研報掘金丨信達證券:乖寶寵物發佈股票激勵計劃,激發核心團隊積極性
信達證券研報指出,乖寶寵物發佈股票激勵計劃,激發核心團隊積極性。本次激勵計劃首次授予部分各年度業績考覈目標如下,以2024年爲基數,2025-2027年營收增長率分別不低於25%/53%/84%,淨利潤增長率分別不低於16%/32%/45%,對未來持續增長提出要求。公司自主品牌持續發力,動銷增長趨勢靚麗。此外,公司與南京農業大學共建犬貓食譜產業研究院,專注於食譜技術研究、攻關和成果轉化,遵循“飲食天性”原則,研發科學食譜解決方案,以科研實力造就產品優勢。海外產能擴張順利,預計代工業務短期受影響有限。短期看,美國關稅政策對公司出口業務會產生一定影響,但預計公司泰國工廠新擴產能可覆蓋美國客戶大部分需求,屆時需要與客戶重新談判。預計待到關稅政策穩定,公司代工業務有望逐步恢復。
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