研報掘金丨羣益證券(香港):乖寶寵物618大促保持優勢,維持“買進”建議
羣益證券(香港)研報指出,據星圖數據,618大促期間,乖寶寵物旗下弗列加特位列天貓寵物食品TOP3,抖音細分類目TOP4;麥富迪位列抖音、快手細分類目榜首,天貓TOP5、京東TOP2。公司在泰國的原有工廠滿產,新工廠投產在即,屆時泰國產能將翻倍,所生產的產品品類也將得到拓展。目前,海外代工業務已逐步轉移到泰國工廠,有助於公司規避關税影響。此外,泰國籌備建設研發中心,未來公司海外競爭力有望進一步增強。近期股價出現回調,我們依舊看好寵物食品國產化替代和公司全方位競爭力的提升,建議逢低佈局,維持“買進”的投資建議。
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