佩蒂股份：宠物食品出口高增长，双十一预售火热开启

佩蒂股份：宠物食品出口高增长，双十一预售火热开启

Petti Shares: Pet Food Exports Soar as Double 11 Pre-sales Kick Off

【核心摘要】随着双十一购物节临近，电商平台提前进入预热阶段。作为国内宠物食品龙头企业，佩蒂股份旗下高端品牌"爵宴"在2024年618期间创下2500万元GMV的佳绩，同比增长67%。公司上半年营收同比增长71.64%，净利润增长329.38%，展现出强劲发展势头。

[Core Summary] With the Double 11 shopping festival approaching, e-commerce platforms have entered the pre-sales phase early. As a leading domestic pet food company, Petti's premium brand "Jueyan" achieved outstanding results during the 2024 618 shopping festival with GMV reaching 25 million yuan, a 67% year-on-year increase. The company's revenue in the first half of the year grew by 71.64%, with net profit increasing by 329.38%, demonstrating strong growth momentum.

双十一预售火热开启

Double 11 Pre-sales in Full Swing

天猫商城将于今晚20点准时开启双十一预售活动。佩蒂股份旗下高端宠物食品品牌"爵宴"在2024年618期间表现亮眼，全网成交总额超2500万元，全平台支付金额同比增长67%，位列天猫狗零食品牌榜、京东狗食品自营竞速榜前两名。

Tmall Mall will officially launch Double 11 pre-sales at 20:00 tonight. Petti's premium pet food brand "Jueyan" performed exceptionally well during the 2024 618 shopping festival, with total GMV exceeding 25 million yuan across all platforms, a 67% year-on-year increase in payment volume, ranking among the top two in Tmall's dog snacks brand list and JD.com's dog food self-operated speed ranking.

业绩高速增长

Rapid Performance Growth

2024年上半年，佩蒂股份实现营业总收入8.46亿元，同比增长71.64%。其中海外市场收入6.89亿元，同比增长87.8%；国内市场收入1.57亿元，同比增长24.6%。归母净利润0.98亿元，同比大幅增长329.38%。

In the first half of 2024, Petti achieved total operating revenue of 846 million yuan, a year-on-year increase of 71.64%. Overseas market revenue reached 689 million yuan, up 87.8% year-on-year; domestic market revenue was 157 million yuan, up 24.6% year-on-year. Net profit attributable to shareholders was 98 million yuan, a significant increase of 329.38% year-on-year.

全球化战略成效显著

Globalization Strategy Yields Remarkable Results

公司在越南、柬埔寨和新西兰建有大型生产基地。柬埔寨工厂已实现盈利，新西兰4万吨高品质主粮产线即将进入商业化运营阶段。2024年上半年境外收入达6.89亿元，同比增长90.2%，毛利率27.06%。

The company has large production bases in Vietnam, Cambodia and New Zealand. The Cambodia factory has achieved profitability, and New Zealand's 40,000-ton high-quality staple food production line is about to enter commercial operation. Overseas revenue in the first half of 2024 reached 689 million yuan, up 90.2% year-on-year, with gross margin of 27.06%.

国内市场表现优异

Outstanding Domestic Market Performance

公司打造了爵宴鸭肉干、好适嘉湿粮罐头等多个畅销单品。爵宴品牌位列天猫狗零食品牌榜第二，其风干粮产品在抖音和京东平台均排名第一。2024年上半年销售费用0.51亿元，同比增长17.57%，营销效果显著。

The company has created several best-selling products including Jueyan duck jerky and Haoshijia wet food cans. The Jueyan brand ranked second in Tmall's dog snacks brand list, and its air-dried food products ranked first on both Douyin and JD.com platforms. Sales expenses in the first half of 2024 were 51 million yuan, up 17.57% year-on-year, with significant marketing effects.

行业前景广阔

Bright Industry Prospects

2018-2023年，我国城镇宠物消费市场规模由1708亿元增长至2793亿元，年复合增长率10.3%。预计到2026年将达到3613亿元。宠物食品市场规模由157亿元增长至1461亿元，年复合增长率22.5%。

From 2018 to 2023, China's urban pet consumption market grew from 170.8 billion yuan to 279.3 billion yuan, with a CAGR of 10.3%. It is expected to reach 361.3 billion yuan by 2026. The pet food market grew from 15.7 billion yuan to 146.1 billion yuan, with a CAGR of 22.5%.

风险提示：原材料价格波动风险、国际贸易政策风险、市场竞争加剧风险。

Risk Warning: Risks of raw material price fluctuations, international trade policy risks, and intensified market competition risks.

数据来源：海通证券研究报告(20240909)

Data Source: Haitong Securities Research Report (20240909)