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研報掘金丨渤海證券:首予乖寶寵物“增持”評級,多元化營銷以及高端化助力未來成長
格隆匯 12-26 16:13

渤海證券研報指出,乖寶寵物(301498.SZ)為國內寵物食品龍頭企業,產品力、品牌力突出,多元化營銷以及高端化助力未來成長。首次覆蓋給予“增持”評級。伴隨自有品牌的不斷豐富與高端化進程,公司現已發展成為國內頭部寵物食品企業。2018-2023年,公司營收與歸母淨利潤CAGR分別為28.79%和56.98%。現階段公司自有品牌處於拓展期,銷售費用投入推高期間費用率水平,但對比同業,具備較強的盈利能力。公司直銷渠道規模突破10億元,電商平台關鍵銷售節點表現亮眼,2024年“618”全網銷售額同比增長40%,“雙十一”全網銷售額同比增長65%。山東為農業大省,公司具備區位供應鏈優勢,IPO募投擴產夯實發展基礎。

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