主要观 点：Table_Summary 2022 2022Q3 2023 6 18.9%3.6%22 CR5 17.1%CR5 23.5%618 2023 6 24.49 17.0%5.83 14.13 5.1%10.9%2006 OEM/ODM 2013 2019-2022 14.0 34.0 34.3%416.02 2.7 56.5%2023H1 19.75-20.55 17.1%-21.8%1.58-1.78 15.3%-29.8%2020-2022 9.93 20.46 43.5%49.6%60.6%11 Table_StockNameRptType/Table_Rank 2023-7-31 300 Table_Author S0010520070003 18502142884 Table_CompanyReport-30%-20%-10%0%10%22-0822-1022-1223-0223-0423-06()300Table_CompanyRptType 敬请参阅末页重要声明及评级说明 2/31 证券研究报告“”3.0 barf 618 58500 3133 1230 0YBYuNqNmPpOqOoNsPqPoPaQ8QaQtRqQnPnOfQmMvNiNmMqR7NnMoQMYmNzQvPqRsMTable_CompanyRptType1 3/31 1.6 1.1.6 1.2.9 2.12 2.1.12 2.2.13 3.19 3.1.19 3.2.20 3.3.26 3.4.29.30 Table_CompanyRptType1 4/31 1 2015-2022 YOY.6 2 2015-2022 YOY.6 3 2022.6 4.7 5 2016-2023E YOY.7 6 2021-2023E.7 7 2021-2023 CPI.8 8 2021-2023.8 9 2022-2023.8 10 2022-2023.8 11.9 12.9 13 2022.9 14.9 15 2022.10 16 2021-2022.10 17.11 18.11 19.11 20.12 21.12 22.12 23.13 24 2018-2023Q1.14 25 2018-2023Q1.14 26 2018-2022.14 27 2018-2022.14 28 2019-2022.15 29 2019-2022%.15 30 2018-2022.15 31 2019-2022+%.15 32 2018-2022.16 33 2018-2022.16 34.16 35 2018-2022.17 36 2019-2022%.17 37 2019-2022%.17 38 2020-2022%.17 39 2018-2022%.18 Table_CompanyRptType1 5/31 40 2019-2022.18 41 2019-2022.18 42.19 43.20 44.21 45.21 46.22 47.23 48 2021.23 49.23 50 2023“61 8”.23 51.24 52.24 53 2018-2022%.25 54.25 55.26 56.27 57.27 58.28 59.28 60.28 61.29 62.29 63.29 64 2020-2022.30 65.30 Table_CompanyRptType1 6/31 1 1.1 2015-2022 1100.33 1712.44 6.5%2022 1234.89 7.5%1 2015-2022 yoy 2 2015-2022 yoy Euromonitor Euromonitor 2022 CR5 19.9%2022 CR5 50%3 2022 1 Pedigree 6.1%2 Royal Canin 4.1%3 Whiskas 3.6%4 Blue Buffalo 3.2%5 Fancy Feast/Gourmet 2.9%6 Friskies 2.8%7 Hills Science Diet 2.6%8 ONE 2.5%9 Pro Plan 2.0%10 Hills Prescription Diet 1.9%Euromonitor Table_CompanyRptType1 7/31 4 1 Mars Petcare Inc 21.4%2 Nestl SA 20.1%3 Colgate-Palmolive Co 4.7%4 General Mills Inc 3.5%5 JM Smucker Co,The JM 3.4%6 Spectrum Brands Holdings Inc 1.2%7 Grandfood Industria e Comercio Ltda 1.0%8 Agrolimen SA 1.0%9 Inaba Pet Food Co Ltd 0.8%10 Champion Petfoods LP 0.7%Euromonitor 2022 APPA 2022 1368 10.7%581 16.2%359 4.7%OTC 315 5.7%114 20.0%2023 1436 5.0%2023 627 7.9%5 2016-2023E yoy 6 2021-2023E APPA APPA 2022 2022 12 CPI 15.2%2023 CPI 2023 6 12.1%CPI 5.7%2022 0%5%10%15%20%25%30%35%020040060080010001200140016002016 2017 2018 2019 2020 2021 2022 2023E yoy0100200300400500600700 OTC 2021 2022 2023ETable_CompanyRptType1 8/31 2022 Red Collar 2023 4 7 2021-2023 CPI 8 2021-2023 wind Euromonitor sku 2021 1 2022 9 2023 6 18.9%3.6%22 9 2022-2023 10 2022-2023-2%0%2%4%6%8%10%12%14%16%18%2021/1/12021/3/12021/5/12021/7/12021/9/12021/11/12022/1/12022/3/12022/5/12022/7/12022/9/12022/11/12023/1/12023/3/12023/5/1 CPI CPI 0%2%4%6%8%10%12%14%16%18%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2-50%0%50%100%150%200%250%300%050001000015000200002500030000350002021/1/1 2021/9/1 2022/5/1 2023/1/1 yoy-100%-50%0%50%100%150%200%250%300%350%02,0004,0006,0008,00010,00012,00014,0002021/1/1 2021/7/1 2022/1/1 2022/7/1 2023/1/1 yoyTable_CompanyRptType1 9/31 1.2 2022 2706 8.7%1475 3.1%1231 16.1%2022 5119 5.7%6536 12.6%11 12 CR5 17.1%CR5 23.5%13 2022 1 Royal Canin 5.8%2 MyFoodie 4.8%3 Wanpy 2.4%4 Fa Pure&Natural 2.3%5 Pro Plan 1.8%6 Bridge 1.7%7 Orijen 1.6%8 Whiskas 1.3%9 Lilang 1.2%10 Odin 1.1%Euromonitor 14 1 Mars Petcare Inc 8.7%2 Gambol Pet Group Co Ltd 4.8%3 Nestl SA 3.1%4 Yantai China Pet foods Co Ltd 3.5%020040060080010001200140016002018 2019 2020 2021 2022 010002000300040005000600070002019 2020 2021 2022 Table_CompanyRptType1 10/31 5 Shanghai Enova Pet Products Co Ltd 3.4%6 Huaxing Pet food Co Ltd 1.2%7 Champion Petfoods LP 1.0%8 Rongxi Pet food Co Ltd 1.0%9 Navarch Pet Products Co Ltd 0.8%10 Petcurean 0.7%Euromonitor 90 2022 90 55.9%9.6 95 36.8%80 20.3%10.2 70 16.2%0.5 15 2022 16 2021-2022 0%20%40%60%80%100%2019 2020 2021 202290 80 70 70 0%10%20%30%40%50%60%2021 2022Table_CompanyRptType1 11/31 17 618 2023 6 24.49 17.0%5.83 14.13 5.1%10.9%18 19 0%10%20%30%40%50%60%70%80%90%0%10%20%30%40%50%60%70%80%90%Table_CompanyRptType1 12/31 20 21 2 2.1 2006 OEM/ODM 30 2013 中 美 贸 易 摩 擦 和 2021 Waggin Train K9 Natural Feline Natural 22 2006 2012:OEM/ODM 2013 2016:“”2013-100%-50%0%50%100%150%200%051015202530352022.4 2022.7 2022.1 2023.1 2023.4+051015202022.4 2022.7 2022.1 2023.1 2023-04 Table_CompanyRptType1 13/31 2017:2022 60.55%OEM/ODM OEM/ODM 23 2.2 2019-2022 14.0 34.0 34.29%416.02 1.11 1.4 2.7 56.5%2019 2020 43.5%1.11 2022 31.9%90.3%7.8%2023Q1 9.05 24.5%0.85 93.7%9.5%2023H1 19.75-20.55 17.1%-21.8%1.58-1.78 15.3%-29.8%2006-2012 2013-2016 2017 Table_CompanyRptType1 14/31 24 2018-2023Q1 25 2018-2023Q1 2022 41.1%57.8%2018-2022 8.76 19.5 22.2%3.4 13.9 42.2%26 2018-2022 27 2018-2022 OEM/ODM WagginTrain 2020-2022 9.93 20.46 43.5%49.6%60.6%11 2022 51.7%8.9%0%5%10%15%20%25%30%35%40%45%50%05101520253035402018 2019 2020 2021 2022 2023Q1 yoy-500%0%500%1000%1500%2000%2500%3000%0.00.51.01.52.02.53.02018 2019 2020 2021 2022 2023Q1 yoyTable_CompanyRptType1 15/31 OEM/ODM ODM/OEM 2022 ODM/OEM 35.3%11.1 K9Natural Feline Natural 2022 4.2%2.5 28 2019-2022 29 2019-2022%2018-2022 5.40 20.39 39.4%44.4%60.4%16 2022 13.73 6.29 67.3%30.9%30 2018-2022 31 2019-2022+%ODM/OEM 2021 W a gg i n T r ai n 2020-2022 9.66 12.26 13.40 ODM/OEM 9.66 11.27 10.34 2022 OEM/ODM 50.40%49.55%48.09%51.68%3.87%8.87%49.60%50.45%46.33%35.28%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 ODM/OEM Table_CompanyRptType1 16/31 WagginTrain 2022 10.3 34.4%77.0%32 2018-2022 33 2018-2022 2022 7.45 74.2%22.2%34 ODM/OEM Table_CompanyRptType1 17/31 35 2018-2022 36 2019-2022%2020-2022 165 166 167 92.54%94.06%96.23%37 2019-2022%38 2020-2022%2019-2022 28.9%33.1%32.8%37.2%2019 2022 4.4 Table_CompanyRptType1 18/31 80%70%50%2022 33.5%41.9%3.64 4.48 39 2018-2022%40 2019-2022 41 2019-2022 2019 2020 2021 2022 13.94 10.83 10.73 10.17 22.60%-22.31%-0.92%-5.22%12.61 12.52 13.7 10.14 33.72%-0.71%9.42%-25.99%2.21 2.6 2.73 2.8-6.36%17.65%5.00%2.56%1.89 2 2.66 2.65 7.39%5.82%33.00%-0.38%2.84 1.94 3.44 4.3-8.09%-31.69%77.32%25.00%Table_CompanyRptType1 19/31 3 3.1 HACCP BRCGS FSSC22000 FSMA IFS GMP HACCP FDA CFIA MAFF FVO 42 Table_CompanyRptType1 20/31 43 2019 3.2“”Table_CompanyRptType1 21/31 44 45 Table_CompanyRptType1 22/31 barf 2021“WagginTrain”“K9Natural”“Feline Natural”46 sku“”FDA WagginTrain 2021“Less is more”K9 Natural Natural Pet Food Group 2013“”2022 60.02%60.6%Table_CompanyRptType1 23/31 47 48 2021 wind 2022 1.28 2023 618 3.0 barf 49 50 2023 618 1 MYFOODIE 2 ROYAL CANIN 3 4 Orijen 5 6 7 ACANA 8 Instinct 9 LEGEND SANDY 10 Nourse 0%10%20%30%40%50%60%70%2018 2019 2020 2021 2022 32%11%11%10%8%7%7%5%5%3%Table_CompanyRptType1 24/31 2022 86 3 23 51 1 70%2 1 2 AAFCO 1 2 1 2 1 52 20%70%Table_CompanyRptType1 25/31 EAS EAS 2018-2022 2765.5 6784.7 25.2%2022 2.0%53 2018-2022%54“-”MES 0%5%10%15%20%25%30%35%40%0100020003000400050006000700080002018 2019 2020 2021 2022 yoy0%1%2%3%4%5%2018 2019 2020 2021 2022 Table_CompanyRptType1 26/31 55 3.3 INTO1 Royal Pirates CCTV-3 IP 2020“”Discovery Channel“”2021 Discovery Channel“”Table_CompanyRptType1 27/31 56/KOL KOL Bilibili KOL KOL 57 Table_CompanyRptType1 28/31 58 59 IP 60 2020-2022 13.13%13.82%16.05%2020-2022 1.24 1.73 2.59 0100200300400500600700800900 ZEAL 103.8100.551.449.820.619.2020406080100120 Table_CompanyRptType1 29/31 61 62 63%2014 2015 2016 2017 2018 2019 2020 2021 2022 167 246 264 256 545 32 45 51 68 140 170 184 243 303 14 16 18 23 44 69 57 55 87 50 79 124 173 259 6 19 20 27 64 70 116 162 213 1 2 2 2 8 19 29 24 43/30%32%36%68%48%19%42%39%41%46%41%63%67%70%6%10%11%11%18%27%50%44%49%2020-2022 2020-2022 3.4 2022 82.5%92.5%618 58500 3133 1230 9.74 0%5%10%15%20%2018 2019 2020 2021 2022 0%20%40%60%80%100%120%2018 2019 2020 2021 2022 Table_CompanyRptType1 30/31 64 2020-2022 2020 2021 2022 83,106 124,260 126,199 67,290 83,749 104,156-/508 1,045 66,843 81,056 97,296 80.97%67.40%82.53%99.34%96.20%92.49%32,944 36,842 39,617 30,326 34,610 36,645-1,402 2,530 1,352 31,697 35,984 39,193 92.05%93.94%92.50%99.90%96.89%103.15%65 36,737.41 61.23%7,191.05 11.99%3,060.48 5.10%2,511.26 4.19%10,500.00 17.50%Table_CompanyRptType1 31/31 Table_Introduction 2012 2013 2018 2019 2019 2021 WIND 2022 WIND Table_Reputation Table_RankIntroduction 6 A 300 500 6 5%;6-5%5%;6 5%;6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%