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主要观 点：Table_Summary 2003 2022 15.09 13.2%0.95 17.2%2008-2022 78 362.3 11.6%2021 CR10 11.4%3%SKU 5000 2000“”“”Table_StockNameRptType 301335/Table_Rank 2023-02-17 Table_BaseData 37.50 12/44.88/35.18 90 21%23.71 34 8 Table_Chart 300 Table_Author S0010520070003 Table_CompanyReport-32%-21%-11%0%10%11/22天元宠物 沪深300Table_CompanyRptType1 301335 敬请参阅末页重要声明及评级说明 2/29 证券研究报告 2022-2024 21.45 26.40 33.63 15.7%23.1%27.4%1.25 1.56 2.00 16.3%25.1%27.6%EPS 1.39 1.74 2.22 Table_Profit:2021 2022E 2023E 2024E 1854 2145 2640 3363%27.9%15.7%23.1%27.4%107 125 156 200%-5.8%16.3%25.1%27.6%18.4%19.0%18.8%18.7%ROE%14.0%6.6%7.6%8.8%1.59 1.39 1.74 2.22 P/E 0.00 27.01 21.59 16.91 P/B 0.00 1.77 1.64 1.50 EV/EBITDA 0.34 10.53 9.85 7.13 wind Table_CompanyRptType1 301335 3/29 1.6 1.1.6 1.2.7 1.3.9 2.12 2.1.12 2.2.13 3+.18 3.1 SKU.18 3.2.21 3.3.22 3.4.24 4.25 4.1.25 4.2.27.27.28 Table_CompanyRptType1 301335 4/29 1.6 2.7 3.8 4 2022 11 18.8 5 2014-2022Q1-Q3%.9 6 2014-2022Q1-Q3%.9 7 2019-1H2022%.10 8 1H2022%.10 9 2019-1H2022%.10 10 2019-1H2022.10 11 2019-1H2022%.11 12 1H2022%.11 13 2019-1H2022%.11 14 2019-1H2022%.11 15 2019-2021%.12 16 2019-2021%.12 17 2008-2022.12 18 2015-2022.12 19 2015 CR10.13 20 2021 CR10.13 21 2008-2022.13 22 CR10.13 23%.14 24.14 25 2021.14 26 TOP5.14 27 2021.15 28 TOP5.15 29 2022.15 30 2020-2022 TOP10.16 31.16 32.18 33.18 34 2017-2022Q1-Q3.20 35.20 36 2022 6 30.20 37 2019-2022H1.21 38 2021%.21 39 2019-2022H1%.22 Table_CompanyRptType1 301335 5/29 40 2019-2022H1.22 41.23 42.23 43 2019-2022H1.23 44 2019-2022H1%.24 45 2019-2022H1.24 46 2019-2022H1.24 47 2019-2022H1.24 48.25 49%.26 Table_CompanyRptType1 301335 6/29 1 1.1 2003 2022 4 1 1998 2014 2016 2020 2021 OSI B2B Table_CompanyRptType1 301335 7/29 2 1.2 24.28%18.88%43.16%5.58%Table_CompanyRptType1 301335 8/29 3 4 2022 11 18%1 2,185.20 24.28 2 1,050.80 11.68 3 1,004.55 11.16 4 694.68 7.72 5 502.27 5.58 6 375.00 4.17 7 240.00 2.67 8 187.50 2.08 9 153.33 1.70 10 115.00 1.28 6,508.33 72.32 Table_CompanyRptType1 301335 9/29 1.3 2014-2021 4.9 18.64 21.0%0.3 1.07 19.9%2021 5.8%2022 15.09 13.2%0.95 17.2%2022 21.022.5 13.3%21.3%1.21.4 11.7%30.3%5 2014-2022Q1-Q3%6 2014-2022Q1-Q3%2014-2021 4.79 14.95 17.7%2021 52.4%2017 2017-2021 0.01 3.32 22.2%1H2022 6.54 1.97 0%5%10%15%20%25%30%35%40%45%024681012141618202014 2016 2018 2020 2022Q1-Q3()yoy-10%0%10%20%30%40%50%60%0.000.200.400.600.801.001.202014 2016 2018 2020 2022Q1-Q3 yoyTable_CompanyRptType1 301335 10/29 7 2019-1H2022%8 1H2022%2019-2021 9.5 10.69 13.21 90.9%74.1%72.3%2022 2021 2022 2019-2021 0.95 3.74 5.06 9.1%25.9%27.7%2020 1H2022 2.78 19.5%32.2%9 2019-1H2022%10 2019-1H2022 0%20%40%60%80%100%120%0246810121416201420152016201720182019202020212022H1 22.1%26.2%24.6%27.1%0%20%40%60%80%100%0.02.04.06.08.010.012.014.016.018.020.02019 2020 2021 1H2022境外收入 境内收入境外收入占比 境内收入占比0.01.02.03.04.05.06.02019 2020 2021 1H2022亚洲 欧洲 北美洲 大洋洲Table_CompanyRptType1 301335 11/29 2019-2021 9.7%9.4%10.0%1H2022 7.7%11 2019-1H2022%12 1H2022%2019-1H2022 27.2%24.6%21.5%22.0%2020 2021 1H2022 13 2019-1H2022%14 2019-1H2022%0%20%40%60%80%100%024681012141618202019 2020 2021 1H2022自有品牌(左轴）非自有品牌(左轴）自有品牌占比（右轴）非自有品牌占比（右轴）5.62%2.06%68.54%23.78%0%5%10%15%20%25%30%2019 2020 2021 1H2022 0%5%10%15%20%25%30%05000100001500020000250003000035000400002019 2020 2021 1H2022 Table_CompanyRptType1 301335 12/29 15 2019-2021%16 2019-2021%2 2.1 Euromonitor 2008-2022 238.24 447.66 5.0%2022 224.17 50.0%17 2008-2022 18 2015-2022 Euromonitor Euromonitor Euromonitor Euromonitor-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%6.26.36.46.56.66.76.86.972019 2020 2021 50%52%54%56%58%60%62%64%66%68%0200040006000800010000120002019 2020 2021-6%-4%-2%0%2%4%6%8%10%12%01002003004005006002008 2010 2012 2014 2016 2018 2020 2022 yoy0%2%4%6%8%10%12%0501001502002502008 2010 2012 2014 2016 2018 2020 2022 yoyTable_CompanyRptType1 301335 13/29 2021 CR10 22.2%2015 Bark&Co 19 2015 CR10 20 2021 CR10 Euromonitor Euromonitor 2.2 ODM/OEM Euromonitor 2008-2022 78 362.3 11.6%2021 CR10 11.4%3%21 2008-2022 22 CR10 Euromonitor Euromonitor 2021 8.7%0.7%3.80%3.60%3.40%3.10%2.80%75.20%SanofiNestl SABayer AGCentral Garden&Pet CoUnicharm CorpClorox Co,TheChurch&Dwight Co IncDoskocil Mfg Co IncSpectrum Brands HoldingsIncMars IncTrixie HeimtierbedarfGmbH&Co KGothers3.70%3.50%3.10%2.50%2.40%77.80%Central Garden&Pet CoElanco Animal Health IncNestl SABoehringer Ingelheim GmbHUnicharm CorpClorox Co,TheChurch&Dwight Co IncDoskocil Mfg Co IncTrixie Heimtierbedarf GmbH&Co KGBark&CoSpectrum Brands Holdings Incothers0%2%4%6%8%10%12%14%16%18%0.0050.00100.00150.00200.00250.00300.00350.00400.002008 2011 2014 2017 2020 yoy88.60%Table_CompanyRptType1 301335 14/29 19.4%21.2%19.9%23%24 Euromonitor Euromonitor 2021 14.7%0.5 25 2021 26 top5 1 78.5%75.6%77.0%2 72.6%74.1%76.4%3 68.9%73.7%70.1%4 68.1%66.8%64.9%5 67.1%64.1%60.9%2021 2021-10%-5%0%5%10%15%20%25%020040060080010001200140016002019 2020 2021 yoy yoy10001500200025003000350040002018 2019 2020 2021 0%10%20%30%40%50%60%70%80%/Table_CompanyRptType1 301335 15/29 27 2021 28 top5 1 87.1%92.4%81.4%2 83.5%87.5%80.2%3 74.3%77.3%72.3%4 72.3%75.2%67.6%5 72%74.7%67.2%2021 2021 Euromonitor 2022 57.9%1.6 34.8%0.7 29 2022 Euromonitor 0%10%20%30%40%50%60%70%80%90%100%2.5%34.8%5.1%57.6%26.9%30.6%Table_CompanyRptType1 301335 16/29 Pidan 30 2020-2022 top10 2020 2021 2022 Hoopet/Hoopet/Hoopet/Hipidog/CATLINK Hipidog/Homerun/Hipidog/Coleshome/Coleshome/PET TIME/Medeho/Medeho/IRIS/Homerun/ZEZE Uah/IRIS/YOKEN/MIJIA/Virbac/2022 234%31 app Table_CompanyRptType1 301335 17/29 app GPS Table_CompanyRptType1 301335 18/29 32 PETKIT Homerun Catlink DOGCARE Pidan Dogness Hoopet PAWBBY Panasonic 3+3.1 SKU 5000 2000 33 Table_CompanyRptType1 301335 19/29 2021 1793 13.0%Table_CompanyRptType1 301335 20/29 34 2017-2022Q1-Q3 35 36 2022 6 30 GPS,9.4 10.1 14.8 15.9 17.9 13.9 0%5%10%15%20%25%30%35%40%45%50%024681012141618202017 2019 2021 yoy01000200030004000500060007000800090002019 2020 2021 2022H1 Table_CompanyRptType1 301335 21/29 3.2 Kmart AUS TRS Birgma KOHNAN Amazon Chewy Fressnapf Petco 2021 19.9%27.1%15.6%37 2019-2022H1 38 2021%33.5%36.1%33.7%22.5%0%5%10%15%20%25%30%35%40%0100002000030000400005000060000700002019 2020 2021 2022H1%10.6%8.7%7.8%3.5%3.1%66.3%KmartAUSChewy FressnapfTable_CompanyRptType1 301335 22/29 39 2019-2022H1%40 2019-2022H1 2022 HUNTER International GmbH TARGET DVS Auchan Retail group Pets At Home Group Next PLC 3.3 KA 0%5%10%15%20%25%30%35%2019 2020 2021 2022H1 672 730 763462389762778552257701000200030004000500060007000800090002019 2020 2021 2022H1 Table_CompanyRptType1 301335 23/29 41 B2C B2B B2C B2B 42 43 2019-2022H1 1688 元祐 宠物 海外专 营店 元祐宠物 海外专 营店 ACANA ORIJEN 051015202530350501001502002503003504004502019 2020 2021 2022H1(Table_CompanyRptType1 301335 24/29 3.4“”ODM/OEM 44 2019-2022H1%45 2019-2022H1 46 2019-2022H1 47 2019-2022H1 0%10%20%30%40%50%60%70%80%01020304050607080902019 2020 2021 2022H1 35.49%29.53%23.25%19.37%78.68%68.58%69.31%69.02%0%10%20%30%40%50%60%70%80%90%2019 2020 2021 2022H1 01002003004005006002019 2020 2021 2022H1 31.626.222.614.11.95 2.03 2.21 2.03 2.462.442.582.23051015202530352019 2020 2021 2022H1 Table_CompanyRptType1 301335 25/29 2021 200 275 97.5%98.7%71.5 160 393 48 5081.90 2 23514.22 2 19035.16 2 4991.91 2 6335.25 2 4 4.1 1 2022 2022-2024 4.22 4.86 5.73 5.0%15.0%18.0%2 2022 Table_CompanyRptType1 301335 26/29 2022-2024 3.67 4.00 4.48 3.0%9.0%12.0%3 2022-2024 3.95 4.46 5.13 7%13%15%2022-2024 4.42 5.44 6.96 20%23%28%4 2022-2024 4.91 7.37 11.06 48%50%50%2017 2018 2019 2020 2021 2022E 2023E 2024E 营业收入（百万元）767.3 886.7 1048.7 1450.4 1854.3 2144.8 2639.8 3362.8 yoy 31.5%15.6%18.3%38.3%27.9%15.7%23.1%27.4%营业成本（百万元）550.9 648.1 765.1 1151.1 1513.6 1737.9 2142.8 2732.3 毛利率 28.2%26.9%27.0%20.6%18.4%19.0%18.8%18.7%毛利（百万元）216.3 238.6 283.7 299.3 340.7 406.9 497.0 630.5 yoy 27.9%10.3%18.9%5.5%13.8%19.4%22.2%26.9%2017 2018 2019 2020 2021 2022E 2023E 2024E 收入 170.0 168.9 239.7 348.4 402.1 422.2 485.6 573.0 yoy 42.0%-0.6%41.9%45.3%15.4%5.0%15.0%18.0%成本 120.7 121.1 170.6 247.4 299.0 311.2 352.0 410.8 毛利率 29.0%28.3%28.8%29.0%25.6%26.3%27.5%28.3%毛利 49.3 47.8 69.2 101.0 103.1 111.0 133.5 162.2 宠物窝垫 2017 2018 2019 2020 2021 2022E 2023E 2024E 收入 216.5 235.3 255.5 304.8 356.0 366.7 399.7 447.7 yoy 36.7%8.7%8.5%19.3%16.8%3.0%9.0%12.0%成本 154.4 171.2 185.5 221.1 266.2 271.4 291.4 325.5 毛利率 28.7%27.3%27.4%27.5%25.2%26.0%27.1%27.3%毛利 62.1 64.2 70.0 83.7 89.8 95.3 108.3 122.2 宠物玩具 2017 2018 2019 2020 2021 2022E 2023E 2024E 收入 202.7 225.5 242.9 242.1 368.9 394.7 446.0 512.9 yoy 26.9%11.2%7.7%-0.3%52.4%7.0%13.0%15.0%成本 142.9 162.8 174.0 173.8 274.9 292.5 326.9 374.4 毛利率 29.5%27.8%28.4%28.2%25.5%25.9%26.7%27.0%毛利 59.8 62.7 68.9 68.3 94.0 102.2 119.1 138.5 其他宠物用品 2017 2018 2019 2020 2021 2022E 2023E 2024E 49%Table_CompanyRptType1 301335 27/29 收入 160.4 213.4 270.2 279.8 368.3 441.9 543.6 695.8 yoy 22.6%33.0%26.6%3.5%31.6%20.0%23.0%28.0%成本 155.8 197.7 209.9 290.2 344.3 421.3 535.8 毛利率 27.0%26.8%25.0%21.2%22.1%22.5%23.0%毛利 57.6 72.5 69.9 78.1 97.7 122.3 160.0 宠物食品 2017 2018 2019 2020 2021 2022E 2023E 2024E 收入 1.5 36.3 36.5 268.5 332.0 491.4 737.1 1105.6 yoy 2369.4%0.6%635.7%23.6%48.0%50.0%50.0%成本 30.5 33.4 236.5 303.7 434.9 663.4 995.1 毛利率 16.1%8.4%11.9%8.5%11.5%10.0%10.0%毛利 5.9 3.1 32.0 28.3 56.5 73.7 110.6 4.2 2022-2024 21.45 26.40 33.63 15.7%23.1%27.4%1.25 1.56 2.00 16.3%25.1%27.6%EPS 1.39 1.74 2.22 Table_CompanyRptType1 301335 28/29:2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 764 1994 2189 2591 1854 2145 2640 3363 181 1451 1340 1676 1514 1738 2143 2732 290 267 428 451 7 9 11 14 11 23 14 36 115 142 176 226 63 64 84 104 57 71 88 112 197 177 300 300 20 5 5 8 22 13 23 23-4-6-5-5 481 598 647 713-11 0 0 0 0 0-1-1 17-10-8-3 349 460 505 572 130 151 189 241 42 41 40 38 0 0 0 0 89 97 103 103 0 0 0 0 1245 2592 2836 3303 130 151 189 241 369 585 673 941 23 26 33 42 131 241 317 410 107 125 156 199 161 253 244 398 0 0 0-1 77 91 112 133 107 125 156 200 107 107 107 107 EBITDA 173 216 250 311 103 103 103 103 EPS 1.59 1.39 1.74 2.22 3 3 3 3 476 691 780 1048-1-1-1-2 2021 2022E 2023E 2024E 68 90 90 90 218 1203 1203 1203 27.9%15.7%23.1%27.4%484 609 765 965-4.7%16.0%25.2%27.6%769 1901 2058 2257-5.8%16.3%25.1%27.6%1245 2592 2836 3303%18.4%19.0%18.8%18.7%:%5.8%5.8%5.9%5.9%2021 2022E 2023E 2024E ROE%14.0%6.6%7.6%8.8%24 319-78 378 ROIC%11.7%6.3%6.9%7.6%107 125 156 199 29 44 43 54%38.2%26.7%27.5%31.7%18 6 9 12%61.9%36.4%37.9%46.5%-17 10 8 3 2.07 3.41 3.25 2.75-129 129-299 105 1.31 2.98 2.65 2.30 252 2 460 99-27-171-100-123 1.59 1.12 0.97 1.10-50-153-87-120 7.50 7.70 7.60 7.65 18 0 0 0 8.86 8.40 8.62 8.51 5-18-14-3 37 1121 67 81 1.59 1.39 1.74 2.22 42 110 76 93 0.27 3.55-0.87 4.20 5 0 0 0 11.87 21.13 22.86 25.08 0 23 0 0 0 985 0 0 P/E 0.00 27.01 21.59 16.91-11 4-9-12 P/B 0.00 1.77 1.64 1.50 26 1270-111 337 EV/EBITDA 0.34 10.53 9.85 7.13 Table_CompanyRptType1 301335 29/29 2012 2019 6 A 300 500 6 5%;6-5%5%;6 5%;6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%
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