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研報掘金丨羣益證券(香港):乖寶寵物第二期股權激勵計劃落地,維持“買進”建議
羣益證券(香港)研報指出,乖寶寵物第二期股權激勵計劃落地,中高層激勵更進一步。首次授予對象爲公司中高層管理人員,其中董事、總裁杜士芳獲授17.51萬股,佔本次激勵總股票數31.5%。從首次授予名單來看,首次授予覆蓋對象與第一期股權激勵首次授予對象保持一致,將進一步提高公司核心團隊凝聚力及積極性,從而激發經營活力,鞏固公司寵物食品龍頭地位。據星圖數據,618大促期間,公司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。結合股權激勵目標來看,我們預期在麥富迪保持核心品牌定位的同時,公司高端化戰略將繼續深入,弗列加特作爲高端品牌的定位有望持續發力,高端產品佔比將有提升;此外,通過推出的犬糧品牌汪臻醇、強調天然配方的霸弗等,產品和品牌矩陣得到進一步完善。該行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維持“買進”的投資建議。
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