Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to achieve a significant year-on-year increase in net profit for 2024, with estimates ranging from 360 to 400 million yuan, representing a growth of 54.40% to 71.55% [6]. - The company's self-owned brand revenue is recovering rapidly, with online GMV for its brands increasing by 26% year-on-year [6]. - The overseas ODM business is showing steady growth, with a 22.8% increase in pet food exports from China [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 3,747 million yuan in 2023 to 5,920 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.2% [6][8]. - The net profit attributable to the parent company is expected to rise from 233 million yuan in 2023 to 510 million yuan in 2026, reflecting a CAGR of about 19.2% [6][8]. - The gross margin is anticipated to improve from 26.3% in 2023 to 30.2% by 2026, indicating enhanced profitability [6].

Investment Rating - The report maintains a positive investment rating for Zhongchong Co Ltd (002891) [1] Core Views - Zhongchong Co Ltd is expected to achieve a net profit attributable to the parent company of 3.6-4.0 billion yuan in 2024, representing a year-on-year increase of 54.4-71.6% [1] - The company's domestic sales growth has accelerated, while overseas sales profitability has improved, with foreign exchange contributing to incremental gains [1] - In Q4 2024, the company achieved a median net profit attributable to the parent company of 0.98 billion yuan, a year-on-year increase of 73.7% [1] Domestic Sales - The company's domestic sales growth is expected to further accelerate in Q4 2024, with profitability gradually improving due to product structure adjustments and cost reduction initiatives [3] - The "Wanpi" brand completed adjustments by the end of Q1 2024, with its 100% fresh meat products performing exceptionally well in sales [3] - New products such as freeze-dried goat milk sticks were launched offline, contributing to the continuous acceleration of the "Wanpi" brand's growth and a significant increase in customer unit price [3] - The "Leading" brand maintained rapid growth, collaborating with the popular drama IP "Empresses in the Palace" and launching new baked cat food products [3] - The "Zeal" brand also maintained rapid growth, with popular products including the 0-number cans and air-dried food [3] Overseas Sales - Overseas sales orders grew steadily in Q4 2024, with both exports and overseas subsidiaries performing well [3] - According to the General Administration of Customs, China's pet food export value increased by 21.2% year-on-year in Q4 2024 (October-November), indicating continued strong demand [3] - The company's overseas production capacity is gradually expanding, with bases in the US, Canada, and New Zealand releasing incremental capacity [3] - As of August 2024, the company had 22 pet food production bases globally, exporting products to 82 countries and regions across five continents, with its own brands exported to 68 countries and regions [3] Financial Projections - The company's net profit attributable to the parent company is projected to be 3.8 billion yuan in 2024, 4.4 billion yuan in 2025, and 5.4 billion yuan in 2026 [3] - The corresponding P/E ratios are 31.0X, 26.9X, and 21.7X for 2024, 2025, and 2026, respectively [3] Key Financial Indicators - The company's operating income is expected to grow from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026, with a compound annual growth rate (CAGR) of 17.4% [5] - The net profit attributable to the parent company is projected to increase from 106 million yuan in 2022 to 540 million yuan in 2026, with a CAGR of 23.6% [5] - The gross margin is expected to improve from 19.8% in 2022 to 31.0% in 2026 [5] - The return on equity (ROE) is projected to increase from 5.1% in 2022 to 16.4% in 2026 [5] Balance Sheet and Income Statement - The company's total assets are expected to grow from 3.840 billion yuan in 2022 to 5.996 billion yuan in 2026 [7] - The company's operating income is projected to increase from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026 [7] - The net profit attributable to the parent company is expected to rise from 106 million yuan in 2022 to 540 million yuan in 2026 [7] Cash Flow - The company's operating cash flow is projected to increase from 120 million yuan in 2022 to 687 million yuan in 2026 [7] - The net cash flow from investment activities is expected to decrease from -436 million yuan in 2022 to -100 million yuan in 2026 [7] - The net cash flow from financing activities is projected to decrease from 511 million yuan in 2022 to -119 million yuan in 2026 [7]

财联社1月17日电，中宠股份冲击涨停，金河生物、狮头股份此前涨停，路斯股份、佩蒂股份、乖宝宠 物涨超5%，源飞宠物、天元宠物、瑞普生物等跟涨。 消息面上，中宠股份昨日公告，2024年1月1日至2024年12月31日，归属于上市公司股东的净利润预计为 3.6亿-4亿元，同比增长54.40%-71.55%。 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately 36 million yuan for 2024, representing a 54.40% increase compared to the previous year's profit of 23.32 million yuan[3] - The net profit after deducting non-recurring gains and losses is projected to be around 32 million yuan, a 42.26% increase from 22.49 million yuan in the same period last year[3] - Basic earnings per share are estimated to be 1.36 yuan, up from 0.80 yuan per share in the previous year[3] - The performance forecast period is from January 1, 2024, to December 31, 2024[3] Business Strategy and Growth - The significant increase in performance is attributed to the company's focus on building its own brands, with products like wanpy, ZEAL, and Toptrees contributing to improved profit margins[5] - The company is actively expanding its global supply chain, leading to steady growth in overseas business and continuous improvement in profitability[5] - The company is committed to accelerating its brand globalization efforts, particularly in its overseas business[5] Caution and Audit - The performance forecast data is preliminary and has not been audited, with final figures to be confirmed in the 2024 annual report[6] - The company emphasizes the importance of cautious decision-making for investors due to the preliminary nature of the financial data[6] - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies reported[4]

业绩增长的主要原因是公司坚持以自主品牌建设为核心，毛利不断提高，盈利水平显著提升，自主品牌 出海业务保持高速发展。 同时，公司持续推进全球供应链布局，境外业务稳步增长，盈利水平持续提升。 财联社1月16日电，中宠股份发布2024年度业绩预告，预计归属于上市公司股东的净利润为3.6亿-4亿 元，同比增长54.40%-71.55%。 ...

Core Viewpoint - The strategic cooperation agreement between Zhongchong Technology and Xingchong Kingdom aims to enhance AI integration in the pet industry through behavior recognition research for dogs and cats [1] Group 1: Strategic Cooperation - Zhongchong Technology and Xingchong Kingdom have officially signed a strategic cooperation agreement focused on intelligent behavior recognition research for pets [1] - The collaboration will involve close cooperation on a project that collects daily behavior data of dogs and cats to establish behavior models [1] Group 2: Data Analysis and Health Monitoring - The project will include data analysis related to pets' eating and drinking habits, daily vital sign monitoring, and energy balance analysis [1] - This data will support Zhongchong's pet food development and digital transformation efforts [1]

烟台中宠食品股份有限公司 关于第四届董事会第十一次会议决议的公告 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。 债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-003 1、公司第四届董事会第十一次会议决议； 2、深圳证券交易所要求的其他文件。 一、董事会会议召开情况 2025 年 1 月 9 日，烟台中宠食品股份有限公司（以下简称"公司"）第四 届董事会第十一次会议在公司会议室以现场加通讯相结合的方式召开。会议通知 已于 2024 年 12 月 29 日通过专人送达、电子邮件等方式送达给董事、监事和高 级管理人员，本次会议应出席会议董事 9 人，实际出席会议董事 9 人，其中郝忠 礼先生、伊藤范和先生、郝宸龙先生以通讯表决方式出席会议，公司董事长郝忠 礼先生主持了本次会议，公司全体监事、高级管理人员列席会议，会议的召开符 合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 经与会董事对本次董事会会议各项议案审议表决，形成如下决议： 1、审议通过《关于"质量回报双提升"行动方案的议案》。 表 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-001 债券代码：127076 债券简称：中宠转 2 转股截止时间：2028 年 10 月 24 日 转股股份来源：仅使用新增股份转股 一、可转换公司债券基本情况 烟台中宠食品股份有限公司 关于 2024 年第四季度可转债转股情况的公告 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。 重要提示： | 证券简称：中宠股份 | | --- | | 证券代码：002891 | 债券代码：127076 债券简称：中宠转 2 转股价格：27.81 元/股 转股起始时间：2023 年 5 月 4 日 （四）可转债转股价格调整情况 1 证券代码：002891 证券简称：中宠股份 公告编号：2025-001 债券代码：127076 债券简称：中宠转 2 1、本次发行的可转债初始转股价格为 28.35 元/股，不低于募集说明书公告 日前二十个交易日公司股票交易均价（若在该二十个交易日内发生过因除权、除 息引起股价调整的情形，则对调整前交易日的价格按经过相应除权、除息调整后 的价格计算）和前一个交易日公司股票交易均价 ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2024-067 烟台中宠食品股份有限公司 关于第四届董事会第十次会议决议的公告 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各项议案审议表决，形成如下决议： 1、审议通过《关于增加公司及子公司 2024 年度日常关联交易的议案》。 表决结果：7 票赞成，2 票回避（关联董事伊藤范和先生、江移山先生回避 表决），0 票反对，无弃权票。一致通过。 根据日常生产经营需要，公司拟增加与关联方爱淘宠物生活用品（柬埔寨） 有限公司及日本伊藤株式会社日常关联交易额度 2,000.00 万元。本次增加日常关 联交易超额部分在公司董事会审批范围之内，无需提交股东大会审议。 本议案已经公司独立董事专门会议审议认可并同意将上述议案提交董事会 审议，相关公告详见公司指定的信息披露媒体《中国证券报》、《上海证券报》、 《证券日报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 2、审议通过《关于部分募集 ...

（此页无正文，为烟台中宠食品股份有限公司第四届董事会第三次独立董事 专门会议审查意见的签署页） 烟台中宠食品股份有限公司独立董事 第四届董事会第三次独立董事专门会议审查意见 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《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》、《上市公司独立董事规则》及《烟台中宠食品股份有限 公司章程》等法律、法规和规范性文件的有关规定，作为公司的独立董事，经认 真审阅相关材料，基于独立判断的立场，发表审查意见如下： 一、关于增加公司及子公司 2024 年度日常关联交易的审查意见 公司预计增加 2024 年度拟发生的日常关联交易为公司发展和日常生产经营 所需的正常交易，符合公司实际情况。上述预计的关联交易不存在损害公司和中 小股东利益的情形，没有违反国家相关法律法规的规定，遵循了公开、公平、公 正的市场交易原则，没有对上市公司独立性产生影响。 综上所述，我们认可并同意公司将上述议案提交公司第四届董事会第十会议 审议。 （以下无正文） 全体独立董事： 王欣兰 张晓晓 唐玉才 日期：2024 年 12 月 20 日 ...