Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has achieved a significant increase in gross profit margin, up by 7.88 percentage points year-on-year in the first half of 2024, driven by dual optimization of channels and product structure [8][3]. - In the first half of 2024, the company reported revenue of 2.427 billion yuan, a year-on-year increase of 17.48%, and a net profit attributable to the parent company of 308 million yuan, up 49.92% year-on-year [3][8]. - The high-end staple food segment is expected to account for nearly 20% of total sales in Q2 2024, indicating a clear trend towards upgrading product offerings [8][10]. - Direct sales channels, particularly through platforms like Douyin, have rapidly increased, with direct sales revenue growing by 61.24% year-on-year in the first half of 2024, now representing 36% of total revenue [4][21]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.329 billion yuan, a year-on-year increase of 14.48%, with a net profit of 160 million yuan, up 32.64% year-on-year [3][8]. - The gross profit margin for staple food products reached 44.7% in the first half of 2024, an increase of 12.78 percentage points year-on-year [16][18]. Product Structure and Brand Development - The main brand, Maifudi, is undergoing a significant upgrade, with high-end staple food products expected to account for nearly 20% of sales in Q2 2024 [10][11]. - The high-margin sub-brand, Fregate, has shown impressive growth, with online sales maintaining over 100% growth in the first half of 2024, expected to account for 18% of the company's proprietary brand sales [14][16]. Channel Optimization - The direct sales model is rapidly increasing, with Douyin becoming one of the top two online direct sales channels for the company [4][26]. - The direct sales revenue as a percentage of total revenue increased by 9.7 percentage points year-on-year in the first half of 2024, indicating strong channel optimization [21][25].

本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 乖宝宠物食品集团股份有限公司（以下简称"公司"）于2023年10月23日召 开了第二届董事会第二次会议和第二届监事会第二次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投 资项目建设和募集资金使用计划的前提下，本着遵循全体股东利益最大化的原则 ，使用不超过人民币26,000.00万元的闲置募集资金暂时补充流动资金。使用期 限自第二届董事会第二次会议审议通过之日起不超过12个月，到期将归还至募集 资金专户。具体内容详见公司于2023年10月25日在巨潮资讯网披露的《关于使用 部分闲置募集资金暂时补充流动资金的公告》（公告编号：2023-024）。 证券代码：301498 证券简称：乖宝宠物 公告编号：2024-042 乖宝宠物食品集团股份有限公司 关于归还用于暂时补充流动资金的募集资金公告 公司已于2024年5月20日将上述用于暂时补充流动资金的部分闲置募集资金 3,000.00万元归还至公司募集资金专用账户，使用期限未超过12个月，具体内容 详见公司于2024年5月2 ...

中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐人名称：中泰证券股份有限公司 | 被保荐公司简称：乖宝宠物 | | --- | --- | | 保荐代表人姓名：陈凤华 | 联系电话：0531-68888089 | | 保荐代表人姓名：孙喜运 | 联系电话：0531-68888089 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | 是 | | 不限于防止关联方占用公司资源的制度、募集 | | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6 次，保荐机构通过每月取得募集资金 专户银行对账单的方式对募集资金使用 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 56.33 CNY per share, based on a 30x PE multiple for 2025 [1][3] Core Views - The company is a leading domestic pet food manufacturer with strong brand positioning and profitability driven by its premiumization strategy [1] - Its overseas OEM experience and global supply chain layout provide competitive advantages [1] - The company is a pioneer in domestic pet food brands, leveraging diversified marketing to drive brand awareness and online sales growth [1] Financial Performance - In H1 2024, the company achieved revenue of 2.427 billion CNY, up 17.48% YoY, with pet food gross margin reaching 44.70%, up 12.78 percentage points YoY [1] - In 2023, the company's revenue reached 4.327 billion CNY, up 27.36% YoY, with net profit attributable to shareholders of 429 million CNY, up 60.69% YoY [19] - The company's own brand revenue reached 2.745 billion CNY in 2023, up 34.15% YoY, accounting for 63.44% of total revenue [19] Business Segments Domestic Market - The domestic business focuses on own-brand sales, with brands like "Myfoodie", "Fleigart", and "Wangzhenchun" covering the full range of pet food categories [19] - In 2023, domestic revenue reached 2.863 billion CNY, up 39.38% YoY, accounting for 66.17% of total revenue [19] Overseas Market - The overseas business started with OEM and expanded through acquisitions like "Waggin' Train" [19] - In 2023, overseas revenue reached 1.464 billion CNY, up 8.96% YoY, accounting for 33.83% of total revenue [19] Growth Drivers Product Innovation - The company has a comprehensive product matrix with over 1,300 SKUs, covering snacks, wet food, and dry food [26] - Premium products like "Fleigart" and "BARF" series have driven significant margin improvement [26] Marketing Strategy - The company employs celebrity endorsements, entertainment marketing, and co-branding to enhance brand awareness [55][56] - Online direct sales reached 866 million CNY in H1 2024, up 61.24% YoY, accounting for 35.85% of total revenue [59] Capacity Expansion - The company is expanding production capacity with new projects expected to increase total dry food capacity to over 200,000 tons [64][66] Financial Projections - Revenue is expected to grow at a CAGR of 21.3% from 2024 to 2026, reaching 7.723 billion CNY in 2026 [2] - Net profit attributable to shareholders is projected to grow at a CAGR of 31.9% from 2024 to 2026, reaching 984 million CNY in 2026 [2] Valuation - The company is valued at 30x 2025 PE, higher than peers, reflecting its leading position in the domestic pet food market and strong growth potential [69]

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 自主品牌持续增长，线上直销增速亮眼 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

乖宝宠物半年报点评：产品和渠道优化带动盈利能力持续超预期 乖宝宠物（301498.SZ）/农 林牧渔 证券研究报告/公司点评 2024 年 8 月 31 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/农业 证券研究报告 乖宝宠物（301498）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 49.84 | | 52 周股价波动（元） | 30.16-61.58 | | 总股本 / 流通 A 股（百万股） | 400/179 | | 总市值 / 流通市值（百万元） | 19938/8922 | | 相关研究 | | | [Table_ReportInfo] 《 24Q1 业绩超预期，国产宠食快速崛起》 | | | 2024.04.19 | | | 《立足自有品牌，乘国内宠物经济东风》 | | | 2024.03.05 | | 市场表现 [Table_QuoteInfo] -24.60% -12.60% -0.60% ...

司 研 华福证券 乖宝宠物（301498.SZ） 24H1 业绩点评：自主品牌表现靓丽，盈利能力 持续提振 公司发布 2024 年半年度报告。2024H1 公司实现营业总收入 24.27 亿 元，同比+17.48%，归母净利润 3.08 亿元，同比+49.92%，扣非归母净利润 2.91 亿元，同比+42.28%。单季度来看，24Q2 现营业总收入 13.29 亿元， 同比+14.48%，归母净利润 1.60 亿元，同比+32.64%，扣非归母净利润 1.53 亿元，同比+26.83%。 618 品牌表现靓丽，直销占比明显提升。24H1 公司营收+17%，其中主 粮/零食营收分别同比+18%/+17%；分渠道来看，直销占比提升明显，H1 公司直销营收 8.7 亿元，同比+61%，占主营业务占比约 36%。国内市场： 公司把握国内宠物食品需求快速扩张的行业机遇，已构建以"麦富迪"、 "弗列加特"为核心的自有品牌梯队，618 期间公司自主品牌实现靓丽增 长，根据乖宝宠物食品集团数据显示 24 年 618 期间公司麦富迪+弗列加特 全网销售额突破 4.7 亿元，同比+40%，其中弗列加特同比增长 230%+，麦 富 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.427 billion yuan, a year-on-year increase of 17.48%, and net profit of 308 million yuan, up 49.92% [1]. - The domestic pet food market is expanding rapidly, and the company is well-positioned to capitalize on this growth through its strong brand presence and innovative product offerings [2]. - The company has successfully developed a comprehensive product line under its brand "Mai Fu Di," which has gained substantial market recognition and sales growth [2]. - The overseas market has seen a normalization of exports after inventory adjustments, with the company focusing on its OEM/ODM business model to strengthen international partnerships [3]. Summary by Sections Domestic Market - The company is leveraging the growing demand for pet food in China by maintaining product quality, continuous innovation, and an efficient sales network, particularly through its flagship brand "Mai Fu Di" [2]. - During the 618 shopping festival, the company's brands achieved sales exceeding 470 million yuan, with a year-on-year growth of over 40% [2]. - "Mai Fu Di" has consistently ranked first in various e-commerce platforms for pet food and supplies, showcasing its market dominance [2]. International Market - The company has established strong relationships with international retailers and has been exporting products to North America, Europe, and Asia [3]. - The acquisition of the American pet food brand "Waggin' Train" has further solidified the company's presence in the overseas market [3]. Financial Projections - The company is projected to achieve revenues of 5.303 billion yuan, 6.595 billion yuan, and 8.197 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits expected to grow significantly during this period [4]. - The report anticipates a compound annual growth rate (CAGR) of approximately 30% for net profit from 2024 to 2026 [4].

| --- | --- | |--------------|---------------------------------------------| | 2024 | 年 08 月 28 日 | | 研究所： | | | 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | 评级：买入(维持) 最近一年走势 | --- | --- | --- | --- | --- | --- | |--------------------|------------------|-------|-------|-------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 | 300 表现 | | | | 2024/08/2 ...