On November 18th, Tianyuan Pet (301335.SZ) was listed on the gem.The offering price is 49.98 yuan per share, corresponding to a price-to-earnings ratio of 46.72 times., higher than Yiyi shares, Luce shares, lower than Zhongfong shares, Petty shares. On the first day of listing, N Tianyuan pet fell by more than 10%, and the stock price rebounded as of press time.The total market capitalization is about 4.2 billion yuan.
(comparable price-to-earnings ratios of listed companies, Wind information, data as of November 3, 2022)
Tianyuan Pet is mainly engaged in the design, development, production and sales of pet products, including pet nest mat, cat crawling rack, pet food, pet toys, pet clothing, electronic supplies and other series and full range of pet products.
In the field of pet products, the company mainly sells pet-related products of its own brand to customers; in the field of pet food, the company mainly authorizes the sale of international well-known pet food brand products such as longing and AiKenna and its own brand products through cross-border imports.
During the reporting period from January to June from 2019 to 2022, the company's operating income was 1.049 billion yuan, 1.45 billion yuan, 1.854 billion yuan and 863 million yuan respectively, and the corresponding return net profit was 87.184 million yuan, 114 million yuan, 107 million yuan and 476951 million yuan respectively.
(major financial data, prospectus)
In terms of products, the company's main business incomeGive priority to pet productsDuring the reporting period, the proportion of sales revenue was 96.51%, 81.40%, 81.83% and 76.89%, respectively. In addition, domestic sales of pet food have increased significantly since 2020.The proportion of pet food sales has increased rapidly., from 3.49% to 23.11%.
Divided by region, the proportion of the company's overseas sales revenue in each period of the reporting period was 90.94%, 74.08%, 72.31% and 67.30% respectively, mainly in Europe, North America, Oceania and other developed countries. Since 2020, the company has added new e-commerce channel customers such as Tmall overseas direct sales and koalas, and the scale of domestic product sales has increased significantly.
(the company's main business income is classified by sales region, prospectus)
In terms of gross profit margin, affected by exchange rate fluctuations, rising raw material prices and other factors, Tianyuan Pet's main business gross profit margin during the reporting period.Showing a trend of decline year by yearIt will rise from 27.15% to 18.10%, which is lower than the gross profit margin of Zhongzong and Petty shares as a whole.
(comparison of gross profit margin of main business with comparable companies, prospectus)
The company said it expects results to remain stable in 2022. As of October 19, 2022, the company's export pet products orders have exceeded 300 million yuan, most of which are expected to recognize revenue in the fourth quarter of 2022; pet food delivery cycle is relatively short, October 1-19 has achieved revenue of more than 80 million yuan, the follow-up e-commerce sales season and the company opened up Tmall supermarket and other new channels will help the company's pet food sales volume in the fourth quarter. The operating income from January to September in 2022 is expected to be 1.5 billion yuan to 1.6 billion yuan, an increase of 12.46% to 19.95% over the same period last year, and the net profit is expected to be 90 million yuan to 100 million yuan, an increase of 11.1% to 23.44% over the same period last year.