资源描述
2021 S0790520030001 S0790120090006 2021 05 106 2021 2021 2021 2021 A 20201 2 3 目 录 CONTENTS 4 5 6 7 81.1 2018 8 2019 9 40% 2019 2 10 41 / 10 2020 34 / 0 5 10 15 20 25 30 35 40 45 22 : : 2010.4-2014.4 2014.4-2019.2 2019.2 Wind 1 21.2 2021 4 30 23 / 1 37% 4 20 / 1 2020 11 2021 3 2 3 2021.4.30-5.6 136.55 / 3 122.99 / 150 22.24% 3 8.59% 2 2021 / Wind 3 2021 3 0% 5% 10% 15% 20% 25% 110 115 120 125 130 135 140 2020.1.3-1.9 2020.2.14-2.20 2020.3.13-3.19 2020.4.10-4.16 2020.5.8-5.14 2020.6.5-6.11 2020.7.3-7.9 2020.7.31-8.6 2020.8.28-9.3 2020.9.25-9.30 2020.10.23-10.29 2020.11.20-11.26 2020.12.18-12.24 2021.1.15-1.21 2021.2.19-2.25 2021.3.19-3.25 2021.4.16-4.22 90kg 150kg kg/ 0 5 10 15 20 25 30 35 40 2021/1/1 2021/2/1 2021/3/1 2021/4/1 22 : :1.3 6 1 2020 11 -2021 2 2021 6 2 4 6 3 6-7 4 / 2020.10/2021.1 5 2020.10-11 -6% -4% -2% 0% 2% 4% 6% 8% 0 2 4 6 8 10 12 / 50kg 0% 20% 40% 60% 80% 100% 2020.8 2020.9 2020.10 2020.11 2020.12 2021.1 2021.2 2021.31.4 2 1 2020 12 -2021 2 2 2 3 6 7 2021Q1 0% 10% 20% 30% 40% 50% -10% -5% 0% 5% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2015/1/15 2015/6/30 2016/1/31 2016/6/30 2016/11/15 2017/3/31 2017/8/15 2017/12/30 2018/5/15 2018/9/30 2019/2/14 2019/4/25 2019/7/4 2019/9/6 2019/11/14 2020/1/16 2020/4/2 2020/6/4 2020/8/6 2020/10/8 2020/12/10 2021/2/181.5 2-3 2019 8 / 9 0 5 10 15 20 25 30 35 0 20 40 60 80 100 120 140 1601 2 3 目 录 CONTENTS 4 5 6 7 82.1 4 4 120.9 30.8% 1.7% 10 2020 50.0 70.0 90.0 110.0 130.0 150.0 170.02.2 2021 106.9 106.9 116.9 120.1 120.5 96.7 112.6 61.4 56.8 55.0 37.8 55.3 48.8 47.5 0.0 30.0 60.0 90.0 120.0 150.0 2015 2016 2017 2018 2019 2020 2021E -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 2016 2017 2018 2019 2020 2021 YOY YOY YOY 2018 2019/2020 2020 USDA 2020/21 500 4 USDA 2021 8760 2020 8308.4 5% 9000 2.67% 2021 USDA 11 2018 12 2020 USDA2.3 85% 2018 2020/21 18.3% 13 85% 14 2020 USDA USDA 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 0 5000 10000 15000 2016/17 2017/18 2018/19 2019/20 2020/21 0.0% 5.0% 10.0% 15.0% 20.0% 0 5000 10000 15000 2016/17 2017/18 2018/19 2019/20 2020/212.4 2016 + 4 2020/21 2603 10% 15 16 2021 250 255 260 265 270 39 40 41 42 43 44 45 46 2015 2016 2017 2018 2019 2020 (40.0) (30.0) (20.0) (10.0) 0.0 10.0 20.0 30.0 150.0 200.0 250.0 300.0 2015 2016 2017 2018 2019 2020 2021E2.4 2018 10 2020 3600 3000 USDA 2021 3000 2021 17 2017-2019 USDA 18 2018-2020 USDA 7000.0 7500.0 8000.0 8500.0 9000.0 9500.0 10000.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 AVG=9200 AVG=8400 -10% -5% 0% 5% 10% 15% 320.0 330.0 340.0 350.0 360.0 370.0 380.0 390.0 2015 2016 2017 2018 2019 2020 2021E yoy2.5 2020 3 2020 11 2021 4 21 15% 2021 99.9% 2021 A 19 2020 11 1500 1700 1900 2100 2300 2500 2700 2900 3100 / / Wind 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 20 2020 13-20 100% Wind1 2 3 目 录 CONTENTS 4 5 6 7 83.1 2021 2021Q1 20.7% 2021Q1 14.6%-16.6% Q1 3.61%-5.81% 0.0 2000.0 4000.0 6000.0 8000.0 Q1 Q2 Q3 Q4 2019 2020 2021 +20.7% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 2020Q1 2021Q1 +14.7% +16.6% +14.6% +7.0% 21 2021Q1 20.7% 22 2021Q1 14.6%-16.63.2 2021Q1 1.72 2017-2019 Q1 88.9% 4.16 2018 2021Q1 2.6 5% 10% 25 23 2021Q1 4.15 2.00 3.21 1.31 4.16 1.72 0.00 1.00 2.00 3.00 4.00 5.00 6.00 1Q2018 1Q2019 1Q2020 1Q2021 400.0 600.0 800.0 1000.0 1200.0 1400.0 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 2018 2019 2020 2021 24 2021Q1 1.6 1.7 2.1 2.1 2.6 3.8 0 1 2 3 4 1:13.3 2021 4 21 27 2021Q1 26 2021Q1 0.0 0.5 1.0 1.5 2.0 2.5 3.0 1M 2M 3M 4M 5M 6M 7M 8M 9M 10M11M12M 2019 2020 2021 200.0 400.0 600.0 800.0 1000.0 2019 2020 20213.4 2021 71 29 2019 78 22 80% 29 28 66% 68% 70% 72% 74% 76% 78% 80% 0 1000 2000 3000 4000 5000 6000 7000 2010 2011 2012 2013 2014 2015 2016 2017 2018 20191 2 3 目 录 CONTENTS 4 5 6 7 84.1 2020 2019Q2 2020 Wind 30 2020 31 2019Q2 2000 2100 2200 2300 2400 2500 2600 2700 2800 70 90 110 130 150 170 190 2018W01 2018W10 2018W19 2018W28 2018W37 2018W46 2019W03 2019W12 2019W21 2019W30 2019W39 2019W48 2020W05 2020W14 2020W23 2020W32 2020W41 2020W50 2021W06 20 22 24 26 28 30 32 0 10 20 30 40 50 60 22 / 36 /4.2 2020 9-10 40-45 2021 1 1 / 2019Q2-Q3 2021Q2-Q3 Wind 32 2021Q1 33 2020Q4-2021Q1 0 2 4 6 8 10 12 14 16 (4) (2) 0 2 4 6 8 10 12 2018/9/28 2018/12/28 2019/3/28 2019/6/28 2019/9/28 2019/12/28 2020/3/28 2020/6/28 2020/9/28 2020/12/28 2021/3/28 / / 0 2 4 6 8 10 12 14 -10 -5 0 5 10 15 2018/3/23 2018/6/23 2018/9/23 2018/12/23 2019/3/23 2019/6/23 2019/9/23 2019/12/23 2020/3/23 2020/6/23 2020/9/23 2020/12/23 2021/3/23 / / Wind4.3 30% Wind 34 (2017-2021Q1) 35 (1000) 0 1000 2000 3000 4000 5000 2017 2018 2019 2020 2021Q1 Wind 6.6% 3.9% 0.7% 0.8% 0.2% 0.0% 2.0% 4.0% 6.0% 8.01 2 3 目 录 CONTENTS 4 5 6 7 85.1 2021 2021 2020 36 2021 37 2020 0 1000 2000 3000 4000 5000 6000 7000 2017 2018 2019 2020 2021E 2022E 0 20 40 60 80 100 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q15.2 2016 2020 11 2020-2021 10 2022 2025 1 2016/7/22 2019/12/10 2020 2019/12/26 , , 2020 2020/11/18 2020-2021 10 2022 20255.3 1 20% 2 3 38 Wind Wind 39 0.0% 0.5% 1.0% 1.5% 2.0% 0 5 10 15 20 25 0% 10% 20% 30% 40% 50% 60% 701 2 3 目 录 CONTENTS 4 5 6 7 86.1 2020 2020 1 1.7% 5222 5.1% 4862 10.2% 2020 2065 2.0% 884 13.3% 40 2020 1 41 2020 2065 5085 4064 5503 4412 5222 4862 3000 3500 4000 4500 5000 5500 6000 2018 2019 2020 +10.2% +8.6% +8.2% -5.1% 2065 1180 884 0 500 1000 1500 2000 2500 2018 2019 20206.2 80% Euromonitor 43 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 42 / 0.00 0.10 0.20 0.30 0.40 0.50 0.60 2018 2019 20206.3 2020 51% 46% 1 2 2019 2019-2020 Euromonitor 2020 45 2021 -5% 0% 5% 10% 15% 0 10 20 30 40 50 60 2015 2016 2017 2018 2019 2020 2021E yoy yoy yoy 51% 46% 7% 6% 11% 10% 0% 10% 20% 30% 40% 50% 60% 2019 2020 44 Euromonitor6.4 2014 2020 426 20% 2020 221 219 Euromonitor 5 24.4% 2025 657 5 14.5% 2025 431 Euromonitor 46 47 2020 2021 4 Euromonitor 221 657 219 431 0% 10% 20% 30% 40% 50% 60% 0 100 200 300 400 500 600 700 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E YOY YOY 426 0% 10% 20% 30% 40% 50% 0 100 200 300 400 500 600 YOY YOY6.5 2020 81.8% 50 49 0.0% 10.0% 20.0% 30.0% 40.0% / 2019 2020 0.0% 20.0% 40.0% 60.0% 80.0% / 2019 2020 48 0.0% 20.0% 40.0% 60.0% 80.0% 100.06.6 2020 2020 5 22.2pct 2019 2020 11 Top10 6 X 51 2 11 TOP10 41.6% 36.7% 26.4% 48.6% 32.0% 14.7% 0% 20% 40% 60% 80% 100% 2019 2020 22.2pct 2019 2020 1 ROYAL CANIN/ 93.7 PETCUREAN GO 108.9 2 PETCUREAN GO 56.3 ROYAL CANIN/ 83.2 3 MYFOODIE/ 46.3 ACANA/ 76.8 4 Orijen 45.0 MYFOODIE/ 58.8 5 Nature Bridge/ 35.0 Orijen 55.9 6 ACANA/ 32.4 Pure Natural/ 44.3 7 Pure Natural/ 31.6 PRO PLAN/ 42.2 8 PRO PLAN/ 31.0 35.1 9 29.5 Nature Bridge/ 31.8 10 Fish4Dogs/ 22.6 Solid Gold/ 30.47 Wind 2 EPS PE 2021/5/10 2021E 2022E 2023E 2021E 2022E 2023E 002714.SZ 100.00 10.80 9.28 4.52 9.26 10.78 22.12 002299.SZ 25.19 1.02 1.79 2.50 24.70 14.07 10.08 002311.SZ 79.00 1.99 2.29 3.24 39.70 34.50 24.38 600201.SH 19.88 0.49 0.88 1.11 40.57 22.59 17.91 603566.SH 22.23 0.94 1.14 1.31 23.65 19.50 16.97 688526.SH 40.47 1.30 1.62 1.88 31.13 24.98 21.53 601952.SH 11.98 0.58 0.64 0.69 20.66 18.72 17.36 002891.SZ 46.33 1.06 1.46 2.16 43.71 31.73 21.458
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