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]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 35.82 [1][5]. Core Insights - The company achieved a record high in Q3 2024 with revenue of RMB 1.23 billion, a year-on-year increase of 24%, and a net profit attributable to shareholders of RMB 140 million, up 73% year-on-year [1][2]. - The growth in both domestic and international sales is expected to continue, supporting the company's earnings in Q4 2024 and beyond [1][2]. - The company has set ambitious targets for its employee incentive plan, aiming for a 30% year-on-year increase in domestic revenue and a 30% increase in net profit attributable to shareholders [4]. Summary by Sections Revenue and Profitability - In Q3 2024, the company reported revenue of RMB 1.23 billion, a 24% increase year-on-year, and a net profit of RMB 140 million, reflecting a 73% increase year-on-year [1][2]. - The company’s gross margin for Q3 2024 was 26.9%, slightly down by 0.4 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, attributed to the appreciation of the RMB and operational adjustments in overseas factories [3]. Sales Performance - The company experienced strong growth in both export and domestic markets, with export revenue expected to grow by 10% to 15% year-on-year in Q3 2024, and overseas factory revenue projected to increase by 20% to 30% [2]. - Domestic brands, particularly the "Wang Pi" brand, are also expected to maintain high growth levels due to successful market expansion [2]. Financial Forecasts - The profit forecasts for 2024 to 2026 have been revised upwards, with net profit estimates now at RMB 350 million for 2024, RMB 390 million for 2025, and RMB 470 million for 2026 [5][6]. - The company’s revenue projections remain unchanged, with expected revenues of RMB 4.51 billion in 2024, RMB 5.21 billion in 2025, and RMB 6.03 billion in 2026 [6]. Valuation Metrics - The company is valued at a PE ratio of 27x for 2025, reflecting its position as a leading player in the pet food industry [5][6]. - The target price of RMB 35.82 corresponds to a valuation that considers the company's strong supply chain and product potential [5].

Group 1: Financial Performance - The company achieved a revenue of 3.189 billion CNY in the first three quarters of 2023, representing a year-on-year growth of 17.56% [11] - The net profit attributable to shareholders reached 282 million CNY, with a year-on-year increase of 59.64% [11] - Basic earnings per share were 0.9618 CNY, up 59.26% compared to the previous year [11] - In Q3 2023, revenue was 1.232 billion CNY, showing a year-on-year growth of 23.55% [11] - The net profit for Q3 was 140 million CNY, reflecting a significant increase of 73.18% [11] Group 2: Market Expansion and Brand Development - The company has established three core self-owned brands: Wanpy, ZEAL, and Toptrees, which have shown steady growth in brand building, product innovation, and market expansion [12] - The company has modern pet food production bases in 22 locations globally, with products exported to 82 countries and regions across five continents [12] - The company aims to enhance its overseas market presence by participating in international exhibitions and increasing brand promotion efforts [12] Group 3: Strategic Focus and Future Outlook - The company is focused on improving profitability in the domestic market through higher gross margin products and optimized product structure [12] - The company plans to accelerate overseas market expansion and strengthen its global supply chain layout as part of its strategic direction [12] - The company has not engaged in hedging activities but maintains flexibility to respond to currency fluctuations, ensuring effective management of exchange rate risks [13]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][7]. Core Insights - The company reported strong growth in Q3, with revenue reaching approximately 3.2 billion RMB, a year-on-year increase of 17.6%, and a net profit of 280 million RMB, up 59.5% year-on-year [4]. - The company is focusing on building its own brands and expanding its domestic market presence, with Q3 revenue growth estimated to exceed 20% [4]. - Export performance is expected to exceed expectations, driven by increased orders from the European market, with Q3 export growth potentially around 20% [4]. - The company has maintained stable expense management, with a slight increase in the comprehensive expense ratio, while gross margin was affected by raw material costs and exchange rates [4]. - Investment income contributed positively to profitability, with net investment income of approximately 45 million RMB in Q3 [4]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of approximately 3.2 billion RMB, with a net profit of 280 million RMB [4]. - The company expects to achieve net profits of 360 million RMB, 410 million RMB, and 490 million RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth of 52.3%, 15.8%, and 18% [5]. - The earnings per share (EPS) are projected to be 1.21 RMB, 1.40 RMB, and 1.65 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 [5][6].

财联社10月21日讯（记者 肖良华） 国内外市场持续开拓，中宠股份（002891.SZ）三季度业绩环比、同 比均有较大幅度提升。 不过，财联社记者同时注意到，公司第三季度业绩增幅主要来源于投资收益，并且公司在Q3销售费用 和毛利率环比均有所下滑。 据中宠股份财报，公司2024年Q3单季归母净利润约1.4亿元，同比增加73.18%；扣非归母净利润约1亿 元，同比增加34.27%。报告期内，来自山东帅客宠物食品有限公司的投资收益和政府补助约3800万。 报告期内公司投资收益5714.45万元，同比增长273.82%，主要系本期股权投资收益增加；公司其他收益 1020.31万元，同比增长303.91%，主要系本期收到的政府补助增加。 中宠股份Q3单季实现收入12.3亿，同比增加23.55%。据某行业观察人士对财联社记者透露，中宠股份 Q3单季海外业务收入接近20%增长，国内业务营收取得大约30%增长。"海外业务中主要增量来自加拿 大工厂，Q3收入同比增幅较大。" 宠物食品企业市场竞争依然激烈，中宠股份销售费用环比下降，引发部分投资者的担忧。数据显示，公 司今年一季度销售费用9113万元，上半年销售费用2.19亿元 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,232,273,861.54, representing a 23.55% increase year-over-year[1]. - Net profit attributable to shareholders was ¥139,523,995.81, a significant increase of 73.18% compared to the same period last year[1]. - The net profit after deducting non-recurring gains and losses was ¥104,511,457.85, up 34.27% year-over-year[1]. - Total operating revenue for Q3 2024 reached ¥3,188,643,213.93, an increase of 17.6% compared to ¥2,712,334,231.77 in the same period last year[13]. - Net profit attributable to shareholders of the parent company was ¥281,959,622.61, up from ¥176,735,549.56 in the previous year, representing a growth of 59.5%[15]. - The company's operating profit for the quarter was ¥378,348,825.15, up from ¥288,448,903.34, reflecting a growth of 31.2%[14]. - The company reported a net profit of ¥76,192,892.54 for the quarter, compared to ¥63,503,184.93 in the previous year, an increase of 19.5%[14]. - Basic earnings per share for Q3 2024 were ¥0.9618, compared to ¥0.6039 in the same period last year, an increase of 59.2%[15]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,322,691,042.35, showing a decrease of 1.54% from the end of the previous year[1]. - The company's total liabilities decreased to ¥1,684,862,901.50 from ¥1,970,843,441.21, a reduction of 14.5%[12]. - The total assets of the company decreased from CNY 4.39 billion to CNY 4.32 billion, a decline of about 1.6%[11]. - The company's short-term borrowings decreased from CNY 665.50 million to CNY 387.85 million, a reduction of approximately 41.7%[11]. - The total non-current assets increased from CNY 2.37 billion to CNY 2.38 billion, a growth of approximately 0.5%[11]. - The total equity attributable to shareholders increased by 10.00% to ¥2,456,137,700.10 compared to the end of the previous year[1]. - The total equity attributable to shareholders of the parent company increased to ¥2,456,137,700.10, up from ¥2,232,803,268.30, marking an increase of 10.0%[12]. Cash Flow - The company reported a net cash flow from operating activities of ¥198,248,965.85, which decreased by 31.42% year-over-year[1]. - The net cash flow from operating activities for the current period is ¥198,248,965.85, a decrease of 31.5% compared to ¥289,074,950.80 in the previous period[17]. - Total cash inflow from operating activities is ¥3,132,794,881.00, up 12.5% from ¥2,784,022,140.16 in the previous period[17]. - Cash outflow from financing activities increased significantly to ¥1,025,865,569.44, compared to ¥415,958,476.24 in the previous period, resulting in a net cash flow from financing activities of -¥323,496,989.44[18]. - The cash and cash equivalents at the end of the period decreased to ¥369,280,799.58 from ¥286,317,564.03 in the previous period[18]. - Cash inflow from investment activities is ¥610,636,455.17, down 41.1% from ¥1,038,426,052.78 in the previous period[17]. - The company’s total cash inflow from investment activities was significantly impacted, resulting in a net cash flow from investment activities of ¥63,603,429.96, compared to -¥670,272,456.38 in the previous period[17]. Expenses - Research and development expenses rose by 40.29% to ¥5,095.65 million, indicating increased investment in innovation[5]. - Sales expenses increased by 32.42% to ¥33,318.40 million, reflecting higher marketing expenditures[5]. - The company paid ¥871,254,984.04 in debt repayment, significantly higher than ¥232,903,038.63 in the previous period[18]. - The cash outflow for purchasing fixed assets and intangible assets was ¥215,283,025.21, down from ¥347,522,009.16 in the previous period[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,749, with the largest shareholder, Yantai Zhongxing Biotechnology Co., Ltd., holding 24.86%[8]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for 52.16%[8]. - The company has engaged in share repurchase activities, with a total of 4,463,858 shares held in a repurchase account, representing 1.52% of total shares[9]. Government Support - The company received government subsidies amounting to ¥10,098,911.70 year-to-date, contributing positively to its financial performance[2]. Accounts Receivable and Inventory - Accounts receivable increased significantly from CNY 467.59 million to CNY 731.38 million, indicating a rise of approximately 56.3%[11]. - Inventory decreased slightly from CNY 580.46 million to CNY 553.25 million, a decline of about 4.7%[11].

证券代码：002891 证券简称：中宠股份 公告编号：2024-054 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"中宠转 2"2024 年付息的公告 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。 特别提示： 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠食 品股份有限公司（以下简称"公司"）于 2022 年 10 月 25 日公开发行了 7,690,459 张可转换公司债券，每张面值 100 元，发行总额 76,904.59 万元。根据《烟台中 宠食品股份有限公司公开发行可转换公司债券募集说明书》有关条款的规定，在 "中宠转 2"的计息期限内，每年付息一次，现将"中宠转 2"2023 年 10 月 25 日至 2024 年 10 月 24 日期间的付息事项公告如下： 一、可转债发行基本情况 1 "中宠转 2"将于 2024 年 10 月 25 日按面值支付第二年利息，每 10 张 "中宠转 2"（面值 1,000 元）利息为 4.00 元（含税） 债权登记日：2024 年 10 月 24 日 ...