行 行业月报 业 地产链估值修复可延续，白卡、瓦楞纸迎涨价 研 ——轻工制造&纺织服饰行业 2 月投资策略展望 | | | 袁艺博 | SAC | NO： | S1150521120002 | | 年 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | 02 | | | | | | | | | | | | 月 03 | | | 究 | | | | | | | | | | 轻工制造 纺织服饰 投资要点： 行业要闻 证券分析师 （1）多家房企称已不被要求上报三道红线，仍需提交资产负债率指标。 袁艺博 yuanyb@bhzq.com （2）2025 年造纸和纸制品业实现利润总额 443.0 亿元，同比下降 13.6%。 022-23839135 行业发展情况 研子究行助业理评级 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 证 家居用品 中 ...

Summary of China Pet Foods Conference Call Company Overview - **Company**: China Pet Foods - **Industry**: Pet Food Manufacturing - **Founded**: 1998 - **Market Position**: Leading pet food manufacturer in mainland China, supplying to over 70 countries including the US, Japan, and EU [doc id='12'][doc id='16'] Key Points Growth and Revenue Projections - **Investment Rating**: Initiated with a Buy rating and a price objective (PO) of RMB 66, indicating a 32% upside from the current price of RMB 49.93 [doc id='1'] - **Revenue Growth**: Expected 3-year revenue CAGR of over 20%, with estimations for revenue and NPAT growth CAGR at 23% and 25% respectively from 2024 to 2027E [doc id='1'] - **Self-Brand Growth**: Self-owned brands projected to exceed 50% of revenue by 2027E, up from 36% in 2024, indicating a CAGR of approximately 41% [doc id='2'] Market Dynamics - **Market Trends**: Rising pet ownership and increased per-capita spending are driving demand for diversified and premium pet food products, particularly among younger consumers [doc id='2'] - **Competitive Landscape**: Despite intense competition, the company's smaller scale allows for significant market share gains without direct pressure [doc id='2'] OEM Business - **OEM Segment**: Considered a resilient earnings buffer, supported by overseas capacity expansion and solid order visibility. The company benefits from established overseas plants, insulating it from US-China tariff risks [doc id='3'] - **Growth Forecast**: Anticipated 13% CAGR for the OEM business from 2024 to 2027E [doc id='3'] Financial Metrics - **Valuation Methodology**: Price objective derived from a 50/50 blend of DCF and P/E valuations, applying a 30x 2026E P/E, which is 12% lower than its historical average [doc id='4'][doc id='20'] - **Key Financial Estimates**: - **Net Income (Adjusted)**: Expected to grow from RMB 233 million in 2023A to RMB 776 million in 2027E [doc id='5'] - **EPS Growth**: Projected EPS growth of 121.5% in 2023A, tapering to 26.1% by 2027E [doc id='5'] - **Free Cash Flow**: Expected to increase from RMB 40 million in 2023A to RMB 634 million in 2027E [doc id='5'] Risks - **Identified Risks**: Include raw material prices, competition, food safety, tariffs, and foreign exchange [doc id='4'] Valuation Comparisons - **PEG Ratio**: Currently trades at 0.9x PEG, lower than domestic peers' 1.1x and global peers' 2.4x [doc id='24'] - **Historical P/E**: Historically traded at an average of 34x forward P/E, with the current 30x P/E reflecting a 12% discount due to market conditions [doc id='23'] Strategic Initiatives - **Self-Brand Development**: The company has developed a solid self-brand matrix including "Wanpy", "ZEAL", and "Toptrees", focusing on mid- to high-end markets [doc id='18'] - **Global Capacity Expansion**: The company operates 22 production facilities worldwide, with ongoing expansions to support both self-brand and OEM business [doc id='12'][doc id='16'] Conclusion - **Investment Rationale**: The combination of rising market needs, self-brand expansion, and global capacity growth positions China Pet Foods favorably for future growth, making it a compelling investment opportunity [doc id='13']

证券日报网讯2月2日，中宠股份（002891）发布公告称，截至2026年1月31日，公司尚未实施股份回 购。 ...

每经AI快讯，中宠股份2月2日晚间发布公告称，公司第四届第二十一次董事会会议于2026年2月2日在 公司会议室以现场加通讯相结合的会议方式召开。会议审议了《关于制定〈市值管理制度〉的议案》等 文件。 每经头条（nbdtoutiao）——曾卖劳斯莱斯、保时捷等豪车，汽车销售巨头宝利德如今破产清算：杭州 总部已人去楼空，义乌子公司贴上了封条 （记者 王晓波） ...

格隆汇2月2日丨中宠股份(002891.SZ)公布，截至2026年1月31日，公司尚未实施股份回购。 ...

烟台中宠食品股份有限公司 关于回购公司股份的进展公告 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。 烟台中宠食品股份有限公司（以下简称"公司"）于 2026 年 1 月 23 日召开 第四届董事会第二十次会议，审议通过《关于回购公司股份方案的议案》，拟使 用公司自有资金和自筹资金以集中竞价交易方式回购部分公司已发行的人民币 普通股（A 股）股票。本次回购股份的价格为不超过 78.00 元/股（含），拟回购 资金总额不低于 10,000 万元，不超过人民币 20,000 万元。具体回购数量及回购 金额以回购期满或回购完毕时实际回购的股份数量和回购金额为准。 证券代码：002891 证券简称：中宠股份 公告编号：2026-006 债券代码：127076 债券简称：中宠转 2 二、其他说明 公司将严格按照《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等规范性文件的要求及公司回购股份方案的规定， 在回购期限内根据市场情况择机做出回购决策并予以实施，并根据相关法律、法 规、规范性文件及时履行信息披露义务，敬请广大投资者注意投资风 ...

烟台中宠食品股份有限公司市值管理制度 第一章 总 则 第一条 为切实推动烟台中宠食品股份有限公司（以下简称"公司"）提升 投资价值，增强投资者回报，规范和加强市值管理工作，维护公司、投资者及其 他利益相关方的合法权益，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管 理》等有关法律法规，并结合《烟台中宠食品股份有限公司章程》（以下简称《公 司章程》）及公司实际情况，制定本制度。 第二条 本制度所指市值管理，是指公司以提高公司质量为基础，为提升公 司投资价值和股东回报能力而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培育 和运用，推动经营水平和发展质量提升，并在此基础上做好投资者关系管理，增 强信息披露质量和透明度，必要时积极采取措施提振投资者信心，推动公司投资 价值合理反映公司质量。 第二章 市值管理的目的与基本原则 第四条 市值管理主要目的是通过制定科学发展战略、完善公司治理、改进 经营管理、培育核心竞争力，可持续地创造公司 ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2026-007 烟台中宠食品股份有限公司 经与会董事对本次董事会议案的审议表决，形成如下决议： 1、审议通过《关于制定〈市值管理制度〉的议案》。 表决结果：9 票赞成，0 票反对，无弃权票，一致通过。 为加强公司市值管理，切实推动公司提升投资价值，增强投资者回报，根据 《公司法》《证券法》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《公司章程》等规定，结合公 司实际情况，制定《烟台中宠食品股份有限公司市值管理制度》。 《烟台中宠食品股份有限公司市值管理制度》详见公司指定的信息披露媒体 巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 关于第四届董事会第二十一次会议决议的公告 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。 一、董事会会议召开情况 2026 年 2 月 2 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 董事会第二十一次会议在公司会议室以现场加通讯相结合的会议 ...

Core Viewpoint - The company announced a share repurchase plan to enhance shareholder value and confidence in the stock [1] Group 1: Share Repurchase Plan - The board of directors will meet on January 23, 2026, to approve the share repurchase plan [1] - The repurchase will utilize self-owned and self-raised funds through centralized bidding transactions [1] - The maximum repurchase price is set at 78 yuan per share, with a total fund amount between 100 million and 200 million yuan [1] - The repurchase period will not exceed three months from the date of board approval and does not require shareholder meeting approval [1] - As of January 31, 2026, the company has not yet implemented the share repurchase and will disclose information as required [1]

Investment Rating - The overall industry investment rating is "Positive" for planting and livestock sectors, "Neutral" for forestry and fishery sectors, and "Positive" for agricultural product processing [6][21]. Core Insights - The agricultural index increased by 1.82% this week, outperforming the Shanghai Composite Index, which decreased by 0.44% [27]. - The planting sector led the gains, with a 9.44% increase, while all secondary industries saw an uptick [27]. - The report emphasizes the importance of the planting industry chain due to rising grain prices [20]. Livestock Industry - **Pork**: The price rebound in the pork market has ended, with the average price at 12.3 CNY/kg, down 0.67 CNY from last week. The average price for piglets increased to 28.62 CNY/kg, up 0.59 CNY [5][20]. - The operating rate of large-scale slaughterhouses rose to 39.69%, an increase of 3.21 percentage points from last week [5][20]. - The total number of breeding sows was 39.61 million, a decrease of 2.9% year-on-year, indicating a slowdown in capacity reduction [21]. - **Chicken**: The industry is experiencing high capacity levels, with chicken prices expected to fluctuate in the medium term. The average price for broiler chickens is 3.83 CNY/kg, up 0.17 CNY from last week [20][22]. - The average price for yellow chickens is 12.95 CNY/kg, with expectations of price increases due to low supply levels [23][24]. Planting Industry - **Seed Industry**: The report highlights the ongoing optimization of industry policies and the advancement of genetically modified organisms, which are expected to boost seed prices and sales [25]. - **Grain Prices**: Recent trends show an increase in grain prices, with corn averaging 2390 CNY/ton and wheat at 2529 CNY/ton, indicating a strong expectation for international grain price increases [26][12]. Recommended Companies - The report recommends buying shares in Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development, all rated as "Buy" [3][51].