乖寶寵物: 乖寶寵物推激勵計劃草案,寵食龍頭有望保持業績高增!

（以下内容从天风国际证券《乖寶寵物: 乖寶寵物推激勵計劃草案,寵食龍頭有望保持業績高增!》研报附件原文摘录）
　　Gambol Pet Group (301498 CH) 乖宝宠物推激励计划草案，宠食龙头有望保持业绩高增！ Initiating coverage: stock incentive plans aim for double-digit CAGRs; launch of premium dog food line-up BUY(Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布绩效考核激励机制和第一期限制性股票激励计划(草案)，考核目标以2023年爲基数，24/25/26年度营业收入增长率目标爲19%/42%/68%，净利润增长率目标爲21%/39%/59%。 两项激励方案推出，核心团队积极性有望进一步调动！ 乖宝此次发布两项激励方案，针对的羣体和激励方式有所不同。绩效考核激励针对的人员范围更广——公司高级管理人员、关键岗位的中高层管理人员和核心骨干人员等，若当年度达成公司层面业绩考核指标，则提取归母净利润的15%作爲激励奖金总额；第一期限制性股票激励计划(草案)针对的人员更聚焦——拟向9名激励对象授予不超过217.7万股限制性股票，其中公司总裁杜士芳占本次拟授予限制性股票总数的比例最大，达33%。我们认爲公司的绩效考核激励机制和股票激励计划均有望有效地将股东利益、公司利益和员工利益紧密结合在一起，吸引和留住优秀人才，充分调动公司核心团队的积极性！ Two different schemes to motivate and incentivize company’s key personnel Company profile: Gambol Pet Group, which was established in 2006, develops, produces and sells pet food. Its products include dog and cat staples and snacks, as well as pet health care products. Two incentive plans: the company recently released a performance appraisal incentive plan and the first phase of a restricted stock incentive plan in draft. Based on 2023 performance, the plan targets 19%/42%/68% revenue growth and 21%/39%/59% net profit growth in 2024/25/26E. Each of the two plans targets different personnel and involves different incentive schemes. ·Performance appraisal incentives: the plan covers a broader range of personnel including senior management, middle and senior management in key positions, as well as other core backbone personnel. If the company meets the performance goals in a given year, 15% of net profit will be put aside for incentive bonuses. ·Restricted stock incentives phase I: the focus is on certain personnel and this draft plan aims to grant up to 2.18m restricted shares to nine incentive targets, including president Du Shifang, who would have the largest proportion of restricted shares to be granted at 33%. We believe Gambol Pet’s performance appraisal incentive plan and restricted stock incentive plan effectively align the interests of shareholders, the company and employees. We expect they will motivate its core team as well as help the company attract and retain outstanding talents. 3年收入和净利润目标均瞄准双位数增长！ 此次两项激励计划，考核年度爲2024-2026年三个会计年度：以2023年爲基数，24/25/26年度营业收入增长率目标爲19%/42%/68%，预估3年营业收入年均复合增长率预估约达19%；24/25/26年度归母净利润增长率目标爲21%/39%/59%，预估3年归母净利润年均复合增长率预估约达17%（利润目标需剔除公司在全部有效期内的股权激励计划所涉及的股份支付费用及剔除激励奖金提取的影响後的数值作爲计算依据）。其中限制性股票激励计划产生的激励成本将在经常性损益中列支，摊销总费用预估达5844.6万元，其中2024/25/26/27年摊销金额1243/2516/1503/583万元。 Revenue and net profit goals imply 3-year CAGRs in the double-digits The two incentive plans assess company results in 2024, 2025 and 2026. The revenue growth goals of 19%/42%/68% in 2024/25/26E (with 2023 as the base year) imply a 3-year CAGR of about 19%. And the targeted net profit growth goals of 21%/39%/59% imply a 3-year CAGR of about 17%. The targeted profit is calculated by excluding share-based payment expenses involved in the share incentive program during the full term of the scheme and by excluding the impact of incentive bonus withdrawals. Hence, the incentive costs for the restricted stock incentive plan would be accounted as recurring profit and loss, and the estimated total amortization cost could reach RMB58.45m, comprising RMB12.43m/25.16m/15.03m/5.83m in 2024/25/26/27E. 公司618表现亮眼，高端犬品牌亮相，公司业绩有望保持快速增长！ 公司618表现亮眼，行业龙头地位凸显。今年618期间，公司核心品牌麦富迪在天猫平台、抖音平台、拼多多平台宠物品牌销售榜中位列第1，京东平台位列第2；公司高端猫粮品牌弗列加特在抖音/天猫平台分别排名第5/第8。麦富迪和弗列加特全网销售额突破4.7亿，同比增速超40%，其中弗列加特全网销售额突破1亿，同比增速高达230+%。 公司发布高端狗粮品牌汪臻醇，高端狗粮发力进行时！ 2024年7月5日公司在麦富迪宠物食品微信公衆号发布汪臻醇的品牌介绍，该品牌主打高端狗粮，突出“限定成分配方”，产品突出冻干、烘焙等工艺，突出鲜肉原材料。我们认爲公司有望把高端猫粮弗列加特的快速增长的成功经验，应用在高端狗粮汪臻醇上，高端狗粮有望成爲公司又一业绩增长点。 Stellar 618 sales; premium dog food launch could help maintain rapid growth 618 fest: Gambol drove particularly strong sales at this year’s 618 shopping festival in June due to its leading industry position. This year’s 618 fest saw its core brand, Myfoodie, topping pet brand sales charts on Tmall, Douyin and Pinduoduo, and listed second on JD.com. Its premium cat food brand Fregate took fifth place on Douyin and eighth place on Tmall. Myfoodie and Fregate together exceeded RMB470m in online sales, up more than 40% yoy. Fregate alone generated over RMB100m in online sales, growing more than 230% yoy. Premium dog food: the company launched Canyon Creek Ranch, a new brand for premium dog food, at Myfoodie Pet Food on its WeChat account. The brand highlights ingredients and recipes such as fresh meat raw materials, and preparations such as freeze-drying and baking. We believe Canyon Creek Ranch will be able to replicate the rapid growth trend of the company’s premium cat food brand Fregate. We expect the premium dog food business will add another growth driver. 投资建议/Investment Ideas 盈利预测：我们预计2024-2026年公司实现营业收入爲53.03/65.95/81.97亿，实现归母净利润5.56/6.94/8.53亿元，同增30%/25%/23%。看好公司作爲宠物食品龙头，自主品牌快速发展，继续重点推荐，维持“买入”评级。 Forecast and risks We expect Gambol Pet Group will generate revenue of RMB5.30bn/6.60bn/8.20bn in 2024/25/26E, with net profit at RMB556m/694m/853m, up 30%/25%/23%. We are bullish about its pet food market leadership and the rapid rise of its proprietary brands. We initiate coverage with a BUY rating. 风险提示：国内市场竞争加剧、原材料价格波动、贸易摩擦、汇率波动、募投项目实施风险、激励计划需在公司股东大会审议通过後生效 Risks include: intensifying competition in the Chinese market; raw material price fluctuations; trade frictions; FX fluctuations; implementation risks related to fundraising and investment projects; and the incentive plans are subject to shareholder approval. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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