农林牧渔/饲料 公 司 研 究 中宠股份（002891.SZ） 2024 年 08 月 20 日 业绩创历史新高，同时发布员工持股计划护航发展 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/20 | | 当前股价 ( 元 ) | 19.49 | | 一年最高最低 ( 元 ) | 27.44/17.92 | | 总市值 ( 亿元 ) | 57.32 | | 流通市值 ( 亿元 ) | 57.32 | | 总股本 ( 亿股 ) | 2.94 | | 流通股本 ( 亿股 ) | 2.94 | | 近 3 个月换手率 (%) | 59.41 | 陈雪丽（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 业绩创历史新高，同时发布员工持股计划护航发展，维持"买入"评级 2024H1 公司营收 19.56 亿元，同比+14.08%，归母净利润 1.42 亿元，同比+48.11%， 其中 2024Q2 营收 10.78 亿元，同比+6.84%，归母净 ...

2024 年 08 月 20 日 评级：买入(维持) | --- | --- | |--------------|---------------------------------------------| | | | | 研究所： | | | 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | --- | |---------------------|-------|-------|--------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 300 | 表现 | | | 2024/08/19 | | 表现 | 1M | | 3M | 12M | | 中宠股份 | -6.9% | | -24.6% | -20.5% | | 沪深 300 | -5.1% | | -8.7 ...

Financial Performance - In the first half of 2024, the company achieved a revenue of 1.956 billion CNY, representing a year-on-year growth of 14.08% [6] - The net profit attributable to shareholders was 142 million CNY, with a significant increase of 48.11% [6] - Basic earnings per share reached 0.4856 CNY [6] - Domestic main business revenue was 617 million CNY, growing by 23.45% [6] - Overseas main business revenue was 1.339 billion CNY, with a growth of 10.22% [6] Product Revenue Breakdown - Pet staple food revenue was 422 million CNY, showing a remarkable growth of 83.96% [6] - Pet snacks revenue was 1.136 billion CNY, while canned food revenue was 302 million CNY, with the latter experiencing a decline of 2.72% [6] Gross Margin Insights - The overall gross margin for the main business improved by 3.33% year-on-year [7] - Pet staple food gross margin increased by 8.18%, reaching 35.84% [7] - Domestic gross margin rose by 3.61%, achieving 37.03% [7] - Overseas gross margin also improved by 2.80%, reaching 25.10% [7] Strategic Goals - The company aims for a domestic growth target of 30% and an overseas growth target of 8% for 2024 [9] - The net profit growth target for 2024 is set at 28.64% compared to 2023 [9] Employee Stock Ownership Plan - The 2024 employee stock ownership plan aims to stabilize the core management team and enhance motivation among key personnel [8] - The plan emphasizes the importance of domestic business growth as a key driver for overall performance [8] Market and Risk Management - The company is aware of the potential impacts of exchange rate fluctuations on revenue and profit, particularly for export business [8] - The company has established a robust supply chain with 22 modern pet food production bases globally, enhancing its risk management capabilities [8] - The company will adjust its operational strategies in response to exchange rate changes to remain competitive [9] Sales Channels - Domestic business is divided into online (approximately 60%) and offline (approximately 40%) segments [9] - The company is increasing its focus on new media channels for online sales, which have shown the highest growth rates [10] - Offline sales channels include pet stores, veterinary clinics, and large chain supermarkets, which enhance brand loyalty and consumer trust [10]

C o m p a n y U p d a t e 公司基本资讯 产业别 农林牧渔 A 股价(2024/8/19) 18.70 深证成指(2024/8/19) 8356.90 股价 12 个月高/低 27.15/17.92 总发行股数(百万) 294.11 A 股数(百万) 294.11 A 市值(亿元) 55.00 主要股东 烟台中幸生物 科技有限公司 (24.86%) 每股净值(元) 7.69 股价/账面净值 2.43 一个月 三个月 一年 股价涨跌(%) -3.6 -17.9 -22.2 近期评等 出刊日期 2024-04-23 2023-10-30 2023-08-04 2023-06-26 前日收盘 24.27 22.55 25.26 23.83 评等 买进 买进 买进 区间操作 产品组合 宠物零食 58.06% 宠物罐头 15.43% 宠物主粮 21.56% 宠物用品 4.95% 阿 2024 年 08 月 20 日 顾向君 H70420@capitalcom.tw 目标价(元) 22 机构投资者占流通 A 股比例 基金 一般法人 股价相对大盘走势 中宠股份(002891.SZ) BUY 买进 Q ...

中宠股份 (002891.SZ) 买入(维持评级) 公司点评 证券研究报告 8 月 19 日公司发布半年报，24H1 营收 19.56 亿元，同比+14.08%； 归母净利润 1.42 亿元，同比+48.11%；其中 24Q2 实现营收 10.78 亿元，同比+6.84%；实现归母净利润 0.86 亿元，同比+7.09%，业 绩符合预期。同日公司发布《2024 年员工持股计划(草案)》，参与 持股计划的员工总人数不超过 62 人（不含预留份额），授予规模 约占总股本 1.52%，股份购买价格为 10.00 元/股。 主粮加速成长&占比显著提升，自主品牌顽皮调整初见成效，外销 恢复平稳增长。1）分品类，1H24 宠物零食/罐头/主粮营收分别为 11.36/3.02/4.22 亿元，同比+4.2%/-2.7%/+84.0%，主粮延续靓丽 成长，占内销比例 68.3%（较 23H1+22.3pct），公司产品策略重点 转向主粮品类，上半年领先推出多口味烘焙粮、ZEAL 推出升级主 食罐等。2）分区域，海外/国内营收 13.4/6.2 亿元，同比 +16.0%/+23.9%，海外订单恢复稳健增长，北美工厂检修短期有所 ...

资料来源:Wind 中国银河证券研究院 公司点评报告 · 农林牧渔行业 H1 公司营收&业绩双增,主粮表现亮眼 核心观点 ● ● 事件:公司发布 2024年中期报告。24H1公司营收 19.56亿元,同比+14.08%; 归母净利润为 1.42亿元,同比+48.11%;扣非后归母净利润为 1.38亿元,同 比+48.83%。其中 24Q2 公司营收 10.78亿元,同比+6.84%;归母净利润 0.86 亿元,同比+7.09%;扣非后归母净利润为 0.84亿元,同比+6.03%。 Q2公司收入&利润持续双增,毛利率创新高。H1公司业绩增长的主要原因 是公司聚焦自主品牌建设,稳步推进境外业务的发展,境内外业务收入&盈利 均取得较好增长;同时高毛利的主粮产品占比持续提升,产品结构不断优化。 24H1 公司综合毛利率 27.97%,同比+2.97pct;期间费用率为 17.20%,同比 +2.29pct,主要系公司境内外自主品牌宣传投入增加。其中 24Q2 公司综合毛 利率 28.08%,同比+2.61pct,为 2017年以来的新高;期间费用率为 16.69%, 同比+4.10pct。 ● H1 公司境内外收入同 ...

合并资产负债表 2024年6月30日 编制单位：烟台中宠食品股份有限公司 单位：元 币种：人民币 | 项目 | 附注 | 2024年6月30日 | 2024年1月1日 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | 七、1 | 385,753,719.60 | 527,140,490.48 | | 交易性金融资产 | 七、2 | | 389,076,030.12 | | 衍生金融资产 | | | | | 应收票据 | | | | | 应收账款 | 七、3 | 612,316,829.65 | 467,593,674.70 | | 应收款项融资 | | | | | 预付款项 | 七、5 | 18,365,504.83 | 16,631,027.41 | | 其他应收款 | 七、4 | 5,553,151.17 | 5,191,371.09 | | 其中：应收利息 | | | | | 应收股利 | | | | | 存货 | 七、6 | 583,677,952.97 | 580,461,671.50 | | 合同资产 | | | | | 持有待售资产 | | ...

证券代码：002891 证券简称：中宠股份 公告编号： 2024-044 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 2024 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第 2 号—上市公司 募集资金管理和使用的监管要求》和深圳证券交易所颁布的《深圳证券交易所股 票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等有关规定，烟台中宠食品股份有限公司（以下简称"公司"）董 事会编制了 2024 年半年度募集资金存放与使用情况的专项报告。现将相关情况 说明如下： 一、募集资金基本情况 1、烟台中宠食品股份有限公司非公开发行股票（2020年募集资金） 经中国证券监督管理委员会以证监许可[2020]1627 号文《关于核准烟台中 宠食品股份有限公司非公开发行股票的批复》核准，公司本次非公开发行股份 17,373,312.00 股，每股面值 1 元，每股发行价格为 37.50 元，共募集资金 651,4 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[7]. - The company's revenue for the reporting period reached ¥1,956,369,352.39, an increase of 14.08% compared to ¥1,714,967,575.06 in the same period last year[12]. - Net profit attributable to shareholders was ¥142,435,626.80, representing a growth of 48.11% from ¥96,168,661.21 year-on-year[12]. - The basic earnings per share increased to ¥0.4856, up 48.50% from ¥0.327 in the previous year[12]. - The company aims for a net profit growth of 10% for the full year 2024, supported by operational efficiencies[7]. - The company's revenue for the pet food and supplies segment reached ¥1,879,859,972.22, representing a year-on-year increase of 13.75%[46]. - The gross profit margin improved to 35%, up from 32% in the same period last year[7]. - The net cash flow from operating activities decreased by 27.52% to ¥77,232,210.12, down from ¥106,550,705.27 in the same period last year[12]. - The company's total cash inflow from financing activities was ¥625,530,000.00, significantly higher than ¥253,000,000.00 in the same period of 2023, marking an increase of about 147%[134]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2025[7]. - New product lines, including organic pet food, are expected to launch in Q4 2024, aiming to capture a growing segment of health-conscious consumers[7]. - The company is exploring strategic acquisitions to enhance its product portfolio and expand its distribution network[7]. - The company aims to enhance its global product influence and market share by customizing and optimizing products for different regional market demands[25]. - The company plans to continue investing in product research and innovation to meet the growing and diversified consumption needs of domestic pet owners[25]. - The company is focusing on expanding its OEM/ODM product market while promoting its own brands internationally through exhibitions and advertising[24]. Research and Development - The company has invested RMB 100 million in R&D for new technologies in pet nutrition and safety standards[7]. - Research and development expenses rose by 27.94% to ¥30,109,235.79, up from ¥23,533,323.08[44]. - The company has developed over 20 independent technology projects in the past three years, with three provincial-level technology projects approved[41]. - The company’s R&D center, established in 1998, is now one of the most advanced in China's pet industry, covering over 12,000 square meters[37]. Supply Chain and Production - The company has established a strategic reserve system for bulk raw materials to reduce procurement costs and risks[22]. - The company operates under a dual production model, with self-owned brand products produced based on forecasts and custom products produced based on sales orders[23]. - The company has 22 modern pet food production bases globally, with 14 in China and 8 overseas, ensuring a stable supply chain and production capacity[34]. - The company has established subsidiaries in the US, Canada, the Netherlands, and New Zealand, which introduces operational risks due to differing legal and economic environments[66]. Financial Position and Investments - The total assets at the end of the reporting period were ¥4,024,702,200.91, a decrease of 8.33% from ¥4,390,215,978.74 at the end of the previous year[12]. - The company's cash and cash equivalents decreased to ¥385,753,719.60, accounting for 9.58% of total assets, down from 12.01% at the end of the previous year[47]. - The total investment during the reporting period was ¥9,828,573.86, a significant decrease of 92.54% compared to ¥131,712,383.44 in the same period last year[52]. - The company has plans for future expansion in the pet food market, focusing on new product development and technology upgrades[55]. Environmental Compliance - The company is committed to improving its environmental compliance and has been recognized as a key pollutant discharge unit[71]. - The company has implemented a comprehensive wastewater treatment station, which operates normally and meets discharge standards[74]. - The company has received environmental approvals for various projects, including a pet food production project with an annual capacity of 6,000 tons[72]. - The company has adopted low-nitrogen burners and other technologies to ensure compliance with emission standards, with all facilities operating normally[74]. Risk Management - The company is facing potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[1]. - The company faces foreign exchange risks due to its pricing in USD while incurring costs in RMB, which can impact profit margins and lead to exchange rate losses[65]. - The company plans to enhance its product competitiveness and maintain long-term relationships with customers to mitigate overseas market risks[62]. Shareholder and Corporate Governance - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[1]. - The company has not sold any major assets or made significant changes to its fundraising projects during the reporting period[59][60]. - The company has fulfilled all commitments made during its initial public offering and refinancing as of the reporting period[83]. - The company has not reported any significant adverse risks that would impact its ongoing operations[150].

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024年期初占 | 2024年度占用累计 | 2024年度占用 | 2024年度偿还 | 2024年期末占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 发生金额（不含利 | 资金的利息 | 累计发生金额 | 用资金余额 | | | | | | | | | 息） | （如有） | | | | | | 控股股东、实际控制人及其 | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | 小 ...