事件：公司發佈績效考覈激勵機制和第一期限制性股票激勵計劃(草案)，考覈目標以2023年爲基數，24/25/26年度營業收入增長率目標爲19%/42%/68%，淨利潤增長率目標爲21%/39%/59%。
兩項激勵方案推出，核心團隊積極性有望進一步調動！
乖寶此次發佈兩項激勵方案，針對的羣體和激勵方式有所不同。績效考覈激勵針對的人員範圍更廣——公司高級管理人員、關鍵崗位的中高層管理人員和核心骨幹人員等，若當年度達成公司層面業績考覈指標，則提取歸母淨利潤的15%作爲激勵獎金總額；第一期限制性股票激勵計劃(草案)針對的人員更聚焦——擬向9名激勵對象授予不超過217.7萬股限制性股票，其中公司總裁杜士芳佔本次擬授予限制性股票總數的比例最大，達33%。我們認爲公司的績效考覈激勵機制和股票激勵計劃均有望有效地將股東利益、公司利益和員工利益緊密結合在一起，吸引和留住優秀人才，充分調動公司核心團隊的積極性！
Two different schemes to motivate and incentivize company’s key personnel
Company profile:
Gambol Pet Group, which was established in 2006, develops, produces and sells pet food. Its products include dog and cat staples and snacks, as well as pet health care products.
Two incentive plans:
the company recently released a performance appraisal incentive plan and the first phase of a restricted stock incentive plan in draft. Based on 2023 performance, the plan targets 19%/42%/68% revenue growth and 21%/39%/59% net profit growth in 2024/25/26E. Each of the two plans targets different personnel and involves different incentive schemes.
•Performance appraisal incentives: the plan covers a broader range of personnel including senior management, middle and senior management in key positions, as well as other core backbone personnel. If the company meets the performance goals in a given year, 15% of net profit will be put aside for incentive bonuses.
•Restricted stock incentives phase I: the focus is on certain personnel and this draft plan aims to grant up to 2.18m restricted shares to nine incentive targets, including president Du Shifang, who would have the largest proportion of restricted shares to be granted at 33%.
We believe Gambol Pet’s performance appraisal incentive plan and restricted stock incentive plan effectively align the interests of shareholders, the company and employees. We expect they will motivate its core team as well as help the company attract and retain outstanding talents.
3年收入和淨利潤目標均瞄準雙位數增長！
此次兩項激勵計劃，考覈年度爲2024-2026年三個會計年度：以2023年爲基數，24/25/26年度營業收入增長率目標爲19%/42%/68%，預估3年營業收入年均複合增長率預估約達19%；24/25/26年度歸母淨利潤增長率目標爲21%/39%/59%，預估3年歸母淨利潤年均複合增長率預估約達17%（利潤目標需剔除公司在全部有效期內的股權激勵計劃所涉及的股份支付費用及剔除激勵獎金提取的影響後的數值作爲計算依據）。其中限制性股票激勵計劃產生的激勵成本將在經常性損益中列支，攤銷總費用預估達5844.6萬元，其中2024/25/26/27年攤銷金額1243/2516/1503/583萬元。
Revenue and net profit goals imply 3-year CAGRs in the double-digits
The two incentive plans assess company results in 2024, 2025 and 2026. The revenue growth goals of 19%/42%/68% in 2024/25/26E (with 2023 as the base year) imply a 3-year CAGR of about 19%. And the targeted net profit growth goals of 21%/39%/59% imply a 3-year CAGR of about 17%. The targeted profit is calculated by excluding share-based payment expenses involved in the share incentive program during the full term of the scheme and by excluding the impact of incentive bonus withdrawals. Hence, the incentive costs for the restricted stock incentive plan would be accounted as recurring profit and loss, and the estimated total amortization cost could reach RMB58.45m, comprising RMB12.43m/25.16m/15.03m/5.83m in 2024/25/26/27E.
公司618表現亮眼，高端犬品牌亮相，公司業績有望保持快速增長！
公司618表現亮眼，行業龍頭地位凸顯。今年618期間，公司核心品牌麥富迪在天貓平臺、抖音平臺、拼多多平臺寵物品牌銷售榜中位列第1，京東平臺位列第2；公司高端貓糧品牌弗列加特在抖音/天貓平臺分別排名第5/第8。麥富迪和弗列加特全網銷售額突破4.7億，同比增速超40%，其中弗列加特全網銷售額突破1億，同比增速高達230+%。
公司發佈高端狗糧品牌汪臻醇，高端狗糧發力進行時！ 2024年7月5日公司在麥富迪寵物食品微信公衆號發佈汪臻醇的品牌介紹，該品牌主打高端狗糧，突出“限定成分配方”，產品突出凍幹、烘焙等工藝，突出鮮肉原材料。我們認爲公司有望把高端貓糧弗列加特的快速增長的成功經驗，應用在高端狗糧汪臻醇上，高端狗糧有望成爲公司又一業績增長點。
Stellar 618 sales; premium dog food launch could help maintain rapid growth
618 fest:
Gambol drove particularly strong sales at this year’s 618 shopping festival in June due to its leading industry position. This year’s 618 fest saw its core brand, Myfoodie, topping pet brand sales charts on Tmall, Douyin and Pinduoduo, and listed second on JD.com. Its premium cat food brand Fregate took fifth place on Douyin and eighth place on Tmall. Myfoodie and Fregate together exceeded RMB470m in online sales, up more than 40% yoy. Fregate alone generated over RMB100m in online sales, growing more than 230% yoy.
Premium dog food:
the company launched Canyon Creek Ranch, a new brand for premium dog food, at Myfoodie Pet Food on its WeChat account. The brand highlights ingredients and recipes such as fresh meat raw materials, and preparations such as freeze-drying and baking. We believe Canyon Creek Ranch will be able to replicate the rapid growth trend of the company’s premium cat food brand Fregate. We expect the premium dog food business will add another growth driver.
