研报掘金丨华西证券：源飞宠物开拓自主品牌、打造第二增长曲线，首予“买入”评级

格隆汇2025-07-29

华西证券研报指出，源飞宠物作为国内宠物牵引用具及宠物食品龙头企业，具备优质海外客户资源与全球化产能优势，同时积极开拓自主品牌、打造第二增长曲线，公司23Q2迎来补库存收入拐点，24年发力自主品牌、收入和利润共振。该行分析：1）公司股权激励目标要求未来3年收入CAGR24%，主要来自扩产贡献，海外食品及用品产能存在较大扩产空间。2）公司三大自主品牌通过差异化定位抢占细分市场，我们测算未来3年有望做到...

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