佩蒂股份海外市场回暖：宠物食品出口复苏与全球化布局分析
中国宠物食品出口龙头佩蒂股份正迎来海外市场复苏。这家成立于2002年的企业以宠物咬胶ODM代工起家，产品远销全球50多个国家，是沃尔玛等国际零售巨头的核心供应商。
According to the latest investor research report released on January 9, Pettee is gradually recovering from the impact of overseas customer destocking. The company stated that export business was significantly affected by inventory adjustments in the first half of 2023, leading to low capacity utilization and performance pressure. However, orders from overseas markets have been continuously recovering in the second half, with major clients' inventories returning to normal levels.
2023年出口市场先抑后扬：海关数据显示，中国宠物食品出口自2022年9月起连续7个月下滑，直到2023年4月才恢复同比增长。佩蒂股份的业绩波动与此高度吻合——2022年Q4首次出现单季度亏损，2023年前两季度继续亏损，直至Q3才实现扭亏为盈。
The export performance in 2023 showed a "first decline then rebound" trend. Customs statistics reveal China's pet food exports experienced a 7-month consecutive decline starting September 2022, only returning to year-on-year growth in April 2023. Pettee's financial performance mirrored this trend - reporting its first quarterly loss in Q4 2022, continuing losses in the first two quarters of 2023, and finally achieving profitability in Q3.
全球化产能布局成效显现：为应对25%的美国关税，佩蒂股份实施"中国+海外"双基地战略：越南工厂已达满产状态；柬埔寨工厂产能快速爬坡；新西兰4万吨主粮产线将于2024年量产。这种多元化布局有效分散了单一市场风险。
The global production layout is demonstrating results. To counter the 25% U.S. tariffs, Pettee implemented a "China + Overseas" dual-base strategy: Vietnamese factories have reached full capacity; Cambodia plant is rapidly ramping up production; New Zealand's 40,000-ton pet food production line will achieve mass production in 2024. This diversified approach effectively mitigates single-market risks.
产品结构持续优化：2022年公司咬胶产品占比68.9%，其中高毛利的植物咬胶占比已提升至37%。同时，公司积极开拓国内市场，计划将其培育为新的增长引擎，2022年国内销售占比已达15.9%。
Continuous product mix optimization: In 2022, chew products accounted for 68.9% of revenue, with higher-margin plant-based chews increasing to 37%. Meanwhile, the company is actively developing domestic market, aiming to make it a new growth engine - domestic sales already represented 15.9% of total revenue in 2022.
展望2024年，随着海外库存周期结束、柬埔寨工厂产能释放和新西兰主粮项目投产，佩蒂股份有望迎来业绩拐点。公司表示，虽然短期市场波动存在，但ODM业务长期稳健增长的趋势不会改变。
Looking ahead to 2024, with the end of overseas inventory cycles, Cambodia plant capacity expansion, and New Zealand pet food project commencement, Pettee is expected to reach an inflection point. The company emphasizes that despite short-term fluctuations, the long-term steady growth trend of ODM business remains unchanged.
