Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company reported significant growth in its financial performance for 2023 and Q1 2024, with a total revenue of 3.75 billion yuan in 2023, representing a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 233 million yuan, up 120.1% year-on-year [12] - The overseas business has shown strong profitability, with a historical high in earnings from overseas factories, particularly in the U.S. market, where the net profit reached 150 million yuan with a net profit margin of 21% [12] - Domestic business revenue continues to grow steadily, with a 20.4% year-on-year increase in 2023, and an improvement in gross margin to 31.3% [12] Financial Summary - Total revenue for 2023 was 3,747 million yuan, with projected revenues of 4,257 million yuan for 2024 and 5,550 million yuan for 2026, reflecting a compound annual growth rate [4][8] - The net profit for 2023 was 233 million yuan, with forecasts of 262 million yuan for 2024 and 342 million yuan for 2026, indicating a consistent growth trajectory [4][12] - The gross margin for 2023 was 26.3%, with expectations of 25.5% in 2024 and 25.7% in 2025 and 2026 [4][12] Market Data - As of April 23, 2024, the closing price was 24.27 yuan, with a market capitalization of 7,138 million yuan [5] - The price-to-earnings ratio is projected to be 27X for 2024, 24X for 2025, and 21X for 2026 [12]

1 《中宠股份-公司点评:2023 业绩同比 高增长，国内自主品牌持续开拓》 2024-02-08 2 《中宠股份-半年报点评:业绩贴近预 告上限，看好海外订单恢复+国内高增 长》 2023-08-07 3 《中宠股份-年报点评报告:重视出口 底 部 复 苏 、 国 内 市 场 持 续 放 量 ！》 2023-04-22 1、境内：以自主品牌建设为核心，聚焦国内市场 2、境外：海外去库存步入尾声，美国公司利润较高 我们预计 2024-2026 年公司实现营业收入为 46.55/55.30/65.10 亿，实现归母净利润 2.49/2.99/3.64 亿元，同增 7%/20%/22%。维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 3,247.99 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant year-on-year growth in 2023 and Q1 2024, with revenue projections adjusted to 4.351 billion, 5.109 billion, and 6.104 billion yuan for 2024-2026, and net profit forecasts of 302 million, 413 million, and 496 million yuan for the same period, corresponding to P/E ratios of 26, 19, and 16 times [3][15][20] - The competitive landscape in the domestic market is favorable for leading companies with stable supply chains, continuous R&D capabilities, and high product quality, with the pet sector expected to maintain high growth rates in profitability in 2024 [3][15] Financial Performance Summary - The company reported total revenue of 3.747 billion yuan in 2023, a year-on-year increase of 15.37%, and a net profit of 233 million yuan, up 120.12% [28] - For Q1 2024, the company achieved revenue of 878 million yuan, reflecting a growth of 24.42%, and a net profit of approximately 56.22 million yuan, which is a 259% increase year-on-year [28] - The company's overseas revenue accounted for 71.03% of total revenue in 2023, with significant contributions from its U.S. factory [15] Profitability and Growth Metrics - The gross profit margins for various product categories have improved, with pet staple food at 29.06%, pet snacks at 25.39%, and pet canned food at 32.62%, all showing increases compared to 2022 [18] - The company has plans for expansion, including a second factory in the U.S. to enhance its competitive edge and overall profitability [15]

司 投资要点： 公司发布业绩，23 年实现营业收入 37.47 亿元，同增 15.37%，实 现毛利率 26.28%，同增 6.49pct，归母净利润 2.33 亿元，同增 120.12%， 主要系原材料价格下降及海外工厂利润端大幅提振。24Q1 实现营收 8.78 亿元，同增 24.42%，实现毛利率 27.85%，同增 3.50pct，归母净 利润 0.56 亿元，同增 259.00%，主要系去年同期公司受海外去库存影 响基数低，今年汇率、原料、海外工厂等多重提振下，利润弹性较大。 公司拟定利润分配，拟向股东每 10 股分派红利 2.4 元（含税）。 分地区看，境外业务毛利率大幅上行，境内业务稳增。 23 年主粮/罐头/零食收入分别实现 5.77/6.35/23.51 亿元，同增 60.23%/5.76%/9.81%，自有品牌主粮持续释放带动主粮业务收入高增， 三大板块毛利率分别为 29.06%/32.62%/25.39%，同增 8.61/6.21/6.82pct。 持续品牌宣传，销售费用率上行。 证 券 研 究 报 告 公司已形成海外代工+自有品牌两条腿走路，由于公司收入和利润表 现 出 色 ， 我 们 ...

2024 年 04 月 23 日 顾向君 H70420@capitalcom.tw 目标价(元) 29 | --- | --- | --- | --- | |-----------------------|----------|---------------------------|-------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 农林牧渔 | | A 股价(2024/4/23) | | | 24.27 | | 深证成指 (2024/4/23) | | | 9239.14 | | 股价 12 个月高/低 | | | 27.44/19.97 | | 总发行股数 (百万) | | | 294.11 | | A 股数(百万 ) | | | 294.11 | | A 市值(亿元) | | | 71.38 | | 主要股东 | | 烟台中幸生物 科技有限公司 | (24.86%) | | | | | | | 每股净值 (元) | | | 7.60 | | 股价/账面净值 | | | 3.20 | | | 一个月 | 三个月 | 一年 | | ...

公司点评 证券研究报告 业绩简评 海外产能饱满&利润率创新高,内销2H 增速略有回落。1)分区域: 23A 国内/海外营收 10.9/26.6 亿元,同比+20.4%/+13.4%,其中 H2 营收+13.2%/+25.1%,4月起伴随海外客户去库结束,外销订单回 暖, 海外子公司美国 Jerky H2 营收同比+10%, 净利率 22.1% (+12pct)。内销 2H 起受主品牌战略调整影响收入增速略有放缓, 领先品牌预计保持快速成长;2)分品类:23A 宠物零食/罐头/主 粮营收 23.5/6.3/5.8 亿元,同比+9.8%/+5.8%/+60.2%, 2H 收入增 速分别为+21.9%/-5.4%/+61.3%,主粮加速成长主因公司６万吨产 能一期项目逐季爬坡。1Q 营收+24.4%，预计外销受低基数影响下 表观增速表现较优,内销伴随主品牌顽皮逐步调整结束增速有所 回暖。 受益供应链改革、原料成本低位,盈利能力稳步提升。23A 毛利率 分析师：尹新悦（执业S1130522080004) yinxinyue@gjzq.com.cn 分析师：张杨桓（执业S1130522090001） zhangyang ...

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Financial Performance - The company's revenue for Q1 2024 reached ¥878,035,956.35, representing a 24.42% increase compared to ¥705,704,475.31 in the same period last year[7] - Net profit attributable to shareholders was ¥56,224,262.21, a significant increase of 259.00% from ¥15,661,481.13 in the previous year[7] - The net profit after deducting non-recurring gains and losses was ¥53,900,771.60, up 298.05% from ¥13,541,284.12 year-on-year[7] - Basic earnings per share increased to ¥0.1914, reflecting a growth of 259.77% from ¥0.0532 in the same quarter last year[7] - Net profit for the current period was ¥65,054,355.02, representing a significant increase of 141.1% from ¥27,014,542.48 in the previous period[23] - The company's operating profit rose to ¥81,778,100.10, compared to ¥34,159,436.86 in the last period, marking an increase of 139.7%[23] - Total operating revenue for the current period reached ¥878,035,956.35, an increase of 24.4% compared to ¥705,704,475.31 in the previous period[22] - Basic and diluted earnings per share increased to ¥0.1914, compared to ¥0.0532 in the previous period, reflecting a growth of 259.4%[24] - The total comprehensive income attributable to the parent company was ¥26,181,975.28, up from ¥5,061,429.28 in the previous period[24] Cash Flow and Liquidity - The company's cash flow from operating activities improved to -¥13,214,250.87, a 50.11% reduction in losses compared to -¥26,489,023.30 in the previous year[7] - The net cash flow from operating activities was -¥13,214,250.87, improving from -¥26,489,023.30 in the previous period[25] - The net cash flow from investing activities was ¥261,422,552.00, a significant recovery from -¥87,726,761.51 in the previous period[26] - The net cash flow from financing activities was -¥258,819,018.82, worsening from -¥72,419,653.11 in the previous period[26] - The cash and cash equivalents at the end of the period were ¥413,818,117.99, a decrease from ¥419,866,000.98 at the beginning of the period[26] - The company's cash and cash equivalents at the end of the reporting period amount to ¥495,954,492.34, down from ¥527,140,490.48 at the beginning of the period, representing a decrease of approximately 5.5%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,062,552,911.27, down 7.46% from ¥4,390,215,978.74 at the end of the previous year[7] - Total liabilities decreased to ¥1,648,652,566.30 from ¥1,970,843,441.21, a reduction of 16.4%[20] - The total current assets decreased from ¥2,021,544,407.72 to ¥1,732,955,258.61, a decline of about 14.3%[18] - The company's equity attributable to shareholders increased slightly to ¥2,234,016,056.29 from ¥2,232,803,268.30, a marginal increase of 0.1%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 24,744[17] - The largest shareholder, Yantai Zhongxing Biotechnology Co., Ltd., holds 24.86% of the shares, totaling 73,125,750 shares[17] Expenses and Costs - Total operating costs amounted to ¥793,502,618.62, up 19.2% from ¥665,481,404.42 in the prior period[22] - Sales expenses rose by 33.55% to ¥9,113.25, primarily due to increased promotional costs associated with business growth[14] - Research and development expenses increased to ¥14,789,530.45, up from ¥12,637,426.51, reflecting a growth of 17.0%[22] - Cash paid for taxes increased by 47.67% to ¥2,116.17, reflecting higher income and profit levels[16] Other Financial Activities - The company received government subsidies amounting to ¥1,374,916.18, contributing to a 49.86% increase in other income[8] - The company reported an investment income of ¥6,075,506.48, a recovery from a loss of ¥4,152,220.68 in the previous period[23] - The company received cash inflows from investment activities totaling ¥470,286,039.88, compared to ¥359,795,601.16 in the previous period[26] - The cash outflow for purchasing goods and services was ¥642,830,801.84, an increase from ¥558,299,566.32 in the previous period[25] Inventory and Receivables - Accounts receivable increased to ¥504,592,406.01 from ¥467,593,674.70, reflecting an increase of about 7.5%[18] - Inventory at the end of the reporting period is ¥632,798,553.84, up from ¥580,461,671.50, indicating an increase of approximately 9%[18] Other Notes - The company has not reported any changes in the shareholding structure of major shareholders due to securities lending activities[18] - There are no preferred shareholders or significant changes in the number of preferred shareholders reported[18] - The company has not disclosed any new strategies or developments in product or technology during this reporting period[18] - No mergers or market expansion activities have been mentioned in the current report[18] - The company reported a foreign currency translation loss of ¥30,042,286.93, compared to a loss of ¥12,002,751.85 in the previous period[24]

烟台中宠食品股份有限公司董事、监事、高级管理人员 （此页无正文，为烟台中宠食品股份有限公司董事、监事、高级管理人员对 2024 年第一季度报告的书面确认意见的签字页） 董事： | 郝忠礼 | 伊藤范和 | | 江移山 | | --- | --- | --- | --- | | 董海风 | 张蕴暖 | | 郝宸龙 | | 王欣兰 | 张晓晓 | | 唐玉才 | | 监事： | | | | | 赵 雷 | 梅 | 林 | 王继成 | | 高级管理人员： | | | | | 肖明岩 | 朱红新 | | 刘淑清 | | 任福照 | | | | 日期： 年 月 日 对 2024 年第一季度报告的书面确认意见 根据《证券法》第八十二条的要求，本人作为烟台中宠食品股份有限公司的 董事、监事、高级管理人员，保证公司 2024 年第一季度报告内容真实、准确、 完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 （以下无正文） ...

烟台中宠食品股份有限公司 2023 年度董事会工作报告 2023 年度，烟台中宠食品股份有限公司（以下简称"公司"）董事会严格按 照《公司法》、《证券法》、《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》等法律法规及 《公司章程》、《股东大会议事规则》、《董事会议事规则》等公司制度的规定， 切实履行股东大会赋予的董事会职责，严格执行股东大会各项决议，勤勉尽责地 开展各项工作，积极推进董事会各项决议的实施，不断规范公司法人治理结构， 确保董事会科学决策和规范运作。现将公司董事会 2023 年度工作情况汇报如下： 一、2023 年度主要经营指标情况 报告期内，在公司董事会的领导下，公司经营业务稳健发展。报告期内，公 司实现营业收入 374,720.21 万元，同比增长 15.37%；利润总额 37,029.89 万元， 同比增长 138.11%；实现归属于上市公司股东的净利润 23,316.38 万元，同比增 长 120.12%。 二、报告期内董事会工作情况 报告期内公司共召开 15 次董事会会议，涉及回购股份、定期报告、公司会 计政策变更、换届选举等事项 ...