核心观点 - 高盛认为Petco是值得投资的低价股 其服务业务是独特的差异化优势 并预计公司将在2026年实现收入增长 维持“买入”评级[1] - 摩根士丹利对Petco持谨慎态度 认为激烈的竞争和疲软的宏观经济环境带来了持续障碍 掩盖了销售明确反弹和盈利能力进一步改善的时间表[2] - 尽管第三季度销售额下滑 但公司通过战略转型聚焦高利润服务业务 实现了盈利能力的显著提升 并上调了全年盈利指引[3][4][5] 机构评级与目标价 - 高盛将Petco目标价从5.14美元下调至4.53美元 维持“买入”评级[1] - 摩根士丹利将Petco目标价从4.50美元下调至3.75美元 维持“同等权重”评级[2] 第三季度财务表现 - 净销售额下降3.1%至14.6亿美元 可比销售额下降2.2%[3] - 调整后EBITDA增长21%至9900万美元 对应利润率扩大约1.4个百分点至6.7%[3] - 毛利率扩张0.75个百分点至38.9%[3] - 销售及一般管理费用减少3200万美元 提供了0.97个百分点的费用杠杆[3] 业务转型与战略重点 - 公司战略转向远离无利可图的销售 专注于高利润的服务业务[4] - 产品部门销售额出现下降 但“服务与其他”类别收入增长至2.55亿美元[4] - 兽医服务业务表现突出 医生留存率创历史新高 且招聘进度超前于目标[4] - 服务业务被高盛视为公司独特的差异化优势[1] 运营与门店情况 - 截至季度末 公司在美国拥有1389家门店 今年以来净关闭9家[4] - 公司计划放缓门店关闭速度 目标是到2026年恢复增长[4] 未来业绩展望 - 公司预计2026年将实现收入增长[1] - 公司上调了2025年全年调整后EBITDA指引至3.95亿至3.97亿美元之间[5] - 公司收窄了2025年净销售额预测 预计下降幅度在2.5%至2.8%之间[5]

As filed with the Securities and Exchange Commission on July 1, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 Amendment No. 3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 INSPIRE VETERINARY PARTNERS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) 780 Lynnhaven Parkway Suite 400 Virginia Beach, V ...

As filed with the Securities and Exchange Commission on June 21, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 Amendment No. 1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 INSPIRE VETERINARY PARTNERS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) 780 Lynnhaven Parkway Suite 400 Virginia Beach, ...

As filed with the Securities and Exchange Commission on February 9, 2024. Registration No. 333-276790 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 INSPIRE VETERINARY PARTNERS, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 8900 85-4359258 (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identificat ...

As filed with the Securities and Exchange Commission on January 26, 2024. Registration No. 333-276388 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 INSPIRE VETERINARY PARTNERS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification No.) Nevada 8900 85-4359258 780 Lynn ...