佩蒂股份：业绩实现扭亏，新型主粮发力国内市场

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]