佩蒂股份(300673)：24年业绩高增 关注出口业务关税扰动

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]