证券代码：002891 证券简称：中宠股份 公告编号：2024-035 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 关于持股 5%以上股东减持股份的预披露公告 公司持股 5%以上的股东日本伊藤株式会社保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有烟台中宠食品股份有限公司（以下简称"公司"）股份 3,000 万股（占 公司总股本比例为 10.36%，总股本已剔除公司回购股份）的股东日本伊藤株式 会社（以下简称"日本伊藤"）计划自本公告披露之日起 15 个交易日后的三个 月内（即 2024 年 6 月 12 日-2024 年 9 月 9 日）以集中竞价交易方式减持公司股 份不超过 2,896,502 股（占公司总股本比例为 1.00%，总股本已剔除公司回购股 份）。 公司收到持股 5%以上股东日本伊藤出具的《关于股份减持计划的告知函》， 现将有关内容公告如下： 一、股东的基本情况 （一）股东名称:日本伊藤株式会社 （二）股东持股情况：截至本公告披露日，日本伊藤持有公 ...

中宠股份（ [Table_StockNameRptType] 002891） 公司研究/公司点评 3.中宠股份（002891）公告点评：23Q2 敬请参阅末页重要声明及评级说明 证券研究报告 ⚫ 风险提示 | --- | --- | --- | --- | --- | |------------------------------------------------------|--------|-------------------------|--------------|------------------| | ⚫ [Tab 重要财务指标 le_Profit] \n主要财务指标 | 2023A | 2024E | 单位 \n2025E | : 百万元 \n2026E | | 营业收入 | | 3747 4265 4876 5632 | | | | 收入同比（ % ） | 15.4% | 13.8% | 14.3% | 15.5% | | 归属母公司净利润 | | 233 283 354 414 | | | | 净利润同比（ % ） | 120.1% | 21.3% | 25.4% | 16.9% | ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's overseas business remains robust, with a projected year-on-year increase of 259% in net profit for Q1 2024. The total revenue for 2023 is expected to reach 3.747 billion yuan, reflecting a year-on-year growth of 15.37% [4][40] - The company benefits from a strong retail environment in the U.S. and a favorable exchange rate, leading to an increase in gross margin and net profit [4][40] - The company is focusing on expanding its domestic market while leveraging its manufacturing capabilities in the U.S. and Canada to enhance overseas market growth [40][43] Financial Forecasts and Metrics - Revenue projections for the company are as follows: - 2022: 3.248 billion yuan - 2023: 3.747 billion yuan - 2024E: 4.196 billion yuan - 2025E: 4.671 billion yuan - 2026E: 5.120 billion yuan - Year-on-year growth rates are 12.7%, 15.4%, 12.0%, 11.3%, and 9.6% respectively [1] - Net profit forecasts are: - 2022: 106 million yuan - 2023: 233 million yuan - 2024E: 266 million yuan - 2025E: 306 million yuan - 2026E: 346 million yuan - Year-on-year growth rates are -8.4%, 120.1%, 14.1%, 15.1%, and 13.1% respectively [1] - Earnings per share (EPS) are projected to be: - 2022: 0.36 yuan - 2023: 0.79 yuan - 2024E: 0.90 yuan - 2025E: 1.04 yuan - 2026E: 1.18 yuan [1] Revenue Breakdown - In 2023, the revenue from different product segments is as follows: - Snack business: 2.351 billion yuan, year-on-year growth of 9.81%, accounting for 63% of total revenue - Canned pet food: 635 million yuan, year-on-year growth of 6%, accounting for 17% - Main food: 577 million yuan, year-on-year growth of 60%, accounting for 15% [5][40] - Revenue by business model in 2023: - OEM business: 2.153 billion yuan, year-on-year growth of 14%, accounting for 58% - Distribution business: 1.121 billion yuan, year-on-year growth of 9%, accounting for 30% - Direct sales: 466 million yuan, year-on-year growth of 47%, accounting for 12% [6][40] Profitability Metrics - The gross margin for 2023 is reported at 26.28%, an increase of 6.49 percentage points year-on-year, while the net profit margin is 7.79%, an increase of 4.07 percentage points [8][40] - The company’s EBIT margin is projected to improve from 5.2% in 2022 to 11.5% in 2026, indicating enhanced operational efficiency [1] Cash Flow and Working Capital - The net cash flow from operating activities for 2023 is expected to be 447 million yuan, with a ratio of net cash flow to revenue at 11.93% [23] - Inventory turnover days for 2023 are projected to be 78 days, while accounts receivable turnover days are expected to be 40 days [23]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 3.747 billion yuan in 2023, representing a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 233 million yuan, which is a significant increase of 120% year-on-year [6][22]. - In Q4 2023, the company achieved a revenue of 1.035 billion yuan, up 28.4% year-on-year, and a net profit of 56.43 million yuan, marking a return to profitability [6][22]. - For Q1 2024, the revenue was 878 million yuan, reflecting a year-on-year growth of 24.4%, while the net profit was 56.22 million yuan, up 259% year-on-year [6][22]. - The company plans to distribute a dividend of 2.4 yuan per 10 shares (tax included) [6]. Financial Performance Summary - Revenue projections for 2024-2026 are 4.333 billion yuan, 4.977 billion yuan, and 5.664 billion yuan, respectively [22]. - Net profit forecasts for the same period are 287 million yuan, 348 million yuan, and 419 million yuan, respectively [22]. - Earnings per share (EPS) are expected to be 0.97 yuan, 1.18 yuan, and 1.43 yuan for 2024-2026 [22]. - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 25.6, 21.1, and 17.5, respectively [22]. Business Development Insights - The company has seen strong recovery in overseas markets, with overseas revenue reaching 2.66 billion yuan in 2023, a year-on-year increase of 13.4% [22]. - Domestic sales reached 1.08 billion yuan, up 20.4% year-on-year, contributing to 29% of total revenue [22]. - The company is focusing on optimizing its product offerings, with significant growth in staple food products, which saw a revenue increase of 60.23% year-on-year [22]. - The overall gross margin for Q1 2024 was 27.85%, continuing a trend of growth over nine consecutive quarters [22].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][21]. Core Insights - The company reported a total revenue of 3.747 billion yuan in 2023, representing a year-over-year growth of 15.37%, and a net profit attributable to shareholders of 233.16 million yuan, which is a significant increase of 120.12% compared to the previous year [1][21]. - In Q1 2024, the company achieved a revenue of 878 million yuan, marking a year-over-year growth of 24.42%, and a net profit of 56 million yuan, reflecting a remarkable year-over-year increase of 259% [1][21]. - The domestic business generated revenue of 1.086 billion yuan in 2023, with a year-over-year growth of 20.40%. The main product categories, including pet staple food, snacks, and canned food, saw revenues of 577 million, 2.351 billion, and 635 million yuan respectively, with growth rates of 60.23%, 9.81%, and 5.76% [2]. - The company has been actively adjusting its product layout to stabilize pricing and improve gross margins, with a domestic gross margin of 31.28% in 2023, up by 3.51 percentage points year-over-year [2]. - The overseas business generated revenue of 2.662 billion yuan in 2023, a year-over-year increase of 13.44%, with a gross margin of 25.22%, which improved significantly by 7.97 percentage points due to favorable raw material prices and product structure optimization [20]. - The report forecasts net profits for 2024, 2025, and 2026 to be 288.18 million, 346.97 million, and 418.71 million yuan respectively, with corresponding EPS of 0.98, 1.18, and 1.42 yuan, and PE ratios of 26, 21, and 18 [21][22]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 3.747 billion yuan and a net profit of 233.16 million yuan, with respective growth rates of 15.37% and 120.12% [1][21]. - The Q1 2024 results showed revenue of 878 million yuan and a net profit of 56 million yuan, with growth rates of 24.42% and 259% year-over-year [1][21]. Product and Market Analysis - The domestic market's revenue was 1.086 billion yuan in 2023, with a growth of 20.40%, while the overseas market contributed 2.662 billion yuan, growing by 13.44% [2][20]. - The company has focused on enhancing its product mix and improving gross margins, achieving a domestic gross margin of 31.28% in 2023 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits increasing to 288.18 million yuan in 2024 and further to 418.71 million yuan by 2026 [21][22].

公 司 报 告│ 公 司 年 报 点 评 中宠股份(002891) 海外业务增速恢复带动 23 年业绩高增长，24Q1 业 绩维持高增长 事件： ➢ 毛利率稳步提升，销售、研发投入加强 分地区来看，2023 年公司宠物业务境内 /境外分别实现营业收入 10.86/26.62 亿元，同比分别 +20.40%/+13.44%，占营收比重分别为 28.97%/71.03%。分产品来看，公司宠物零食/罐头/干粮分别实现营业收入 23.51/6.35/5.77 亿元，同比分别+9.81%/+5.76%/+60.23%，毛利率分别为 公司披露 2023 年报，实现营收 37.47 亿元，同比增长 15.37%；归母净利润 2.33 亿元，同比增长 120.12%；拟向股东每 10 股派发现金股利 2.40 元（含 税） 公司披露 2024 年一季报，实现营收 8.78 亿元，同比增长 24.42%，环比15.15%；归母净利润 0.56 亿元，同比增长 259.00%，环比-0.36% 2023 年公司销售毛利率为 26.28%（同比+6.49pcts），销售净利率为 7.79% （同比+4.07pcts）。2023 年 ...

2024 年 4 月 24 日 收益表现 % 1M 3M 1Y 相对 6.91 -1.30 30.89 绝对 6.79 6.16 19.31 资料来源：Wind 市场数据 行业及公司评级体系 | --- | --- | --- | |--------|------------------|--------------------------------------------------------------------------------------------------------------| | 行 | 买入 未来 | 评级 说明 6-12 个月的投资收益率领先市场基准指数 15% 以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15% ； | | 及 公 | 中性 | 未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差 -5%至 5% ； | | 司 | 减持 | 未来 6-12 个月的投资收益率落后市场基准指数 5%至 15% ； | | 评 | 卖出 | 未来 6-12 个月的投资收益率落后市场基准指数 15% 以上； | | 级 | ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 38 CNY per share, corresponding to a PE ratio of 41.3 times for 2024 [3][5][18]. Core Insights - The company's overseas business has shown a recovery in growth, with revenue reaching 2.662 billion CNY in 2023, a year-on-year increase of 13.44%. The gross margin for overseas operations was 25.22%, up by 7.97 percentage points [3]. - Domestic business revenue surpassed 1 billion CNY, growing by 20.40% year-on-year, with a gross margin of 31.28%, an increase of 3.51 percentage points. The domestic business's contribution is approaching 30% of total revenue [3]. - Brand adjustments have been completed, with expectations for new product launches to drive growth. The Zeal brand has seen price control measures completed in Q2 and Q3 of 2023, leading to slight growth in Q4. The Wanpy brand underwent SKU streamlining in the first three quarters of 2023, with plans for more focused product promotions [3]. - The overseas business provides a stable profit cushion, allowing the company to expand its domestic market and brand operations. The report adjusts the EPS forecast for 2024-2025 to 0.92 CNY and 1.34 CNY per share, respectively, and introduces a 2026 forecast of 1.70 CNY per share [3][18]. Financial Summary - In 2023, the company reported total revenue of 3.747 billion CNY, a year-on-year increase of 15.37%, and a net profit attributable to shareholders of 233 million CNY, up 120.12% [18][19]. - For Q1 2024, revenue was 878 million CNY, reflecting a year-on-year growth of 24.42%, with a net profit of 56 million CNY, a significant increase of 259.00% [18][19]. - The financial projections indicate total revenue growth rates of 11.3% for 2024, 16.4% for 2025, and 15.2% for 2026, with net profit growth rates of 16.5%, 45.2%, and 26.9% for the same years [19][21].

农林牧渔/饲料 中宠股份（002891.SZ） 2024 年 04 月 24 日 ——公司信息更新报告 陈雪丽（分析师） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/23 | | 当前股价 ( 元 ) | 24.27 | | 一年最高最低 ( 元 ) | 27.44/20.01 | | 总市值 ( 亿元 ) | 71.38 | | 流通市值 ( 亿元 ) | 71.38 | | 总股本 ( 亿股 ) | 2.94 | | 流通股本 ( 亿股 ) | 2.94 | | 近 3 个月换手率 (%) | 81.82 | 产品结构优化叠加降本增效，公司盈利能力大幅提升 国内消费结构调整驱动主粮销售高增，多款主粮新品助力公司赛道布局 境外市场销售旺盛，中高端品牌强劲增长打开盈利空间 风险提示：原材料（鸡胸肉）价格波动，产能扩张不及预期等。 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 -30% -20% -10% 0% 10% 20% 30% 40% 2023-04 2023-08 2023-12 中宠股份 沪深 ...