证券研究报告 2024 年 10 月 22 日 评级 增持 评级变动 首次 | --- | --- | |---------------------|-------| | 交易数据 | | | 当前价格（元） | | | 52 周价格区间（元） | | | 总市值（百万） | | | 流通市值（百万） | | | 总股本（万股） | | | 流通股（万股） | | 18.00-29.76 涨跌幅比较 -27% -7% 13% 33% 53% 2023-10 2024-01 2024-04 2024-07 2024-10 中宠股份 饲料 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 中宠股份 | 45.95 | 48.13 | 39.98 | | 饲料 | 23.36 | 5.22 | -9.08 | 刘敏 分析师 执业证书编号:S0530520010001 相关报告 | --- | --- | --- | --- | --- | --- | |-------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its performance for 2023, with a notable increase in both revenue and net profit [1] - The overseas business continues to expand, while the domestic business has achieved comprehensive profitability [1] - The company is focusing on enhancing its core self-owned brand's image and market share, alongside steady growth in overseas operations [2][3] Financial Performance Summary - For Q3 2024, the company reported a net profit attributable to the parent company of 140 million yuan, representing a year-on-year increase of 73.2% [1] - The total revenue for the first three quarters of 2024 reached 3.189 billion yuan, a year-on-year growth of 17.6% [1] - The gross profit margin for Q3 2024 was 26.9%, with a net profit margin of 12.0% [1] - The company expects to achieve main business revenues of 4.372 billion yuan, 5.084 billion yuan, and 5.876 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 343 million yuan, 393 million yuan, and 470 million yuan [2][3] Future Projections - The company anticipates a revenue growth rate of 16.7% for 2024, followed by 16.3% in 2025 and 15.6% in 2026 [2] - The projected net profit growth rates are 47.0% for 2024, 14.8% for 2025, and 19.4% for 2026 [2] - The gross margin is expected to improve from 28.1% in 2024 to 29.5% in 2026 [2] Strategic Focus - The company is committed to accelerating its overseas market expansion while consolidating its traditional OEM/ODM business [1] - Efforts are being made to enhance the profitability of the domestic market through various strategies, including optimizing product structure and increasing the proportion of high-margin products [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company reported a significant revenue increase of 17.6% year-on-year, reaching 3.189 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 282 million yuan, reflecting a 59.5% increase [1]. - The overseas business has shown rapid growth, particularly in the European market, contributing to the overall revenue surge [1]. - The company is expected to continue its growth trajectory due to the expanding global pet food market and increasing domestic pet penetration rates [1]. Summary by Sections Financial Performance - In Q3, the company achieved a revenue of 1.232 billion yuan, up 23.6% year-on-year, and a net profit of 140 million yuan, which is a 73.2% increase [1]. - The gross margin for Q3 was reported at 26.9%, a slight decrease of 0.4 percentage points year-on-year, attributed to fluctuations in exchange rates and raw material costs [1]. - The company anticipates a recovery in gross margins as raw material costs normalize and domestic production scales improve [1]. Employee Incentives - The company announced an employee stock ownership plan on September 5, 2024, aiming to enhance employee motivation and retention, with a plan size not exceeding 4.4639 million shares [1]. Earnings Forecast - The company is projected to achieve revenues of 4.445 billion yuan, 5.140 billion yuan, and 5.952 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.10 yuan, 1.24 yuan, and 1.50 yuan [3]. - The current stock price corresponds to a PE ratio of 27.1, 24.0, and 20.0 for the years 2024, 2025, and 2026, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Views - The company has shown accelerated operational performance in Q3 2024, achieving a total revenue of 3.89 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 282 million yuan, up 59.54% year-on-year [1][2]. - The company is focusing on enhancing its core self-owned brands and expanding its market presence both domestically and internationally, with specific revenue growth targets set for the next three years [2]. - The report projects significant revenue and profit growth for the company in the coming years, with expected revenues of 4.38 billion yuan, 5.10 billion yuan, and 5.98 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16.8%, 16.5%, and 17.2% [2][3][12]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.23 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% year-on-year [1]. - The gross margin for Q3 2024 was 26.9%, with a net profit margin of 11.3%, reflecting a year-on-year increase of 3.2 percentage points [1]. Revenue and Profit Forecast - The company expects to achieve revenue targets of 4.38 billion yuan in 2024, 5.10 billion yuan in 2025, and 5.98 billion yuan in 2026, with corresponding net profits of 366 million yuan, 406 million yuan, and 487 million yuan [2][3][12]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.25 yuan, 1.38 yuan, and 1.66 yuan respectively [3][12]. Strategic Initiatives - The company has launched an employee stock ownership plan aimed at aligning employee interests with long-term company growth, with specific revenue and profit targets set for the next three years [2]. - The focus remains on brand development and market expansion, particularly in the overseas markets, while maintaining a strong domestic presence [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first three quarters of 2024 reached 3.189 billion yuan, a year-on-year increase of 17.56%, with a net profit attributable to shareholders of 282 million yuan, up 59.54% year-on-year. The third quarter of 2024 saw revenue of 1.232 billion yuan, a 23.55% increase year-on-year, and a net profit of 140 million yuan, up 73.18% year-on-year, marking a historical high for both metrics [2] - Due to better-than-expected growth in domestic and international sales, the profit forecast for 2024-2026 has been raised, with expected net profits of 358 million, 414 million, and 511 million yuan respectively, and corresponding EPS of 1.22, 1.41, and 1.74 yuan [2] - The company reported a gross margin of 26.89% and a net margin of 11.97% in Q3 2024, with the net margin improving mainly due to investment income of 33.3 million yuan from a subsidiary [2] Summary by Sections Financial Performance - For 2024, the company expects revenue to reach 4.246 billion yuan, a 13.3% year-on-year increase, and net profit to be 358 million yuan, a 53.6% increase year-on-year. The gross margin is projected to be 27.9% and the net margin at 8.4% [3] - The company’s total assets are expected to grow from 4.39 billion yuan in 2023 to 4.88 billion yuan in 2024, with total liabilities increasing from 1.971 billion yuan to 2.036 billion yuan [4] Domestic and International Sales - The export business grew nearly 20% year-on-year in Q3 2024, driven by rapid growth in overseas and European markets [2] - The Canadian factory maintained over 50% growth, while the U.S. factory is expected to contribute over 600 million yuan in revenue in 2024 [2] Product and Brand Development - The company has adjusted its product strategy for its "Wanpi" brand, resulting in over 20% revenue growth and a nearly 10 percentage point increase in gross margin in Q3 2024 [2] - Collaborative marketing efforts, such as a partnership with a popular TV series, have further enhanced brand visibility and sales performance [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 3.19 billion yuan, a year-on-year increase of 17.6%, and a net profit attributable to shareholders of 280 million yuan, up 59.5% year-on-year [5][6]. - The company's overseas ODM business continues to grow steadily, with exports increasing by 20.8% year-on-year in Q3 2024 [5]. - Adjustments to the company's own brands have shown positive results, with online GMV for its self-owned brands increasing by 24% year-on-year in the first nine months of 2024 [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.19 billion yuan, with a net profit of 280 million yuan, reflecting significant growth compared to previous periods [6][7]. - The gross profit margin for Q3 2024 was reported at 26.9%, with a net profit margin of 11.97%, indicating improved profitability metrics [5]. - The company has revised its profit forecasts upward, expecting revenues of 42.9 billion yuan, 49.6 billion yuan, and 57.9 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.5 billion yuan, 3.9 billion yuan, and 4.7 billion yuan [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.76 CNY [4]. Core Views - The company achieved record high performance in Q3 2024, with a revenue of 3.19 billion CNY for the first three quarters, representing a year-on-year increase of 17.6%. The net profit attributable to shareholders reached 280 million CNY, up 59.5% year-on-year [1]. - The introduction of an employee stock ownership plan reflects the company's confidence in its long-term development, with a target revenue of 4.43 billion CNY for 2024, indicating a growth rate of 17.44% [2]. - The report highlights the company's strategic adjustments in product structure and pricing control, which have positively impacted gross margins and profitability [1][2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.23 billion CNY, a 23.6% increase year-on-year, and a net profit of 140 million CNY, up 73.2% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 27.55%, with a slight decrease in Q3 to 26.89% [1]. - The net profit margin for Q3 reached 11.97%, an increase of 2.01 percentage points year-on-year, primarily driven by increased investment income [1]. Employee Stock Ownership Plan - The employee stock ownership plan involves up to 62 employees, including 8 directors and executives, with a total stock amount not exceeding 1.52% of the total share capital [2]. - The plan sets reasonable performance targets for domestic and international business revenues, aiming for a net profit of 300 million CNY in 2024, reflecting a growth rate of 28.6% [2]. Earnings Forecast and Valuation - The report revises the net profit forecasts for 2024-2026 to 348 million CNY, 391 million CNY, and 474 million CNY, respectively, with corresponding growth rates of 16%, 11%, and 6% [2]. - The current stock price corresponds to a P/E ratio of 25x for 2024, 22x for 2025, and 18x for 2026 [2].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has completed adjustments to its proprietary brands and is poised for further growth, particularly in overseas markets [3] - The company reported a revenue of 1.232 billion yuan in Q3 2024, representing a year-on-year increase of 23.55%, and a net profit attributable to shareholders of 140 million yuan, up 73.18% year-on-year [2] - The company is focusing on expanding its proprietary brands and enhancing profitability through a global market strategy [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.189 billion yuan, a year-on-year increase of 17.56%, and a net profit of 242 million yuan, up 42.17% year-on-year [3] - The company’s gross margin is projected to improve from 26.3% in 2023 to 27.2% in 2024, with net profit margins also expected to rise [5][8] - The earnings per share (EPS) for 2024 is estimated at 1.02 yuan, with projections of 1.26 yuan and 1.51 yuan for 2025 and 2026 respectively [4][5] Business Strategy and Outlook - The company is actively expanding its global supply chain and customer base, with a focus on its proprietary brands, including "Wang Pi" and "Zeal" [3][4] - The company has made strategic investments in the pet industry through multiple funds, with a notable return from its investment in Shandong Shuai Ke [3] - The report highlights the importance of the company's ongoing brand expansion and the anticipated positive impact on domestic profitability [3][4]

分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 农产品加工Ⅱ 海内外业务双增长，2024Q3 单季度业绩 创历史新高 ——中宠股份(002891)2024 年三季报点评 | --- | --- | --- | --- | |---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 2024 revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit attributable to shareholders of 140 million yuan, up 73.18% year-on-year [2][6] - The company is actively expanding its international market, achieving good progress in developing European clients, which has driven continued growth in export business, while maintaining stable development in the US market [2][6] - Domestic business has seen rapid growth, with the company streamlining its SKU management, enhancing price control across online and offline channels, and continuously launching high-margin new products, leading to a steady increase in gross margin for domestic brands [2][6] Financial Performance - Q3 2024 gross margin was 26.89%, with a net profit margin of 11.97%, reflecting a year-on-year increase of 2.01 percentage points [6] - The company’s investment income significantly increased by 717.81% year-on-year to 45 million yuan, primarily due to the exit from an investment in a pet company [6] - Revenue and profit exceeded expectations, prompting an upward revision of profit forecasts for 2024-2026, with projected revenues of 4.377 billion yuan, 5.007 billion yuan, and 5.849 billion yuan, representing year-on-year growth rates of 16.82%, 14.38%, and 16.81% respectively [6][8]