Group 1 - The core viewpoint is that pet economy concept stocks are performing strongly against the market trend, with Zhongchong Co., Ltd. reaching a historical high [1] - Tianyuan Pet's stock increased by over 10%, while Lusi Co., Ltd. and Ruipu Bio both rose by over 5% [1] - The report from Tianfeng Securities indicates that China's pet consumption market has surpassed 300 billion yuan, highlighting the growth potential in comparison to the more mature U.S. pet market [1] Group 2 - The pet consumption in China is still at a relatively low level compared to the U.S., suggesting significant room for growth [1] - The logic of simultaneous increase in both volume and price is clearly defined in the context of the pet economy [1]

24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate] 2025 年 05 月 16 日 本期内容提要: 康耐特光学、明月镜片、博士眼镜等主业表现稳健、产品结构持续优化， 明月、博士 24Q4/25Q1 收入同比+1%/+3%、+6%/+10%，归母净利润 +13%/+ ...

Core Insights - The pet industry in China is experiencing rapid growth, with an annual growth rate of 20%, leading to a market size exceeding 300 billion yuan in 2024 [1] - The pet food market is projected to reach 158.5 billion yuan in 2024, accounting for 52.8% of the total market [1] - The pet medical sector is also expanding significantly, with a market size of 84.1 billion yuan in 2024, representing 28% of the industry [1] - The smart pet products segment is growing at an impressive rate of 40% in 2024 [1] - Leading companies are showing strong performance, with Zhongchong Co. reporting a revenue of 3.189 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.56% [1] - Policy support is fostering innovation in consumption scenarios, leading to the emergence of new business models such as pet cafes and themed hotels [1] Pet Food Industry - The pet food market is dominated by high-quality products, with a notable preference for premium baked and freeze-dried foods [1] - Customization services are on the rise, driven by consumer demand for quality and innovation [1] Pet Medical Industry - The pet medical sector is characterized by technological advancements and standardization, with widespread application of new technologies [1] - The introduction of pet medical insurance is becoming more common, enhancing accessibility to medical services [1] Smart Pet Products - The smart pet products market is integrating technology with daily life, featuring innovations such as smart feeders and pet washing machines [1] Pet Services Industry - The pet services sector is diversifying and personalizing, covering areas such as grooming, boarding, training, and photography [1] - There is a focus on meeting individual consumer needs within the service offerings [1] Challenges in the Industry - Despite the industry's prosperity, challenges such as low-quality pet food and a shortage of medical resources persist [1] - Leading companies are taking initiatives to address these issues through resource integration and the development of pet industry parks [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's self-owned brand development has entered a high-speed growth phase, focusing on the "main food" strategy with frequent new product launches, significantly enhancing profitability. The company is expected to launch 2-3 core products in 2025, focusing on upgrading major products and continuously iterating on staple canned food and baked goods. The overseas production capacity is steadily expanding, with a solid global production layout enhancing risk resistance. The profitability of the US and Canadian factories is strong, and the self-owned brand's overseas business is growing rapidly, opening up future performance growth points. The expected EPS for 2025 and 2026 is 1.49 and 1.95 yuan, respectively, corresponding to PE ratios of 38X and 29X, making it a key recommendation [2][4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit attributable to shareholders of 394 million yuan, a year-on-year increase of 68.89%. In Q4 of 2024, revenue was 1.276 billion yuan, up 23.31% year-on-year, with a net profit of 112 million yuan, up 98.2% year-on-year. In Q1 of 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% year-on-year [4][8]. Strategic Insights - The company is focusing on the rapid growth of its self-owned brands, with domestic sales expected to grow by over 40% year-on-year, driven by the rapid growth of the "Wanpi" brand. The company is also expanding its overseas production capacity, with a global strategy taking shape across five countries, including China, the US, Canada, New Zealand, and Cambodia. The US and Canadian factories are expected to add significant snack production capacity, ensuring stable growth and enhancing global supply chain resilience [2][8]. Future Projections - The company is projected to achieve total revenue of 5.124 billion yuan in 2025, with a net profit of 549 million yuan, and further growth is expected in subsequent years, with revenues reaching 6.700 billion yuan and net profits of 714 million yuan by 2026 [14].

Financial Performance - In 2024, the company achieved a revenue of CNY 4.465 billion, representing a year-on-year growth of 19.15% [2] - The net profit attributable to shareholders for 2024 was CNY 394 million, with a significant increase of 68.89% [2] - For Q1 2025, the revenue reached CNY 1.101 billion, showing a year-on-year growth of 25.41% [2] - The net profit attributable to shareholders in Q1 2025 was CNY 91 million, reflecting a growth of 62.13% [2] Global Operations and Risk Management - The company has established a comprehensive tariff response system, minimizing the impact of tariff adjustments on its business [3] - It is the only Chinese company with pet snack factories in the US and Canada, and has a diversified production capacity across multiple countries [3] - The portion of revenue affected by the recent tariff adjustments is relatively low, as it primarily involves exports to the US, which will be shifted to production in Cambodia [3] - The company’s products are sold in 85 countries across five continents, enhancing its resilience against localized risks [7] Brand Development and Market Strategy - In 2024, the company expanded its self-owned brand business into 9 new countries, increasing its global market coverage to 73 countries [3] - The company emphasizes long-term development and strategic investments in brand building, while optimizing resource allocation for maximum impact [4] - The domestic pet food market is experiencing rapid growth, with increasing concentration towards leading brands, indicating a favorable environment for domestic brands [6] Investor Relations and Returns - The company is committed to providing stable cash dividends to investors, with a proposed cash distribution of CNY 1.50 per 10 shares for the 2024 fiscal year [9] - The total expected cash dividend for 2024 is CNY 146.94 million, which represents 37.31% of the net profit attributable to shareholders [9]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 宁缺股 来源：雪球 从2024 年至今 ， A 股宠物食品龙头 中宠股份 和乖宝宠物 已实现典型的 " 戴维斯双击 " —— 利润增速与估值 （ 市盈率 ） 双双向上 。 一 、 利润增速何时起步 ？ 估值何时拉升 两家公司利润增速开始提速的时间点是 2023年二季度 （ 消化估值 ） ， 利润增长到了2024年2季度的时候 ， 估值见底开始向上 。 具体情况看下图 中宠股份 乖宝宠物 当前估值水平概述 中宠股份 市盈率 （ TTM ） 约 45.7 倍 ： 截至2025年5月4日 ， 中宠股份滚动市盈率为45.68倍 ， 市净率6.78倍 ， 匹配行业内中上水平 。 近期波动区间 ≈ 39.8 倍 – 53.0 倍 ： 3月末数据显示PE为39.77倍 （ 扣非后PE 40.53倍 ） ； 另有数据显示最新股价对应PE约53.02倍 。 乖宝宠物 滚动市盈率 （ TTM ） 63.92 倍 ： 5月12日收盘滚动PE为63.92倍 ， 总市值约435.05亿元 ， 明显高于行业平均41.41倍与行业中值39.72倍 ...

Group 1 - The stock price of Zhongchong Co., Ltd. has reached a historical high, with 12 trading days in the past month where the stock price set new records [2] - As of 10:09, the stock is up 1.25%, priced at 61.60 yuan, with a trading volume of 3.57 million shares and a turnover of 216 million yuan, resulting in a turnover rate of 1.21% [2] - The latest total market capitalization of the stock in A-shares is 18.173 billion yuan, with the same amount for the circulating market capitalization [2] Group 2 - In the agricultural, forestry, animal husbandry, and fishery industry, the overall increase is 0.42%, with 34 stocks rising, including Andeli, Haida Group, and *ST Xianfeng, which have increases of 10.00%, 5.67%, and 4.86% respectively [2] - The stock has a margin balance of 303 million yuan as of May 13, with a financing balance of 301 million yuan, which has increased by 100 million yuan in the last 10 days, representing a 49.90% growth [2] - In the past 10 days, 16 institutions have rated the stock, with the highest target price set by GF Securities at 61.51 yuan as of April 30 [2] Group 3 - The company's Q1 report shows a total operating income of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91.155 million yuan, a year-on-year increase of 62.13% [3] - The basic earnings per share are 0.3094 yuan, with a weighted average return on equity of 3.65% [3]

2025 年 05 月 12 日 行业周报 看好/维持 农林牧渔 农林牧渔 农业周报 20250503-20250510：粮价继续上涨，畜禽等待拐点 ◼ 走势比较 ◼ 子行业评级 | 种植业 | 看好 | | --- | --- | | 畜牧业 | 看好 | | 林业 | 中性 | | 渔业 | 中性 | | 农 产 品 加 工 | 看好 | | Ⅱ | | ◼ 推荐公司及评级 二、核心观点 行业评级及策略：粮价近期持续上涨，种植产业链景气有望触底反 转。畜禽价格低迷，产能有望高位回落。关税反制事件凸显国内农 产品供应重要性，产业发展政策环境有望持续优化，继续看好板块 投资机会。 | 中宠股份 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | 相关研究报告 <<农业周报 20250427-20250502：子 行业 1 季报分化明显，养殖相关板块 业绩增长良好>>--2025-05-07 <<年报&一季报点评：粮价低迷致业 绩承压，自营农地规模扩大>>-- 2025-04-30 <<年报&一季报点评：自主品牌高速 增长，OEM 产能布局优势突出>>-- 2025 ...

为进一步加强与投资者的互动交流，烟台中宠食品股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00- 16:30。届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营 状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 证券代码：002891 证券简称：中宠股份 公告编号：2025-036 债券代码：127076 债券简称：中宠转 2 烟台中宠食品股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 1 特此公告！ 烟台中宠食品股份有限 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]