Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40 CNY per share, compared to the current price of 30.06 CNY [1]. Core Insights - The company reported a revenue of 3.189 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 17.56%. The net profit attributable to the parent company was 282 million CNY, up 59.54% year-on-year. In Q3 2024, revenue reached 1.232 billion CNY, with a year-on-year increase of 23.55%, and net profit of 140 million CNY, growing 73.18% year-on-year [1][2]. - The overseas business growth exceeded expectations, with a nearly 20% increase in Q3, significantly higher than the growth rate in the first half of the year. The company benefited from the expansion in the European market, with export growth around 20%. The U.S. factory's maintenance was completed in September, leading to a slight revenue increase, while the Canadian factory saw substantial growth by taking on U.S. orders. Future capacity increases are anticipated with the second phase of the Canadian factory expected to be operational in the second half of 2025 and the second phase of the U.S. factory in early 2026 [2]. - The company has three major proprietary brands, each showing distinct strengths. The brand "Wang Pi" has improved its core product offerings and profitability. "ZEAL" has upgraded its classic products and launched popular new items, achieving strong market feedback. "Toptrees" has successfully engaged in promotional activities linked to popular IPs, resulting in a 135% year-on-year sales increase in Q3 [2]. - The gross margin showed slight fluctuations, with Q3 gross margin at 26.9%, down 0.4 percentage points year-on-year. Domestic business gross margin improved slightly due to brand structure optimization, while overseas gross margin faced pressure from currency fluctuations and rising raw material prices [2]. - The report projects an increase in earnings per share (EPS) for 2024-2026, adjusting the forecast to 1.21 CNY, 1.47 CNY, and 1.91 CNY respectively, based on Q3 performance and the anticipated capacity increase from the Canadian factory [2][3]. Financial Summary - For 2024, the company is expected to achieve total revenue of 4.559 billion CNY, a year-on-year growth of 21.7%. The net profit attributable to the parent company is projected at 354 million CNY, reflecting a 52% increase year-on-year. The EPS is forecasted to be 1.21 CNY, with a price-to-earnings (P/E) ratio of 25 [3][6].

证券代码：002891 证券简称：中宠股份 公告编号：2024-059 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 关于召开 2024 年第二次临时股东大会通知的公告 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、 根据烟台中宠食品股份有限公司（以下简称"公司"）第四届董事会第九 次会议决议，公司定于 2024 年 11 月 14 日召开 2024 年第二次临时股东大会。 一、召开会议的基本情况： 1、股东大会届次：2024 年第二次临时股东大会 2、会议召集人：公司董事会（根据公司第四届董事会第九次会议决议） 3、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件、深 圳证券交易所相关业务规则及《公司章程》等的规定。 4、召开日期、时间： （1）现场会议召开日期、时间：2024 年 11 月 14 日 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 14 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00。 误导性陈述或重大遗漏。 通过深圳证券交易所互联网 ...

债券代码：127076 债券简称：中宠转 2 关于公司 2024 年前三季度利润分配预案的公告 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。 重要内容提示： 每股分配比例：每 10 股派发现金红利 2.50 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，股权登记日 具体日期将在权益分派实施公告中明确。 在本次利润分配预案披露至实施前，若公司股本由于可转债转股、股份回购、 股权激励行权等原因发生变动，则以权益分派实施时股权登记日享有利润分配权 的股份总额为基数，公司将按照分配比例不变的原则进行调整并在权益分派实施 公告中披露。 烟台中宠食品股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召 开第四届董事会第九次会议和第四届监事会第七次会议，审议通过了《关于公司 2024 年前三季度利润分配预案的议案》，本议案尚需提交公司股东大会审议，现 将有关事项公告如下： 一、利润分配预案的基本情况 1、利润分配预案的具体内容 证券代码：002891 证券简称：中宠股份 公告编号：2024-058 烟台中宠食品股份有限公司 根据公 ...

证券代码：002891 证券简称：中宠股份 公告编号：2024-056 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 关于第四届董事会第九次会议决议的公告 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 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《关于公司 2024 年前三季度利润分配预案的议案》。 表决结果：9 票赞成，0 票反对，无弃权票，一致通过。 根据公司 2024 年三季度财务报告（未经审计），公司 2024 年前三季度合 并报表实现归属于上市公司股东的净利润为 281,959,622.61 元。 依据《上市公司监管指引第 3 号——上市公司现金分红》等有关法律、法 规、规范性文件以及《公司章程》的相关规定，为积极回报股东，与股东共享 公司发展的经营成果，公司拟定的 2024 年前三季度利润分派预案为：以公司现 有总股本 294,114,203 股为基数，向全体股东每 10 股派发现金人民币 2.50 元 （含税），预计派发现金 73,528,550.75 元。本次分配不送红股 ...

二、监事会会议审议通过情况 证券代码：002891 证券简称：中宠股份 公告编号：2024-057 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 关于第四届监事会第七次会议决议的公告 本公司及监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、监事会会议召开情况 2024 年 10 月 29 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 监事会第七次会议在公司会议室以现场加通讯相结合的会议方式召开。会议通知 已于 2024 年 10 月 19 日通过专人送达、电子邮件等方式发出，本次会议应出席 监事 3 人，实际出席监事 3 人，其中赵雷先生、王继成先生以通讯表决方式出席 会议，公司监事会主席赵雷先生主持了本次会议。本次会议的召开符合《中华人 民共和国公司法》等法律、法规及《公司章程》的规定，会议合法有效。 经与会监事对本次监事会议案的审议表决，形成如下决议： 1、审议通过《关于公司 2024 年前三季度利润分配预案的议案》。 表决结果：3 票赞成，0 票反对，无弃权票。一致通过。 根据中国证监会鼓励上市公司现金分红及给予投资者稳定、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][6] Core Views - The company's main business continues to grow, with investment income increasing, leading to a 73% year-on-year growth in net profit attributable to shareholders in Q3 2024 [4][6] - For the first three quarters of 2024, the company achieved an operating income of 3.189 billion yuan, a year-on-year increase of 17.56%, primarily due to high overseas business activity and the expansion of domestic brand operations [4][6] - The Q3 2024 net profit attributable to shareholders reached 140 million yuan, reflecting a quarter-on-quarter increase of 62.79% and a year-on-year increase of 73.18% [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported an operating income of 1.232 billion yuan, a quarter-on-quarter increase of 14.29% and a year-on-year increase of 23.55% [4][6] - The net profit attributable to shareholders for Q3 2024 was 140 million yuan, with a significant contribution from investment income, which increased by nearly 40 million yuan compared to the same period last year [4][6] - The gross profit margin for the first three quarters of 2024 was 27.55%, with a slight year-on-year increase of 1.70 percentage points [4][6] Expense Management - Sales expenses for the first three quarters of 2024 amounted to 333 million yuan, a year-on-year increase of 32.42%, with a sales expense ratio of 10.45% [5][6] - Management expenses were 133 million yuan, reflecting a year-on-year increase of 26.57% [5][6] - Financial expenses remained stable at 17 million yuan, with a financial expense ratio of 0.53% [5][6] Cash Flow and Working Capital - The net operating cash flow for the first three quarters of 2024 was 198 million yuan, a year-on-year decrease of 31.42% [6] - The inventory turnover days were 66 days, a year-on-year decrease of 16.68%, while accounts receivable turnover days increased to 51 days, a year-on-year increase of 15.18% [6] Profit Forecast - The net profit forecast for 2024 has been adjusted to 300 million yuan, up from the previous estimate of 270 million yuan, with projections for 2025 and 2026 remaining at 310 million yuan and 350 million yuan, respectively [6][8]

中宠股份（002891.SZ） 饲料 证券研究报告/公司点评报告 2024 年 10 月 28 日 中宠股份 24 年三季报点评 ——内外销增长超预期，单季利润创历史新高 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Strong Buy/Maintain [3] Core Views - The company achieved revenue of 3.189 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.56%, and net profit attributable to the parent company of 282 million yuan, a year-on-year increase of 59.54% [3] - In Q3 2024, the company achieved revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and net profit attributable to the parent company of 140 million yuan, a year-on-year increase of 73.18% [3] - The company has 22 modern pet food production bases globally, exporting products to 82 countries and regions across five continents, with self-owned brands exported to 68 countries and regions [3] - Domestic business has achieved profitability, with future profitability expected to improve through production efficiency enhancements, product structure optimization, and direct sales channel improvements [3] Financial Performance - Gross margin for the first three quarters of 2024 was 27.55%, an increase of 1.70 percentage points year-on-year [4] - Sales, management, R&D, and financial expense ratios for the first three quarters were 10.45%, 4.17%, 1.60%, and 0.53%, respectively, with a combined increase of 1.63 percentage points year-on-year [4] - The company's net profit margin reached 9.48%, an increase of 1.18 percentage points year-on-year, driven by investment income of 33.3 million yuan from Zhongchong Huiying Industrial Fund [4] Domestic Brand Development - The company's three major self-owned brands, ZEAL, Toptrees, and Wanpy, have shown rapid growth in the domestic market [4] - ZEAL partnered with the popular IP "Naiwa Family" and launched products on Li Jiaqi's live streaming platform [4] - Toptrees collaborated with the hit drama "Empresses in the Palace," leading to strong sales growth both online and offline [4] - Wanpy launched new products such as "Wanpy Little Golden Shield" cat food and freeze-dried goat milk sticks during the Asia Pet Expo [4] Future Projections - The company is expected to achieve net profit attributable to the parent company of 302 million yuan, 399 million yuan, and 492 million yuan in 2024, 2025, and 2026, respectively [5] - EPS is projected to be 1.03 yuan, 1.36 yuan, and 1.67 yuan for 2024, 2025, and 2026, respectively [5] - PE ratios are expected to be 29x, 22x, and 18x for 2024, 2025, and 2026, respectively [5] Company Overview - The company operates globally in the pet food industry with multiple self-owned brands, including Wanpy, Natural Farm, and Dr. Hao [6] - Products are sold in over 30 countries and regions, including Japan, the US, Canada, Germany, and the UK [6] Financial Data - The company's 52-week stock price range is 18.0 to 29.84 yuan, with a total market capitalization of 8.638 billion yuan [6] - The company's total shares outstanding are 294.11 million, with a 52-week average turnover rate of 2.84% [6] Historical Performance - Revenue growth rates for 2022, 2023, and 2024E are 12.72%, 15.37%, and 17.56%, respectively [8] - Net profit growth rates for 2022, 2023, and 2024E are -8.38%, 120.12%, and 29.35%, respectively [8] - ROE for 2022, 2023, and 2024E are 5.13%, 10.44%, and 11.95%, respectively [8]

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [1]. Core Insights - The company's Q3 operating performance exceeded expectations, driven by domestic sales and overseas expansion, with a revenue increase of 17.56% year-on-year for the first three quarters, reaching 3.189 billion yuan [1]. - The company achieved a Q3 single-quarter revenue of 1.232 billion yuan, reflecting a year-on-year growth of 23.55%, supported by pet food exports and domestic brand marketing efforts [1]. - The gross profit margin for Q3 was 26.89%, a slight decrease of 0.4 percentage points year-on-year, primarily due to export exchange rates and overseas factory upgrades, while overall profitability remained stable [1]. - The company reported a net profit attributable to shareholders of 282 million yuan for the first three quarters, marking a year-on-year increase of 59.54%, with Q3 net profit reaching 140 million yuan, up 73.18% year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 3.189 billion yuan, a year-on-year increase of 17.56% [1]. - Q3 revenue was 1.232 billion yuan, with a year-on-year growth of 23.55% [1]. - The gross profit margin for Q3 was 26.89%, down 0.4 percentage points year-on-year [1]. - The company incurred sales expenses of 330 million yuan in Q3, a year-on-year increase of 32.42% [1]. - R&D expenses for Q3 were 50 million yuan, up 40.29% year-on-year [1]. Business Strategy - The company is focusing on building its own brands, particularly "Wanpy," "Zeal," and "Toptrees," and has streamlined its product offerings to enhance brand strength and efficiency [1]. - The company is expanding its overseas production capacity, with factories in the USA, New Zealand, Canada, and Cambodia, and plans to build a second factory in the USA to achieve an additional capacity of 12,000 tons [1]. - The company has implemented risk management measures to mitigate the impact of exchange rate fluctuations on exports [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3][8] Core Views - The company has shown stable revenue growth and significant improvement in profitability, with total revenue for the first three quarters of 2024 reaching 3.189 billion yuan, a year-on-year increase of 17.56%, and net profit attributable to the parent company at 282 million yuan, up 59.54% [2][3] - The domestic business segment has achieved comprehensive profitability, supported by strong self-owned production capacity and precise marketing strategies, leading to rapid development in brand building, product innovation, and market expansion [3] - The company’s overseas business continues to contribute stable profits, with a notable investment income of 33.3 million yuan received in September 2024 [3] Summary by Relevant Sections Revenue and Profitability - For Q3 2024, the company reported total revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and net profit of 140 million yuan, up 73.18% [2][3] - Basic earnings per share for the first three quarters of 2024 reached 0.9618 yuan, reflecting a growth of 59.26% [3] Market Performance - The company outperformed the CSI 300 index with a performance of 40.7% over the past month, 60.9% over the past three months, and 35.0% over the past year [3] Financial Forecast - Revenue projections for 2024-2026 are adjusted to 4.455 billion yuan, 5.247 billion yuan, and 6.288 billion yuan, respectively, with net profit forecasts of 386 million yuan, 443 million yuan, and 548 million yuan [3][8] - Corresponding P/E ratios are estimated at 22.4, 19.49, and 15.77 times for the respective years [3][8]