The pet food market set off IPO racing

21st Century Business Herald reporter Han Yi Beijing report

Recently, the Baobao Pet Food Group Co., Ltd. (referred to as the Pet Pet) updated the GEM prospectus. In 2021, the company's operating income reached 2.575 billion yuan, and the net profit of the mother reached 140 million yuan. In terms of operating income, the gap between the gap between the pet pets and the Zhong Pet (002891.SZ) in 2021 has increased, but the net profit achieved the overtake. In 2021, the net profit of the pet shares was 126 million yuan.

This means that the leading listed company in the A -share market in the pet economy industry may face the owner, and the pet food market is expected to usher in more intense competition.

From the net profit of 4,160,200 yuan in 2019, to the realization of the profitability of the industry's A -share listed companies, what is the unique and operating technique of the petal pets, and will it affect the pet food market pattern?

Listing

"The start of the listing of a new round of pet industry companies starts. Several pet industry companies in my country may impact the listing in the next few years. With capital assistance, the comprehensive strength gap between head companies and other domestic brands may be further enlarged. "Chen Jia, a researcher at Changjiang Securities, pointed out that the domestic pet food companies have expanded their production significantly after 2021 and invested in the high -quality main grain production capacity facing the domestic market. At present, my country's pet food industry may be at the starting point where the pattern improvement is improved Essence

The 21st Century Business Herald has traced back to the industry's development in the past two years. In fact, the market structure of pet food is not only the competition of the two major head companies. In recent years, many pet food companies have been listed in the market, and they are using capital forces to achieve fast. expansion.

The last round of the pet economy market was concentrated in the market, which occurred in 2017. Zhong Pet shares and Petty (300673.SZ), which are mainly engaged in pet food production and sales, have been listed one after another, landing on the main board of the Shenzhen Stock Exchange and the GEM market.

Since 2021, the pet food industry has opened another round of listing again. Among them, Yiyi (001206.SZ) and Lus shares (832419.bj) were successfully listed in 2021 and 2022. The first share of pets ".

At present, the source of pet supplies and pet snacks has also been successfully met in May this year, and it is expected to land in the A -share market. It is reported that the Rui faction pet has also revealed that the plan will go to Hong Kong this year. Companies such as Bei Pets and Protocol Pets are in the process of queuing A shares.

"From the perspective of the investment and financing market in 2021, in the first -level equity market, investors' investment in the pet food industry has declined. The industry has now moved towards the competition of stock brands. In this context, it may usher in a shuffle period." An analyst of a securities firm analyzed the 21st Century Business Herald.

"The large -scale expansion of the production capacity of the header of the header is not the same as the increase in the market share of its product sales. The pattern is already a leading foreign -funded and homogeneous competition for domestic capital.

Foundry

It is worth noting that the development history of the pet food industry is not difficult to find that companies such as China Pet Stocks, Guobao Pets, Petty Co., Ltd., which are currently in the head camp, were established around 2005. The early business was overseas. Some have not been able to get rid of dependence on overseas markets as of now.

According to the 21st Century Business Herald reporter's disclosure information, the main business income of China Pets, Petty and Lus Co., Ltd. is still based on OEM (original equipment manufacturer)/ODM (original design manufacturer) business. From foreign overseas markets.

Taking the Pet Shares in the mid -January 2002 as an example, the company claims to be a diversified brand operator in the global pet food field. "King Kitty" and other product lines, its main business revenue in 2021 mainly comes from overseas markets, with a total of 76.03%of overseas revenue.

Petty also has a number of brands such as "teeth energy", "jue feast", and "good Jiajia". The business type also relies on foundry and overseas markets. In 2021, the company's revenue mainly comes from overseas markets, accounting for total revenue The proportion is as high as 83.45%.

Lushe has brands such as "Lus", "King Man", "Guan Jun" and "Handicraft Fang". The revenue also mainly comes from overseas markets. In 2021, the company's overseas revenue accounted for 83.43%.

Pets who are sprinting are also from the foundry business. From 2006 to 2012, the export processing of pet foods was the OEM/ODM supplier of multiple international pet food brands.

Beginning in 2013, Guobao Pets established its own brand to deploy the domestic market, launched transformation, and entered the domestic market with the "Macadi" brand to position the products from the mid -to -high -end pet food market.

However, during the reporting period, foundry business and overseas markets still occupy a large proportion of pets' pets.

From 2019 to 2021, the company's own brand sales revenue accounted for only 50.40%, 49.55%, and 51.95%, and the company's overseas business revenue accounted for 46.07%, 48.17%, and 47.88%, respectively. The 21st Century Economic Herald reporter noticed that Guobao pets are already companies with their own brand operations and domestic markets in the same industry that are better than listed companies.

In this regard, Guobao Pet disclosure believes that the OEM/ODM model produces pet food for overseas customers, which requires a large demand for labor resources, and the homogeneity of similar manufacturers has a higher degree of homogeneity. With the advancement of the global economic integration process and the in -depth integration of industrial layout, emerging economies such as Thailand and Vietnam may have achieved greater advantages in the competition of the pet food market with their low human costs, and have created it. At a certain degree of impact, such overseas businesses have risks of market competition.

Industry analysts said that competitive pressures such as market sales brought about by global industries will be more obvious. At the same time, the continuous adjustment of the global industrial structure in recent years has caused a negative impact on the current status of my country's pet food industry.

Taking good treasure pets as an example, during the reporting period, the US market in its overseas market accounted for 65.69%, 71.24%, and 62.67%of the company's overseas business revenue, respectively.

In 2018, the Sino -US trade friction was upgraded. In May 2019, the United States has imposed a 25%tariff on pet food imported from China in May 2019. Affected by this, the price advantage of the products produced by the company's domestic products has been weakened.

How to break the independent brand

Relying on the development of the foundry model and relying on overseas marketing, the industry's homogeneous competition is serious, and the development confusion in the presence of the pet food market is almost all the same. The industry is facing the full competition of domestic and foreign brands. Can breakout gain market competitiveness?

"Raw materials and recipes determine the product power of pet food. The brand power and product power constitute an important basis for distinction of price bands. With the high -quality ingredients that are not inferior to overseas big names, domestic products have basically occupied the pet food market with mid -range price bands. . "Chen Jia, a researcher at Changjiang Securities, believes that the homogeneity of products has made the competition pattern of mid -range products more intense, and the high -end market competition is relatively less intense.

In fact, the 21st Century Economic Herald reporter noticed that the current domestic pet food listed companies and planned listed companies are accelerating their own research and development strength and the cultivation of their own brand products.

From the perspective of R & D investment, among those who were listed, the scale of pets of Guobao has ranked first in the industry. The reporting period has invested R & D expenses of 35.526 million yuan, 44.055 million yuan, and 59.3617 million yuan. The first place in revenue.

Judging from the revenue performance under the blessing of independent research and development and independent brand innovation investment, the good treasure pet has obtained a value premium higher than the industry. During the reporting period, the company's main business gross profit margin reached 28.87%, 33.12%, and 32.79%, respectively. It is much higher than the average level of about 20%of listed companies in the same industry. Among them, the gross profit margin of the company's own brand products reaches 36.14%, 39.79%, and 40.82%, which is almost twice that of the company's OEM/ODM products.

According to the statistics of the First Financial Economics, the "Macro Dadi" brand of Guobao Pet has won the first place in the Tmall TOP brand List (pet) of Tmall TOP brand (pet) from 2021 to 2022. , MAT2021 The most popular pet food brand.

"Domestic pet food companies break through the path of breakout, and they need competitive head companies to lead." Chen Jia, a researcher at Changjiang Securities, said that drawing on the development law of the pet industry in the United States and Japan. Good control of the quality of the product and the development of product concepts, focus on marketing and channel laying, especially paying attention to offline channels, and implementing multi -brand strategies.

According to the current layout of pet food listing and planned listed companies, the industry head companies are layout similar paths. On the pet food track, industry foundry brands have ushered in a wave of listing first than new brands, but in the end, who will dominate pet food In the industry's market structure, the core key also needs to look at the company's R & D investment and independent brand innovation.

- END -