20240221_东海证券_农林牧渔行业：宠物食品出口明显改善自主品牌出海新机遇_17页.pdf
HTTP:/LONGONE Table_Reportdate 2024 02 21 table_invest Table_NewTitle Table_Authors S0630523010001 table_stockTrend table_product 1.2.3.301498 Q3 table_main 1 2023 12.26 1.47%26.6 1.15%2017 2021 2019 2022 9 2023 8 2023 12 1.13 19.50%2.48 21.25%4 2023 9 2 2023 2023 2023 42.90 15.5%2022 2023 12 31 2.77 0.22%2024 1 2021 WagginTrain 2022 2.63 194%2015 2022 9750/ODM/OEM 2022 1956.52 2 2022 69.07%Wanpy ZEAL 2023 6 ZEAL GREAT JACKS 156 PetSmart 3 ODM 1.5 1.12 2023 4 2024 2023 12 19.50%21.25%4-29%-22%-16%-9%-3%4%10%23-01 23-04 23-07 23-10:(0711)300 HTTP:/LONGONE 2/17 1.4 1.1.4 1.2.5 1.3.6 1.4.7 2.8 2.1.8 2.2.10 2.3.13 3.15 4.16 WUDWxOnQmPoPqOsRrMpQoP7NdN9PoMrRpNtPiNqQrNkPpPvM8OpPuNNZnRsMMYrNrM HTTP:/LONGONE 3/17 1.4 2.4 3.4 4.5 5 Hills.5 6 SPB.5 7.6 8.6 9.6 10.6 11.7 12.7 13.7 14.7 15.8 16.8 17.8 18.8 19.9 20.9 21 WagginTrain.10 22.10 23.10 24 2022.10 25.11 26.11 27.12 28 Zeal PetSmart.12 29 GREAT JACKS PetSmart.12 30.14 31 2022.14 1.9 2.11 3.13 4.13 5.14 6.15 7.16 HTTP:/LONGONE 4/17 1.1.1.2023 12.26 1.47%26.6 1.15%2017 2021 2019 2022 9 2023 8 2023 9 12 2023 12 1.13 19.50%2.48 21.25%4 2023 9 2024 1 2 iFinD iFinD 3 iFinD-5%0%5%10%15%20%25%30%02468101214 YOY-5%0%5%10%15%20%25%30%35%051015202530 YOY-40%-30%-20%-10%0%10%20%30%40%50%60%0.00.20.40.60.81.01.21.42022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-12 YOY-9RfKEdYg3rNe4MA0Fje0AMiCYydMK33bsDsO0TSEcfbd5cvraBZ58BBTu5rmprPs HTTP:/LONGONE 5/17 4 iFinD 2023 Hills 2023 2023 42.90 15.5%2022 2023 12 31 SPB 2.77 0.22%5 Hills 6 SPB 1.2.2023 2.14 19.95%17.45%2.89 25.03%10.86%2018 10%2019 25%-40%-30%-20%-10%0%10%20%30%40%50%0.00.51.01.52.02.53.03.52022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-12 YOY-0%5%10%15%20%25%0500100015002000250030003500400045005000-10%-8%-6%-4%-2%0%2%4%6%8%10%12%0200400600800100012001400-HTTP:/LONGONE 6/17 2017 37.71%2023 17.45%9 2023 9 4 2023 12 93.08%89.97%2024 7 8 iFinD iFinD 9 10 iFinD iFinD 1.3.2023 1.99 3.14%16.22%2.73 1.44%10.25%2023 12 9.93%7.21%11-30%-20%-10%0%10%20%30%40%50%0.00.51.01.52.02.53.03.5 YOY-30%-20%-10%0%10%20%30%40%0.00.51.01.52.02.53.03.54.04.55.0 YOY-80%-60%-40%-20%0%20%40%60%80%100%120%05001000150020002500300035002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-80%-60%-40%-20%0%20%40%60%80%100%01000200030004000500060002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-HTTP:/LONGONE 7/17 2022 2023 2017 13.97%2023 16.22%11 12 iFinD iFinD 13 14 iFinD iFinD 1.4.2023 1.13 0.54%9.24%2.08 4.56%7.81%2017-2023-10%-5%0%5%10%15%20%25%30%35%0.00.51.01.52.02.5 YOY-10%-5%0%5%10%15%20%25%30%35%0.00.51.01.52.02.53.03.5 YOY-40%-30%-20%-10%0%10%20%30%40%50%60%0500100015002000250030002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-60%-40%-20%0%20%40%60%80%050010001500200025003000350040002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-HTTP:/LONGONE 8/17 2023 12 2.88%5.56%2024 15 16 iFinD iFinD 17 18 iFinD iFinD 2.2.1.2018 56%2022 39%2022 13.4 9.3%2021 WagginTrain 2022 2.63 194%-10%-5%0%5%10%15%0.00.20.40.60.81.01.2 YOY-10%-5%0%5%10%15%20%0.00.51.01.52.02.5 YOY-40%-30%-20%-10%0%10%20%30%40%50%60%02004006008001000120014002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-80%-60%-40%-20%0%20%40%60%0500100015002000250030002022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-11 YOY-HTTP:/LONGONE 9/17 2015 8 2022 9750/592 ODM/OEM 2022 1956.52 19 iFinD 20 iFinD 1 2022 15.29%Central Garden&Pet Company 2.98%0%5%10%15%20%25%30%35%40%45%50%05101520253035402018年 2019年 2020年 2021年 2022年 YOY-10%0%10%20%30%40%50%60%02468101214162018 年 2019 年 2020年 2021年 2022 年()YOY-HTTP:/LONGONE 10/17 21 WagginTrain 22 2.2.2022 22.43 7%69.07%OEM/ODM 2022 23 24 2022 0510152025302019 2020 2021 2022H1 69.07%27.70%3.23%HTTP:/LONGONE 11/17 25 26 Armitages Fressnapf 2022 44.5%2 25 120/Globalinx Pet Costco Armitages 200 LED Fressnapf 800 Wanpy ZEAL OEM/ODM 55 ZEAL Wanpy 0%5%10%15%20%25%30%0510152025 YOY-HTTP:/LONGONE 12/17 27 2023 6 ZEAL GREAT JACKS 156 PetSmart Petvalu Costco Amazon PetSmart 28 Zeal PetSmart 29 GREAT JACKS PetSmart 2015 2023 6000 12000 HTTP:/LONGONE 13/17 3 2015 2018 Great Jacks Buddy Jacks NPTC 2018 ZEAL 2020 2.3 2 NPTC PFNZ 2021 8000 2020 49%6000-1.2 2.3.ODM 2022 ODM 15.99 35.2%92.3%2014 2022 CAGR 20%ODM 2015 Salix 2017 PetMatrix PetSmart Smartbones 80%MeatyWay 300 5 4 ODM OMD 25 120/Dingo PetMatrix SmartBones DreamBone 2017 SmartBones DreamBone EXERHIDE HOLIDAY TIME PetSmart Dentleys HTTP:/LONGONE 14/17 Armitages 200 GOODBOY Pets At Home 400 PETS AT HOME 30 31 2022 iFinD iFinD 2018 25%2013 2022 1.47 4 5 2018 2019 2020 2021 2022-1,847.1-4,403.3-1,290.3-1,679.6-938.8 3,596.7 8,645.8 6,002.9 8,984.4 6,675.9 1,468.4 5,851.1 4,875.9 1,632.4 4,111.2()-2,559.1-2,867.3-3,475.1 2,407.8 1,836.8 1,164.4 1,055.3 976.3 1,834.8 iFinD 1.54 0.3 5 2024 70%75%80%85%90%95%020,00040,00060,00080,000100,000120,000140,000160,000-,46.46%,12.94%3,11.94%4,5.00%5,3.25%,20.41%HTTP:/LONGONE 15/17 1.5 ODM 0.92 0.2 1.12 2023 2024 4 2024 3 90%6 1.5 1.12 2024 60%0.2 4 2024 3 0.64 80%2 2024 0.3 0.9 80%3 2024 16.66 3.2023 12 19.50%21.25%4 2023 2023 12+93.08%-9.93%+2.88%2024 WagginTrain Wanpy ZEAL ZEAL GREAT JACKS PetSmart 4 2024 2021 CR10 24%HTTP:/LONGONE 16/17 7 EPS PE 2022A 2023E 2024E 2022A 2023E 2024E 2022A 2023E 2024E 38.78 90.25%52.54%24.90%0.74 1.02 1.27-38.63 30.93 23.59-8.38%114.47%22.83%0.36 0.77 0.95 61.95 30.61 24.92 10.87 111.81%-66.25%205.92%0.5 0.17 0.52 35.19 63.21 20.66 iFinD 2024 2 19 4.1.2.3.4.HTTP:/LONGONE 17/17 6 300 20%6 300-20%20%6 300 20%6 300 10%6 300-10%10%6 300 10%6 300 15%6 300 5%15%6 300-5%5%6 300 5%15%6 300 15%1928 87 D 15F Http:/Http:/8621 20333275 18221959689 8610 59707105 18221959689 8621 50585608 8610 59707100 200125 100089
