佩蒂股份: 24H1預告扭虧爲盈,國內外業務增長可期

（以下内容从天风国际证券《佩蒂股份: 24H1預告扭虧爲盈,國內外業務增長可期》研报附件原文摘录）
　　Petpal Pet Nutrition Technology (300673 CH) 24H1预告扭亏爲盈，国内外业务增长可期 24H1E signals a profit turnaround and we expect Chinese and international business growth will continue BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：佩蒂股份发布2024年半年度业绩预告，预计上半年归母净利润0.9亿元~1.1亿元，扭亏爲盈（比上年同期增长310.79%~357.63%）；扣非归母净利润0.89亿元~1.09亿元。其中2024Q2预估实现归母净利润0.48亿元~0.68亿元，扭亏爲盈（去年同期亏损0.05亿元）。 H1E profit turnaround: Meaty Way launch adds to Petpal brands’ prospects Key metrics: Petpal Pet Nutrition Technology’s preliminary 24H1E earnings data shows it turned around the net loss trend to net profit of RMB90m-110m (up 310.79-357.63% yoy), with ex-nonrecurring net profit estimated at RMB89m-109m. Q2E net profit emerged in the black at RMB48m-68m, compared with an RMB5m net loss a year ago. 国内自主品牌产品上新，国内收入增长值得期待 2024年上半年，公司自主品牌业务较好地完成了半年度阶段性目标，收入规模继续保持快速增长态势。公司於2024年5月推出爵宴品牌的主粮，主打“原生天然食材”、“风乾工艺”，在原有主要品类的收入规模保持快速增长的同时，推出的重点产品新型主粮产品快速被市场接受，取得了较好的预期效果。2024年618，公司爵宴品牌表现强势，累计GMV超2500万元，金额相比去年同期增长67%，其中爵宴纯脆肉乾获抖音幼犬零食、天猫狗零食、京东狗零食榜单第一。我们认爲，公司自主品牌表现优秀，国内收入增长值得期待。 China market: the pet food maker’s proprietary brands did well in H1 in terms of performance targets and sustained a strong revenue uptrend. Petpal launched Meaty Way in May, its staple pet food brand marked by locally sourced natural ingredients and air-drying processes. While the company’s main product categories maintained rapid revenue growth, launches of its major products and new staple food products were also quickly accepted by the market and achieved better results than the company had expected. Meaty Way garnered cumulative GMV of over RMB25m at the 618 shopping festival this year, growing 67% yoy. The brand’s crispy pure-meat jerky took top spot in sales of puppy snacks on Douyin (TikTok in China), and dog snacks on Tmall and JD.com. We are bullish about Petpal’s proprietary brand performance and anticipate a revenue uptrend in the Chinese market. 海外订单恢复好，全球化基地布局有利於提升风险抵御能力 2024年上半年，公司充分发挥产品研发、海外制造等优势，积极拓展新客户，加深和现有核心客户的合作力度，ODM业务出货量实现大幅增加，营业收入同比有较大幅度增加。越南生产基地保持满负荷运转状态，柬埔寨生产基地的产能利用率快速释放。此外，公司上半年加强对柬埔寨、越南、新西兰等重点生产基地的管理，完善在采购、运输、人员组织等方面的管理体系，我们认爲公司在海外多个区域的布局和管理，有利於发挥区域原材料等优势，并增强单一区域出口关税变动等风险的抵御能力；也有利於增强订单交付能力，爲今後更高效地运营打下坚实基础。 Foreign markets: orders coming back in; production ramp-up aids risk resistance ODM growth: Petpal honed its international competitive edge in several ways in 24H1: it boosted product R&D and global manufacturing facilities, and added new customers while deepening collaborations with its main customers. Thus, ODM shipment volumes rose strongly and led to a robust revenue increase yoy. Production: the manufacturing base in Vietnam maintained operations at full capacity, while the Cambodia facility rolled out capacities to rapid utilization increases. The company strengthened the management system at key facilities in Cambodia, Vietnam and New Zealand in H1, which improved procurements, transportation, personnel administration, and so on. We believe Petpal’s buildout and management of its multiple foreign regions will help the company leverage regional advantages like raw materials and enhance its ability to manage risks including region-specific changes in export tariffs. The benefits also extend to better order deliveries and set the ground for more efficient operations in the future. “一体两翼”发展战略执行坚定，实控人增持彰显信心 2024年上半年，公司聚焦主营业务，各项工作以“一体两翼”发展战略和年度任务目标爲指引，坚持全球化运营，积极开拓国内、外两个市场，以自主品牌打造、渠道拓展、项目运营质量提升爲工作重心，经营业绩的质和量均有较大幅提升。此外，公司实控人陈振标自2024年1月16日开始增持公司股份起至2024年7月15日止，累计购入公司股份85.28万股，共使用资金1001万元人民币，彰显公司实控人对公司长期发展的信心。 Dual-pronged strategy gains traction; controlling stakeholder beefs up shares Petpal drove a two-pronged strategy to guide growth in core business operations in 24H1, which included goals for annual tasks. The areas included global operations, including explorations into Chinese and foreign market businesses to build its proprietary brands, expanding its channels and raising operational quality. These efforts led to much better quality and quantity in operating performance. The half-year also saw the company’s controller Chen Zhenbiao expanding his stake incrementally from 16 Jan to 15 July 2024, when he bought a total of 852,800 shares in the company for RMB10.01m. We believe this demonstrates the controlling stakeholder’s confidence in Petpal’s long-term growth. 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19.8/24.3/28.4亿元，实现归母净利润1.5/1.9/2.5亿元，同比扭亏爲盈/29%/29%。公司海外订单增长较好，国内自主品牌有望较快增长，维持“买入”评级。 Valuation and risks While Petpal’s international orders are growing well, we expect its proprietary brands for the Chinese market to also rise quickly. We forecast revenue of RMB1.98bn/2.43bn/ 2.84bn in 2024/25/26E, with net profit at RMB150m/190m/250m, implying full-year net profit turnaround on 29/29% growth in 2025/26E. We maintain our BUY rating. 风险提示：原材料价格波动的风险；汇率波动的风险；渠道拓展不及预期；业绩预告是公司财务部门初步测算的结果，具体财务数据以公司披露的《2024年半年度报告》爲准 Risks include: raw material price fluctuations; FX volatility; and weaker channel expansion than expected. Note: our forecast is based on the company’s preliminary financial data and is subject to the release of its final 24H1 results. 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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