研发基底成就公司强产品力，多维打造自有品牌并迈向高端化公司研发能力有效转化为产品力，打造大单品能力突出。今年“双十一”，弗列加特2.0 系列产品和烘焙粮产品，全网销售额分别超过4,000 万元和6,800万元。研发能力与产品力的共振，将助力公司实现量价齐升。公司自有品牌高举高打，多元化营销模式加持下，积累较好美誉度，并持续推进高端化，2023 年实现收入27.45 亿元，自有品牌收入占比领先同业。公司直销渠道规模突破10 亿元，电商平台关键销售节点表现亮眼，2024 年“618”全网销售额同比增长40%，“双十一”全网销售额同比增长65%。山东为农业大省，公司具备区位供应链优势，IPO 募投扩产夯实发展基础。Gaibao Pet: A leading domestic pet food company, growing its own brand. The company was founded in 2006, started an OEM business, launched its own brand McFudi in 2013, launched the high-end cat food brand Frégart in 2019-2024, acquired Waggin'Train, and launched the high-end dog food brand Wang Zhenjiol. Along with the continuous enrichment and high-end process of its own brands, the company has now developed into a leading domestic pet food company. In 2018-2023, the CAGR of the company's revenue and net profit to mother was 28.79% and 56.98%, respectively. At this stage, the company's own brand is in an expansion period, and sales expenses are driving up the cost rate level during the period, but compared to peers, it has strong profitability.
Heavy snow in Changpo, the pet industry is in a good development trend
According to the “2025 White Paper on China's Pet Industry”, in 2024 (note: the statistical period here is October 2023 to September 2024, the same for other years), the domestic pet industry will exceed 300 billion yuan. It is expected to reach 404.2 billion yuan in 2027, and the future pet cat market has great potential. Currently, the domestic pet penetration rate is low, and a good economic foundation will help the pet industry develop further. Pet food is for immediate consumption. The scale of the pet food industry in 2024 is 158.506 billion yuan. Consumer preferences for domestic brands have increased significantly. Domestic enterprises have continued to grow, and domestic pet food brands have gradually risen.
The R&D foundation enables the company to strengthen its product strength, build its own brand in multiple dimensions, and effectively transform the R&D capabilities of high-end companies into product power, and create outstanding ability to create large single products. This year's “Double Eleven”, the entire network sales of Frégate 2.0 series products and baked goods exceeded 40 million yuan and 68 million yuan, respectively. The resonance between R&D capability and product power will help the company achieve a sharp rise in volume and price. The company's own brands hold high standards. With the support of diversified marketing models, the company has accumulated a good reputation and continues to promote high-end development. In 2023, revenue of 2.745 billion yuan was achieved, leading the industry in terms of revenue from its own brands. The scale of the company's direct sales channel exceeded 1 billion yuan, and the e-commerce platform's key sales nodes performed well. In 2024, the “618” network sales increased 40% year on year, and the “Double Eleven” network sales increased 65% year on year. Shandong is a major agricultural province. The company has the advantage of location supply chain, and IPO fundraising and production expansion solidifies the foundation for development.
Valuation and Ratings
The company is a leading domestic pet food company with outstanding product and brand strength, diversified marketing and high-end development to help future growth. Under a neutral scenario, EPS is expected to be 1.43/1.80/2.28 yuan respectively in 2024-2026, corresponding to the 2025 PE valuation of 40.78 times, and for the first time coverage, a “gain” rating.
Risk Alerts
Increased competition in the domestic market, fluctuating raw material prices, trade friction risks, and exchange rate fluctuations.
