今天上午，"宠物双雄" 乖宝宠物、中宠股份双双爆发，股价均创新高 。 "宠物双雄"的表现，只是今年以来A股、港股市场新消费板块的一个缩影。卫龙美味（魔芋制品）、毛戈平（美妆）、蜜雪集团（现代茶饮）、泡泡玛特 （IP潮玩）、老铺黄金（黄金珠宝），还有拉芳家化等老牌国货实现二次焕新突破的个股，今年以来都走出趋势慢牛态势，大部分个股都创出历史新高。 今天上午，A股冲高回落，上证指数下跌0.1%，深证成指下跌0.66%，创业板指下跌0.68%。PEEK材料、美容护理、宠物经济等板块涨幅居前，电力、银 行等高股息资产表现活跃。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3292.98 | 9869.91 | 1935.84 | | -3.38 -0.10% -65.89 -0.66% | | -13.32 -0.68% | 宠物经济、美容护理板块上涨 今年以来，宠物经济、美容护理两大板块成为新消费领域牛股的集中地。 今天上午，这两大板块双双大涨。宠物经济板块中，路斯股份、天元宠物等个股大涨。两只龙头股 乖宝宠物上涨12.47%、中宠股份涨停 。 | | V | 宠物经济 ...

Core Viewpoint - The pet economy sector is experiencing strong growth, with Zhongchong Co., Ltd. reaching a historical high in stock price and a year-to-date increase of nearly 50% [1][3]. Financial Performance - In 2024, Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan, representing a year-on-year growth of 19.15%. The net profit attributable to shareholders was 394 million yuan, up 68.89% from the previous year, with basic earnings per share of 1.34 yuan, an increase of 67.95% [3][7][8]. - For Q1 2025, the company reported a revenue of 1.101 billion yuan, a 25.4% increase year-on-year, and a net profit of 91.16 million yuan, up 62.1% [5][6]. Business Segmentation - The company operates primarily in the pet food and supplies sector, which accounted for 96.14% of total revenue in 2024, with the remaining 3.86% from other businesses. Revenue from pet snacks was 3.132 billion yuan (70.16% of total revenue), while pet staple food generated 1.107 billion yuan (24.78%) [11][12]. - Geographically, overseas revenue was 3.051 billion yuan (68.33%), while domestic revenue was 1.414 billion yuan (31.67%) [11][12]. Research and Development - Research and development expenses increased by 51.7% to 72.68 million yuan, reflecting the company's commitment to enhancing product development [10][12]. Shareholder Activity - In Q1 2025, Hong Kong Central Clearing Limited increased its holdings in Zhongchong Co., Ltd., while Song Yong reduced his stake. New entrants to the top ten shareholders included Agricultural Bank of China Strategy Mixed Fund and Agricultural Bank of China Strategy Selected Mixed Fund [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a high growth in performance, with its own brand entering a rapid growth phase [1] - The company reported a total revenue of 4.465 billion yuan for 2024, representing a year-on-year growth of 19.15% [7] - The net profit attributable to the parent company for 2024 is projected to be 393.8 million yuan, reflecting a significant year-on-year increase of 68.89% [7] - The company is expected to maintain strong growth in the coming years, with net profit forecasts of 450.68 million yuan for 2025 and 551.32 million yuan for 2026 [1][7] Financial Performance Summary - Total revenue is projected to grow from 3.747 billion yuan in 2023 to 5.252 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 17.64% [1][8] - The net profit attributable to the parent company is expected to increase from 233.16 million yuan in 2023 to 450.68 million yuan in 2025, indicating a strong growth trajectory [1][8] - The earnings per share (EPS) is forecasted to rise from 0.79 yuan in 2023 to 1.53 yuan in 2025 [1][8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 61.44 in 2023 to 31.78 in 2025, suggesting an improving valuation [1][8] Product and Market Insights - The company has optimized its product structure, with significant growth in its own brand products, particularly in the staple food segment, which saw a revenue increase of 92% [7] - The domestic and international revenue for 2024 is expected to be 14 billion yuan and 30 billion yuan respectively, with year-on-year growth rates of 30% and 15% [7] - The company has established a stable customer base through long-term partnerships, ensuring consistent growth in its overseas business [7] Profitability Metrics - The gross margin for 2024 is projected to reach 28.2%, an increase of 1.9 percentage points year-on-year [7] - The net profit margin for 2024 is expected to be 8.8%, reflecting a year-on-year increase of 2.6 percentage points [7] - The company’s operating profit is forecasted to grow from 508 million yuan in 2024 to 731 million yuan in 2026 [8]

Group 1: Stock Performance - The pet economy concept stocks are experiencing strong performance, with companies like Zhongchong Co., Tianyuan Pet, and others seeing significant gains, with some stocks hitting the daily limit [1][2] - Zhongchong Co. (002891.SZ) reported a stock price of 53.44, with a rise of 10.00% and a market capitalization of 15.77 billion [2] - Tianyuan Pet (301335.SZ) saw a stock price of 25.40, increasing by 19.98% and a market capitalization of 1.27 billion [2] - Guai Bao Pet (301498.SZ) reported a stock price of 116.02, with an increase of 11.63% and a market capitalization of 20.77 billion [2] Group 2: Financial Performance - Guai Bao Pet reported a net profit of 204 million for Q1, a year-on-year increase of 37.68% [5] - Zhongchong Co. reported a net profit of 91 million for Q1, a year-on-year increase of 62.13% [6] - Yiyi Co. reported a net profit of 54 million for Q1, a year-on-year increase of 27.96%, with a non-recurring profit of 50 million, up 40.97% [7] Group 3: Industry Trends - The integration of AI in the pet industry is rapidly expanding, with applications in health management, behavior analysis, and interactive companionship [8] - The pet industry in China is in a phase of rapid growth, with the market expected to exceed 300 billion by 2024, driven by changing consumer trends [8] - The post-2000 generation is becoming the core consumer group in the pet economy, with a pet ownership penetration rate of 24% among those over 20, indicating significant growth potential [8] Group 4: Market Insights - The current pet food market in China is valued at approximately 100 billion, with significant room for growth in average annual spending per pet [9] - The market expansion may shift from quantity-driven to price-driven growth, as the number of pets stabilizes [9] - Domestic leading brands are expected to rise, similar to Japan's market, where local brands have gained significant market share [9]

证券研究报告·公司点评报告·饲料 中宠股份（002891） 2024 年报及 2025 年一季报点评：业绩延续 高增，自有品牌进入增长快车道 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,747 | 4,465 | 5,252 | 6,161 | 7,152 | | 同比（%） | 15.37 | 19.15 | 17.64 | 17.29 | 16.10 | | 归母净利润（百万元） | 233.16 | 393.80 | 450.68 | 551.32 | 648.21 | | 同比（%） | 120.12 | 68.89 | 14.44 | 22.33 | 17.57 | | EPS-最新摊薄（元/股） | 0.79 | 1.34 | 1.53 | 1.87 | 2.20 | | P/E（现价&最新摊薄） | 61.44 | 36.38 | 31.78 | 25.98 | 22.10 | [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [15]. Core Insights - The company achieved a record high in annual performance for 2024, with total 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, up 68.89% [1][3]. - The company's core brands are experiencing significant growth, particularly in the domestic market, where revenue from pet food has surged by 92% year-on-year, contributing to a robust overall performance [2][3]. - The company has successfully met its employee stock ownership plan targets, with a notable increase in profit margins and a strong performance in both domestic and international markets [3]. Revenue Summary - In 2024, the company generated total revenue of 4.465 billion yuan, with snacks (including canned food) contributing 3.1 billion yuan (up 5%) and pet staple food generating 1.1 billion yuan (up 92%) [2]. - Domestic revenue reached 1.41 billion yuan, reflecting a 30% year-on-year growth, while international revenue was 3.05 billion yuan, up 15% [2]. Profitability Summary - The company achieved a gross margin of 28.2% in 2024, an increase of 1.9 percentage points year-on-year, with domestic gross margin at 35% and international gross margin at 25% [3]. - The net profit margin for Q4 2024 was 8.8%, up 3.3 percentage points year-on-year, while Q1 2025 saw a net profit margin of 8.3%, an increase of 1.9 percentage points [3]. Financial Forecast - The company is projected to achieve revenues of 5.198 billion yuan in 2025, 6.088 billion yuan in 2026, and 6.989 billion yuan in 2027, with year-on-year growth rates of 16.4%, 17.1%, and 14.8% respectively [3][5]. - Net profit forecasts for 2025, 2026, and 2027 are 455 million yuan, 542 million yuan, and 632 million yuan, with respective growth rates of 15.7%, 19.0%, and 16.6% [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.31 RMB [7][8]. Core Insights - The company has shown strong growth in its proprietary brand, with a significant increase in revenue and profit margins. The 2024 revenue reached 4.465 billion RMB, a year-on-year increase of 19.15%, and the net profit attributable to the parent company was 394 million RMB, up 68.89% year-on-year [1][2]. - The first quarter of 2025 saw a revenue of 1.1 billion RMB, representing a 25% year-on-year increase, and a net profit of 91 million RMB, which is a 62% increase compared to the previous year [1][3]. - The company is expected to benefit from the release of production capacity in overseas factories and sustained high growth in its proprietary brand, indicating potential for revenue and profit growth in 2025 [1][4]. Revenue Breakdown - In 2024, the company achieved 3.05 billion RMB in export revenue, a 15% year-on-year increase, while domestic sales reached 1.41 billion RMB, a 30% increase, with the domestic sales proportion rising from 29% to 32% [2]. - The main products, including staple food and snacks, generated revenues of 1.11 billion RMB and 3.13 billion RMB respectively, with year-on-year growth rates of 92% and 28% [2]. - Direct sales channels experienced rapid growth, with a revenue increase of 42% year-on-year [2]. Profitability and Margin Improvement - The gross margin for the first quarter of 2025 improved to 31.9%, an increase of 4.0 percentage points year-on-year, driven by lower raw material prices and high growth in proprietary brands [3]. - The company’s net profit margin for 2024 was 8.83%, reflecting continuous improvement in profitability [2]. Earnings Forecast and Valuation - The earnings forecast for 2025 has been adjusted upwards to 430 million RMB, a 2% increase, with a target price based on a 40X price-to-earnings ratio [4]. - The report anticipates a revenue increase of approximately 40% year-on-year for domestic sales in the first quarter of 2025, supported by the performance of proprietary brands [4].

Macroeconomic Overview - In April, the US Markit Manufacturing PMI preliminary value is 50.7, above the expected 49 and previous 50.2; the Services PMI preliminary value is 51.4, below the expected 52.6 and previous 54.4; the Composite PMI preliminary value is 51.2, below the expected 52 and previous 53.5 [3] - The Eurozone's Manufacturing PMI preliminary value is 48.7, above the expected 47.4 and previous 48.6; the Services PMI preliminary value is 49.7, below the expected 50.5 and previous 51; the Composite PMI preliminary value is 50.1, slightly above the neutral 50, below the expected 50.2 and previous 50.9 [4] - The data indicates that Manufacturing PMI values are performing better than Services PMI, suggesting that the impact of trade wars on manufacturing has not yet fully materialized, while the Services sector reflects economic sentiment more quickly [4] Company Analysis: Yiyuan Communication - Yiyuan Communication reported a 2024 revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, with a gross margin of 17.61%, down 1.33 percentage points; net profit attributable to shareholders is 588 million yuan, up 548.5% [7] - In Q1 2025, revenue reached 5.2 billion yuan, a year-on-year increase of 31.5%, with a net profit of 145 million yuan, up 265% [7] - The growth is driven by a recovery in the IoT industry, with shipments of LTE, automotive, and 5G modules increasing by over 60% [7] Company Analysis: Sanhuan Group - Sanhuan Group reported a 2024 revenue of 7.375 billion yuan, a year-on-year increase of 28.8%, with a gross margin of 43%, up 3.15 percentage points; net profit attributable to shareholders is 2.19 billion yuan, up 38.6% [8] - The fourth quarter of 2024 saw revenue of 1.994 billion yuan, a year-on-year increase of 23%, with a net profit of 587 million yuan, up 33.8% [8] - The strong performance is attributed to a recovery in demand for consumer electronics and optical communication, as well as increased sales of MLCC products [8] Company Analysis: Zhongchong Co., Ltd. - Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [10] - In Q1 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% [10] - The overseas market remains the core source of revenue and profit, with a focus on OEM/ODM partnerships to enter international markets [10] Company Analysis: Wen's Food Group - Wen's Food Group reported a 2024 revenue of 104.92 billion yuan, a year-on-year increase of 16.7%, with a net profit of 9.23 billion yuan, up 244.5% [11] - In Q1 2025, revenue was 6.3 billion yuan, a year-on-year increase of 14.2%, with a net profit of 50 million yuan, up 82.7% [11] - The company achieved profitability in its pig farming business, with a significant increase in pig sales volume and a rise in average selling price [12]

中宠股份涨停，股价创历史新高， 金河生物、 乖宝宠物、 豪悦护理、 路斯股份、 佩蒂股份等涨逾 5%。消息面上， 银河证券表示，我国宠物行业规模有望于2027年突破4000亿元。情感经济、科学养 宠、理性养宠等消费趋势的变化将带来结构性机遇。 ...

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...