Main points of investment
Tianyuan Pet, a listed company on gem, made an inquiry on Thursday (November 3).
Tianyuan Pet (301335): the company has been focused on pet products and pet food for a long time; the products cover pet nest mat, cat crawl rack, pet food, pet toys, pet clothing, electronic supplies and other series and all kinds of pet products. From 2019 to 2021, the company achieved operating income of 1.049 billion yuan / 1.45 billion yuan / 1.854 billion yuan, YOY of 18.27%, 38.30%, 27.85%, and three-year compound annual growth rate of 27.88%. The net profit of homing was 87 million yuan / 114 million yuan / 107 million yuan, and the YOY was-0.34%, 30.84%, 5.82%, respectively, and the annual compound growth rate of three years' net profit was 7.09%. During the latest reporting period, 2022H1 achieved an operating income of 864 million yuan, an increase of 5.31% over the same period last year, and a net profit of 48 million yuan, an increase of 5.03% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 90 million yuan to 100 million yuan from January to September 2022, an increase of 11.10% to 23.44% over the same period last year.
Investment highlights: 1. The company is the forerunner to enter the field of pet products earlier in China, and is expected to benefit from the rapid growth of the pet industry. After nearly 20 years of deep ploughing in the industry, the company has gradually realized the extensive coverage of multi-scene and full-category products, such as pet residence, diet, play, clothing, cleaning, travel and pet interaction, including nine product categories, including cushions, climbing shelves, toys and so on. The planning model of the basic product catalogue maintains more than 5000 yuan, forming a strong large-scale advantage. With the improvement of economic living standards and urbanization rate, the aging of the population and the growth of single and dink groups, keeping pets has gradually become people's emotional sustenance, especially in China and other developing countries. the proportion and market scale of pet raising are still much lower than those in Europe and the United States, which has great market growth and development prospects. In 2021, the size of China's pet cat and dog market has reached 249 billion yuan, an increase of 20.60% over the same period last year, which is much higher than the growth rate of retail sales of consumer goods in China. It is expected that the vigorous development of the domestic pet economy will effectively promote Tianyuan Pet and other leading enterprises to continue to improve. 2. The company has a design and development team with strong product design ability and fast market response, which helps to continue to consolidate the first-mover advantage. The company set up the design department in 2007, specially responsible for product design and development; with the gradual expansion of team size and functional responsibilities, the design department has been upgraded to a product center. and under the product planning department, household toy products department, electronic intelligent products department and other five sub-departments to form a relatively perfect R & D system. Relying on the mature design team, the company regularly and continuously carries out product innovation, and launches a total of more than 2000 new product catalogs twice a year, which can meet the downstream needs of rapid upgrading. In terms of intelligent promotion, the company develops and launches products such as remote-controlled automatic feeders, induction drinking fountains and induction bowls that use infrared function to switch automatically; in terms of theme creative planning, the company combines all kinds of festival culture, popular elements, etc., launch Christmas and other holiday sets, interstellar roaming and other scene theme products In the application of new materials, the company's built-in cool gel memory sponge makes the nest pad have the effect of preventing summer heat, adding auxiliaries or coatings to the fabric so that the pad is not easy to stick to water, and applying eco-friendly wood materials and rattan materials used in outdoor home to cat climbing frames.
Compared with listed companies in the same industry: the company focuses on the field of pet products and pet food; according to the similarity of the main business, select pet listed companies such as Zhonghua shares, Petty shares, Yuanfei Pet, Luce shares and Yiyi shares as comparable listed companies of Tianyuan Pet. From the above comparable companies, the average income is 1.398 billion yuan, the comparable PE-TTM is 26.86X, and the sales gross profit margin is 19.81%. In comparison, the revenue scale of the company is in the middle and high range of the industry, and the profitability is in the middle level.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.