operational plans for 2024 and Q1 2025, emphasizing the expansion of offline channels such as Sam's Club and Walmart through a "shelf occupation plan" [1] - Petty Co. plans to deepen its high-end dog food market with its own brand "Jueyan" in 2025, particularly in staple food, and has high expectations for its air-dried food products, while also launching high-end cat food [1] - The company has shifted U.S. customer orders to Southeast Asian factories to mitigate the impact of U.S. tariff policy changes, although the specific effects are still uncertain [1] Group 2: Product Development and Market Strategy - In Q1 2025, Jueyan's growth in new snack products includes natural bone and meat chew snacks, staple canned food, freeze-dried snacks, and fresh grain, with rapid growth noted in freeze-dried products [1] - The company plans to introduce high-end cat food, starting with existing loyal customers, while the "Hao Shi Jia" brand targets cost-effective customers [1] - The New Zealand staple brand SmartBalance is set to launch domestically, with an expected 20% to 30% capacity release in 2025 to meet the diverse demands of high-end staple brands [1]

Group 1: Financial Performance - In 2024, the company achieved revenue of CNY 1.659 billion, a year-on-year increase of 17.56% [4] - The net profit attributable to shareholders reached CNY 182 million, a significant increase of 1742.81% [4] - The net cash flow from operating activities was CNY 366 million, up by 105.20% [4] - As of the end of 2024, the company's debt-to-asset ratio was 34.26%, a decrease of 1.65 percentage points from the previous year [4] - In Q1 2025, the company reported revenue of CNY 329 million and a net profit of CNY 22.23 million, showing some fluctuations compared to the same period last year [4] Group 2: Business Segments and Growth - The plant-based chewable business generated over CNY 600 million in revenue in 2024, with a year-on-year growth rate of 43.68%, accounting for 36.62% of total revenue [4] - Domestic sales revenue reached CNY 288 million, primarily driven by the company's own brands, which grew by 33% [4] - The "Jueyan" brand saw a 52% increase in revenue [4] - The company is focusing on expanding its main grain product business, expecting rapid growth in the next two years [4] Group 3: Brand Strategy and Market Positioning - In 2025, the company will continue to develop its brand matrix and segmentation strategy, focusing on high-end dog food and extending into high-end cat food [4] - The company plans to enhance sales efficiency through differentiated product offerings on e-commerce platforms like Tmall and JD.com [4] - The company aims to expand its offline presence in major retail chains such as Sam's Club and Walmart [4] Group 4: International Operations and Challenges - The company has shifted all U.S. customer orders to Southeast Asian factories due to U.S. tariff policies, which are currently difficult to assess for their impact on business [5] - The New Zealand main grain brand is expected to release 20% to 30% of its capacity in 2025, meeting diverse demands for high-end grain products [6] - The company maintains a strong position in the pet snack market, particularly in the chewable segment, with significant R&D and manufacturing capabilities [5]

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food and Snacks Key Financial Performance - **2024 Revenue**: Fluctuated significantly across quarters: Q1 at 450 million, Q2 at 480 million, Q3 at 400 million, and Q4 at 280 million, with Q4 performance slightly below expectations due to cautious customer outlook for 2025 [1] - **Gross Margin**: Improved from 24% in Q1 to 34% in Q4 of 2024 [1] - **Net Profit**: Primarily driven by overseas snack ODM business from Southeast Asia, with contributions exceeding 100 million from partners [1][5] - **2025 Q1 Revenue**: Decreased by 14% year-on-year to 330 million, impacted by high base from previous year and seasonal fluctuations in overseas markets [6] Market Dynamics - **Impact of Tariffs**: Following the U.S. tariff announcement in April 2025, the Southeast Asia factory faced significant disruptions, with gradual recovery expected [1][8] - **Domestic Market Goals**: Revenue targets remain unchanged despite external challenges, with new product launches expected to yield better results in the second half of the year [8] Brand Performance - **Brand Growth**: The "Jueyan" brand saw a significant increase of 52%, while "Haoshijia" experienced slower growth due to product line limitations [4] - **Product Development**: Focus on expanding product lines for both brands, including high-end offerings and new product categories [10][18] International Operations - **Export Business**: U.S. customers account for approximately 65% of export business, with efforts to expand into Europe and Canada showing promising results [2][11] - **Vietnam Expansion**: Capacity expansion in Vietnam is aimed at producing new products rather than solely addressing tariff risks [13] Financial Health - **Sales Expenses**: Annual sales expense ratio is around 30%, with a net loss of approximately 30 million in 2024 [16] - **Profitability Outlook**: Future sales expense ratios are expected to remain stable, with a focus on maintaining quality while controlling costs [19] Strategic Initiatives - **Product Strategy**: Plans to introduce dual-purpose products for both cats and dogs, targeting young consumers who may own both types of pets [16] - **Market Positioning**: "Haoshijia" brand focuses on cost-effectiveness, with competitive pricing strategies to maintain market share in a competitive landscape [18] Additional Insights - **Customer Structure**: The company has a diverse customer base, with no significant order competition observed among factories [15] - **Operational Efficiency**: Profitability varies by region, with Vietnam showing higher net profit margins compared to Cambodia due to differences in product mix and operational costs [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in export business and a rise in gross margin driven by new product launches. The revenue for 2024 reached 1.659 billion yuan, a year-on-year increase of 17.56%, and the net profit attributable to the parent company was 182 million yuan, marking a turnaround from losses [4][5] - For Q1 2025, the company experienced a revenue decline of 14.40% year-on-year, totaling 329 million yuan, with a net profit of 22 million yuan, down 46.71% year-on-year. The forecast for net profit for 2025-2027 is adjusted to 210 million, 243 million, and 284 million yuan respectively [4][5] - The gross margin for 2024 was reported at 29.42%, an increase of 10.09 percentage points year-on-year, while the net margin was 11.20%, up 12.34 percentage points year-on-year [5] Financial Performance Summary - The company's revenue and profit forecasts for 2025-2027 are as follows: - Revenue: 1.813 billion yuan (2025E), 2.021 billion yuan (2026E), 2.300 billion yuan (2027E) - Net profit: 210 million yuan (2025E), 243 million yuan (2026E), 284 million yuan (2027E) - EPS: 0.84 yuan (2025E), 0.98 yuan (2026E), 1.14 yuan (2027E) - Current P/E ratios are projected at 17.8x (2025E), 15.3x (2026E), and 13.2x (2027E) [4][8] Revenue Breakdown - In 2024, the company achieved revenue of 1.371 billion yuan from overseas markets, a year-on-year increase of 29.12%, accounting for 82.63% of total revenue. The domestic revenue was 288 million yuan, a decrease of 17.56%, contributing 17.37% to total revenue [7] - The sales of new products significantly contributed to the gross margin improvement, with revenue from pet food segments showing substantial growth [6][7]

上 市 公 司 农林牧渔 2025 年 04 月 21 日 佩蒂股份 (300673) ——国内自主品牌维持高增，境外业务受加关税扰动 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 18 日 | | --- | --- | | 收盘价（元） | 15.01 | | 一年内最高/最低（元） | 19.90/11.36 | | 市净率 | 2.0 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 2,431 | | 上证指数/深证成指 | 3,276.73/9,781.65 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.40 | | 资产负债率% | 32.67 | | 总股本/流通 A 股（百万） | 249/162 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-18 05-18 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 ...

佩蒂股份（300673）近日发布2024年年度报告，报告显示，公司2024年实现营业收入16.59亿元，同比 增长17.56%，实现净利润1.82亿元，同比大幅扭亏为盈。在股东回报方面，公司拟每10股派发现金红利 3.5元。 在渠道布局方面，佩蒂股份构建线上线下（300959）全域渠道网络。在线上，以天猫、京东为核心阵 地，通过品牌旗舰店与分销体系夯实基础销量，同步在抖音、小红书等平台打造"超头部主播+TOP垂类 达人+KOC"的达人矩阵，构建品牌流量池实现高效转化；在线下，深化"扁平化经销商+服务商"模式， 覆盖全国终端门店及宠物连锁医院，并与山姆会员店、沃尔玛等大型商超建立供应合作，形成"传统渠 道精耕+新兴渠道突破"的双轮驱动格局。 年报显示，佩蒂股份2024年研发投入2976.16万元，同比增长2.49%，目前有益生菌猫粮、胶原蛋白宠物 食品等6项新品正在研发阶段。公司表示，公司的主粮收入正逐步提升，需要更多有差异化的产品，满 足市场的需求。 对于海外市场，佩蒂股份表示，市场需求恢复到正常水平后，核心客户对市场预期持积极乐观态度，订 单发送处于健康状态，2024年海外市场营收重回增长轨道。此外，公司积 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-026 债券代码：123133 债券简称：佩蒂转债 公司本次发行可转换公司债券的募集资金总额为人民币720,000,000.00元，扣除 保荐及承销费用、中介费用、手续费、信息披露费等相关费用后，募集资金净额为人 民币711,859,782.01元。 上述募集资金于2021年12月28日划入募集资金专户，中汇会计师事务所（ 特殊普通合 伙）对截至2021年12月28日止公司向不特定对象发行可转换公司债券募集资金的到 位情况进行审验，并出具了 债券募集资金到位情况验证报告》 中汇会验 2021〕 8205号）。 佩蒂动物营养科技股份有限公司 关于使用募集资金向全资孙公司提供借款以实施募投项目的公告 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。 2025年4月18日，佩蒂动物营养科技股份有限公司（ 以下简称公司）召开第四届 董事会第十二次会议、第四届监事会第十次会议，审议通过了（ 关于使用募集资金向 全资孙公司提供借款以实施募投项目的议案》，同意公司使用募集资金向新西兰天然 纯宠物食品有限公司（ 以下 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-019 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 2025 年度拟向下属子公司提供担保及接受下属子公司担保的公告 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。 一、 担保情况概述 2025年4月18日，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 会第十二次会议审议通过了《关于2025年度拟向下属子公司提供担保及接受下属子公 司担保的议案》。为满足公司及合并报表范围内部分下属子公司日常经营和发展需要， 公司拟向部分控股子公司在未来十二个月内提供不超过12,433.00万元人民币（或等 额外币）的连带责任担保，全资子公司江苏康贝宠物食品有限公司（以下简称江苏康 贝）拟向公司提供不超过8,162.00万元人民币的连带责任担保。 公司及报表范围内的企业拟互相提供担保情况如下： 货币单位：万元人民币 | | | 对被担 | 被担保方 | | 本次新增 | 担保额度 | 是否 | | --- | --- | --- | --- | --- | --- | -- ...