佩蒂股份海外市场回暖：宠物食品出口趋势与ODM业务分析
中国宠物食品出口商佩蒂股份正逐步走出海外客户去库存的影响。 该公司在投资者调研中透露，2023年上半年受库存调整冲击较大，但下半年订单已恢复至正常水平。
Petti, a Chinese pet food exporter, is gradually emerging from the impact of overseas customers' destocking. The company revealed in investor research that it was significantly impacted by inventory adjustments in the first half of 2023, but orders returned to normal levels in the second half.
作为全球50多个国家的宠物咬胶供应商，佩蒂股份2022年海外销售占比高达84.1%。但2023年宠物食品出口整体承压：海关数据显示，行业出口额自2022年9月起连续下滑7个月，直至2023年9月才出现明显回暖迹象。
As a supplier of pet chews to over 50 countries, Petti's overseas sales accounted for 84.1% of revenue in 2022. However, 2023 saw pressure on pet food exports: Customs data shows industry export value declined for 7 consecutive months from September 2022, with clear recovery signs only appearing in September 2023.
业绩波动与复苏轨迹：
• 2022Q4首现单季度亏损3078万元
• 2023上半年营收下降41.77%，亏损4269万元
• 2023Q3实现单季度扭亏为盈1400万元
Performance Fluctuations and Recovery Trajectory:
• First quarterly loss of 30.78 million yuan in Q4 2022
• H1 2023 revenue fell 41.77% with 42.69 million yuan loss
• Returned to profitability in Q3 2023 with 14 million yuan net income
公司通过三大战略应对挑战：
1. 海外产能布局：越南工厂满产，柬埔寨工厂快速爬坡，新西兰4万吨主粮产线2024年量产
2. 产品结构优化：高毛利植物咬胶占比提升至37%
3. 国内市场开拓：国内销售占比从0提升至15.9%
The company adopted three strategies to address challenges:
1. Overseas production layout: Vietnamese plants at full capacity, Cambodian plant ramping up, NZ 40,000-ton production line to mass produce in 2024
2. Product mix optimization: Higher-margin plant-based chews increased to 37% share
3. Domestic market expansion: Domestic sales grew from 0% to 15.9% share
佩蒂股份董事会秘书唐照波表示："随着海外客户库存周期结束，四季度订单已恢复正常。柬埔寨工厂2024年产能将进一步提升，新西兰主粮产线将成为新的增长点。"
Petti's Board Secretary Tang Zhaobo stated: "With overseas customers' inventory cycle ending, Q4 orders have normalized. Cambodian plant capacity will further increase in 2024, and NZ production line will become a new growth driver."
