Zhitong Financial APP learned that on November 9, Tianyuan Pet (301335.SZ) began to apply for purchase at an offering price of 49.98 yuan per share, with a ceiling of 6000 shares and a price-to-earnings ratio of 46.72 times. It belongs to the gem of the Shenzhen Stock Exchange, with CITIC as its exclusive sponsor.
The company is mainly engaged in the design, development, production and sales of pet products, including pet nest mats, cat crawling racks, pet toys, pet clothing, electronic intelligent pet products and pet food and other pet products. As an early enterprise in the pet industry, the company has developed into a full-category and large-scale supplier of pet products in China after more than ten years of focus and accumulation, and has comprehensive competitiveness in the field of pet products.
During the reporting period, the company has successfully entered the international pet markets such as the United States, the European Union, Australia and Japan, and accumulated a number of high-quality downstream customers, such as American Walmart Inc, KmartAUS, TRS, Birgma, KOHNAN and other large chain stores, Amazon, Chewy and other international well-known e-commerce, as well as Fressnapf, Petco and other large-scale pet products chain enterprises, forming a long-term and good cooperative relationship.
The pet industry has a history of more than one hundred years in developed countries, and the pet-related industry has been very mature. The domestic pet industry started relatively late, but with the improvement of people's economic level, the change of ideas, the aging of the population and the growth of single and dink groups, keeping pets has become a kind of emotional sustenance for people. people get warmth and companionship from pets, thus the pet economy develops rapidly. The pet industry refers to all areas related to pets, including pet food, pet medical care, pet training, pet breeding, pet products, pet beauty, pet insurance and so on.
According to Euromonitor, the retail size of the global pet goods market (excluding services) is US $142.1 billion in 2020, of which the global pet products retail volume is US $40.1 billion, and the CAGR is expected to reach 7.2% in the next five years. With the improvement of pet owners' attention to pet emotion and other aspects, the pet products industry will continue to grow.
Compared with the international pet market, the domestic pet market started relatively late and showed a relatively rapid growth rate after 2010. At present, China's pet families already have a certain scale, mainly dogs and cats. According to the 2020 White Paper on China's Pet Industry, the number of people keeping dogs and cats in Chinese cities and towns reached 62.94 million in 2020. The size of the cat and dog market reached 206.5 billion yuan, an increase of 2.03% compared with 2019. Although the domestic pet market has maintained rapid growth in recent years, the penetration rate of urban pet households (dogs and cats) in China in 2019 is 23%, which is still far lower than mature markets in the pet industry such as the United States. With the improvement of per capita income and the growth of pet owners in China, the domestic pet industry has a vast market space and market potential.
After deducting the issuance expenses, Tianyuan Pet will invest in the following projects:
Financially, in 2019,2020 and 2021, Tianyuan Pet realized operating income of about 1.049 billion yuan, 1.45 billion yuan and 1.854 billion yuan respectively, and its net profit was about 86 million yuan, 114 million yuan and 107 million yuan respectively.