Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.956 billion yuan for the first half of 2024, representing a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 142 million yuan, up 48.11% year-on-year [6] - The pet food business showed strong performance with revenue of 422 million yuan, a year-on-year increase of 83.96%, while pet snacks generated 1.136 billion yuan, growing 4.19% year-on-year [6] - The company is actively expanding both domestic and international markets, achieving domestic revenue of 617 million yuan (up 23.45% year-on-year) and international revenue of 1.339 billion yuan (up 15.99% year-on-year) in the first half of 2024 [6] Financial Performance - In Q2 2024, the company achieved revenue of 1.078 billion yuan, a year-on-year increase of 6.84%, and a net profit of 86.21 million yuan, up 7.09% year-on-year [6] - The gross profit margin for Q2 2024 was 28.08%, an increase of 2.62 percentage points year-on-year, while the net profit margin was 7.98% [9] - The company forecasts net profits of 308 million yuan, 367 million yuan, and 408 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 32.2%, 19.0%, and 11.4% [9][12] Business Strategy - The company has launched an employee stock ownership plan, aiming to enhance performance and retain talent, with a plan size of up to 4.4639 million shares, approximately 1.52% of the total share capital [7] - The plan includes performance targets for domestic and international business growth, with specific revenue and net profit growth targets set for 2024-2026 [7] Valuation - The current closing price corresponds to a PE ratio of 19.74 for 2024 and 16.59 for 2025, with a reasonable valuation range of 27.24 to 28.29 yuan based on a PE of 26-27 times for 2024 [9][12] - The company’s revenue is projected to reach 4.217 billion yuan in 2024, with a year-on-year growth rate of 12.5% [12]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability continues to improve, with revenue from its own brand expected to accelerate [1] - In the first half of 2024, the company achieved operating revenue of 1.956 billion yuan, a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 142 million yuan, up 48.11% year-on-year [1] - The company anticipates that sales volume will accelerate starting from the second half of 2024, following a phase of adjustment in its own brand business [1] Financial Performance Summary - For the first half of 2024, the company's pet snacks revenue was 1.136 billion yuan, up 4.19% year-on-year, with a gross margin of 25.45%, an increase of 2.07 percentage points year-on-year [1] - Pet staple food revenue reached 422 million yuan, a significant increase of 83.96% year-on-year, with a gross margin of 35.84%, up 8.18 percentage points year-on-year [1] - The company’s domestic main business revenue was 612 million yuan, a year-on-year increase of 22.94%, with a gross margin of 37.03%, up 3.61 percentage points year-on-year [1] - The overseas main business revenue was 1.267 billion yuan, a year-on-year increase of 9.78%, with a gross margin of 25.10%, up 2.80 percentage points year-on-year [1] Future Projections - The company has adjusted its profit forecast, expecting net profits attributable to shareholders to be 296 million yuan, 372 million yuan, and 470 million yuan for 2024, 2025, and 2026 respectively [1] - The projected PE ratios based on the closing price on August 22, 2024, are 19.9, 15.9, and 12.6 for the years 2024, 2025, and 2026 respectively [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 142 million yuan for H1 2024, representing a year-on-year increase of 48.1% [1] - The company's revenue for H1 2024 reached 1.96 billion yuan, showing a year-on-year growth of 14.1% [1] - The gross profit margin improved to 25.1%, up by 2.80 percentage points year-on-year, primarily due to a decrease in raw material prices and optimization of product structure [1] - The company is focusing on enhancing its core self-owned brand's image, market share, and influence in the domestic pet food industry, while steadily expanding its overseas business [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.96 billion yuan, a year-on-year increase of 14.1% [1] - The net profit for Q2 2024 was 86 million yuan, reflecting a year-on-year growth of 7.1% [1] - The company's overseas revenue for H1 2024 was 1.267 billion yuan, up 9.8% year-on-year, while domestic revenue was 612 million yuan, increasing by 22.9% [1] - The gross profit margin for the pet staple food segment was 35.84%, up 8.18 percentage points year-on-year, driven by product structure optimization and brand strategy [1] Financial Projections - The company is projected to achieve main business revenues of 4.313 billion yuan, 5.020 billion yuan, and 5.806 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.1%, 16.4%, and 15.7% [3] - The net profit attributable to shareholders is expected to reach 309 million yuan, 383 million yuan, and 458 million yuan for the same years, with corresponding growth rates of 32.5%, 23.8%, and 19.7% [3] - The gross profit margin is anticipated to improve to 27.9%, 28.8%, and 29.4% over the next three years [3] Cost and Expense Analysis - The sales expense ratio for H1 2024 was 11.2%, an increase of 2.12 percentage points year-on-year [1] - The management expense ratio was 4.1%, up by 0.07 percentage points year-on-year, while the R&D expense ratio was 1.5%, increasing by 0.17 percentage points [1]

公司报告 | 半年报点评 Q2 国内收入增速高，员工持股锚定高增长目标 事件 1：公司发布 24 半年报，24H1 公司实现营业收入为 19.56 亿元，yoy+14.08%；归 母净利润 1.42 亿元，yoy+48.11%。其中，24Q2 公司实现营业收入为 10.78 亿元， yoy+6.84%；归母净利润 0.86 亿元，yoy+7.09%。 事件 2：公司公布 2024 年员工持股计划(草案)，计划规模不超过 446.39 万股，约占当前公 司股本总额 2.94 亿股的 1.52%。 1、境内：国内自主品牌经营调整显成效，Q2 国内收入提速，下半年有望进一步加强 公司 2024 年上半年国内收入达 6.17 亿，同增 23.9%，毛利率 36.79%。境内业务的发展 主要是三个自主品牌带动，公司内部对于自主品牌未来的发展战略和目标都制定了详实计划。 新媒体渠道持续发力，传统渠道占比稳健增长。公司境内业务分为线上和线下两个板块，线 上占比约为 60%，线下占比约为 40%。线上业务方面，公司近年逐渐增加新媒体渠道的发 力，比如抖音、小红书、拼多多等，新媒体渠道也是公司在线上业务中增速最高的渠道之一。 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [9]. Core Insights - The company has experienced rapid profit growth, with a 14.08% year-on-year increase in revenue, reaching approximately 1.956 billion yuan in the first half of 2024. Net profit attributable to shareholders rose by 48.11% to about 142 million yuan [1]. - The sales revenue from pet staple food surged by 83.96% year-on-year, amounting to 422 million yuan, which constituted 21.56% of total revenue, reflecting a significant increase of 8.19 percentage points compared to the same period last year [1]. - The company's domestic business has shown remarkable growth, with domestic revenue increasing by 23.45% to 617 million yuan, accounting for 31.55% of total revenue, up 2.39 percentage points year-on-year [1]. - The gross margin for the pet staple food business improved significantly, reaching 35.84%, an increase of 8.18 percentage points year-on-year, contributing to the notable profit growth in the first half of 2024 [1]. - The pet food industry is expected to maintain rapid growth, with projected compound annual growth rates of 17% for pet staple food, 15% for pet nutrition products, and 25% for pet snacks by 2026, as per Deloitte's report [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of approximately 1.956 billion yuan, a year-on-year increase of 14.08%. The net profit attributable to shareholders was about 142 million yuan, reflecting a 48.11% increase [1]. - The gross margin for the pet staple food business was 35.84%, up 8.18 percentage points year-on-year, supporting significant profit growth [1]. Market Strategy - The company has implemented a brand marketing strategy that has supported rapid growth in its pet food business. It focuses on three core self-owned brands: "Wanpy," "Zeal," and "Toptrees" [1]. - The company has increased its marketing expenditure by 40.80% year-on-year to 219 million yuan, enhancing brand visibility and market penetration across various channels, including online platforms and supermarkets [1]. Industry Outlook - The pet food sector is anticipated to continue its high-speed growth trajectory, with significant market opportunities driven by evolving consumer preferences and increased spending on pet care [1].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 28.5 CNY per share, compared to the current price of 20.04 CNY [1][2]. Core Insights - The company reported a revenue of 1.956 billion CNY for the first half of 2024, representing a year-on-year growth of 14.08%, and a net profit attributable to shareholders of 142 million CNY, up 48.11% year-on-year [1]. - The overseas business showed steady growth, achieving revenue of 1.339 billion CNY in H1 2024, a 10.22% increase year-on-year, with a gross margin of 25.10%, up 2.80 percentage points [2]. - Domestic revenue also grew significantly, with a 23.45% increase to 617 million CNY in H1 2024, and the staple food category saw an impressive growth of 83.96% [2]. - The company has set ambitious revenue growth targets for the coming years, aiming for a 30% increase in domestic revenue in 2024, and a combined revenue growth of 8% in overseas markets for 2024 [2]. - The report adjusts the EPS forecast for 2024-2026 to 1.02, 1.34, and 1.73 CNY per share, respectively, reflecting a positive outlook on profitability [2]. Financial Summary - Total revenue for 2023 is projected at 3.747 billion CNY, with a year-on-year growth rate of 15.4%. For 2024, revenue is expected to reach 4.286 billion CNY, a growth of 14.4% [3]. - The net profit attributable to shareholders is forecasted to increase from 233 million CNY in 2023 to 300 million CNY in 2024, representing a growth of 28.6% [3]. - The company’s earnings per share (EPS) is expected to rise from 0.79 CNY in 2023 to 1.02 CNY in 2024, with a corresponding price-to-earnings (P/E) ratio of 20 [3].

公 司 研 究 中宠股份（002891.SZ）：主粮表现 亮眼，员工持股计划彰显发展信心 2024 年 8 月 22 日 强烈推荐/维持 中宠股份 公司报告 事件：公司公布 2024 年半年报，公司 2024 年上半年实现营业收入 19.56 亿 元，yoy14.08%，实现归母净利润 1.42 亿元，yoy48.11%。公司同时公告 2024 年员工计划（草案）。 境内外收入稳健增长，毛利率提升带动业绩高增。分区域来看，公司境外主营 业务收入 13.39 亿元，同比增长 10.22%；境内主营业务收入 6.17 亿元，同比 增长 23.45%，境外境内业务共同带动公司营业收入稳健增长。24H1 公司整体 毛利率 28.98%，相比去年同期提升 3.33 个百分点，带动了业绩高速增长。分 区域来看，境外、境内业务毛利率分别为 25.10%和 37.03%，相比去年同期分 别提升 2.80%和 3.61%。 主粮业务表现亮眼，自主品牌梳理调整有序推进。公司宠物主粮销售高速增长， 24H1 实现营收 4.22 亿元，同比增长 83.96%；主粮产品毛利率提升幅度最大， 24H1 毛利率 35.84%，相比去年同期 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2] Core Views - The company's performance in H1 2024 is in line with expectations, showing rapid growth with total revenue of 1.956 billion yuan, a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 142 million yuan, up 48.11% year-on-year [1] - The company has announced an employee stock ownership plan to enhance confidence, with a planned scale not exceeding 4.4639 million shares, accounting for approximately 1.52% of the total share capital [1][2] - The pet food production volume in China has increased by 21.4% year-on-year, while the overall industrial feed production has decreased by 4.1%, indicating a strong growth trend in the pet food sector [1][2] Financial Performance Summary - In H1 2024, the company's main grain revenue reached 422 million yuan, a year-on-year increase of 83.96%, accounting for 21.56% of total revenue [1] - The gross profit margin for the overall business improved by 3.33 percentage points year-on-year, with pet main grain showing the largest increase of 8.18 percentage points, reaching 35.84% [2] - The company expects to achieve net profits of 329 million yuan, 475 million yuan, and 568 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.12 yuan, 1.61 yuan, and 1.93 yuan [2][3] Market Position and Growth Potential - The company is one of the leaders in China's pet industry, benefiting from both domestic and international market growth [2] - The report anticipates that the company's valuation will continue to expand due to its growth potential, with a target PE of 17x for 2025 [2][4] - The company’s stock price is currently at 20.34 yuan, with a market capitalization of 5.982 billion yuan [1][4]

证券研究报告 非金融公司|公司点评|中宠股份（002891） 主粮业务高增长，持股计划显信心 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月21日 证券研究报告 |报告要点 公司披露 2024 年中报，实现营收 19.56 亿元，同比增长 14.08%；归母净利润 1.42 亿元，同 比增长 48.11%。分产品看：公司 2024 年上半年宠物主粮/宠物零食/宠物罐头营业收入分别为 4.21/11.36/3.01 亿元，同比分别+83.96%/+4.19%/-2.72%，主粮增长显著。销售毛利率分别 为 35.84%/25.45%/33.95%，同比分别+8.18/+2.07/+1.01pcts。分地区看，公司 2024 年上半 年主营业务境内市场增长强劲，实现营收 6.12 亿元（同比+22.94%），毛利率为 37.03%（同比 +3.61pcts）；主营业务境外稳步发展，实现营收 12.67 亿元（同比+9.78%），毛利率 25.10% （同比+2.80pcts）。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 ...

2024 年 8 月 21 日 公司研究 干粮项目投产增速亮眼，员工持股计划彰显发展信心 ——中宠股份（002891.SZ）2024 年半年报业绩点评 要点 事件：中宠股份 24H1 实现营业收入 19.6 亿元，同比+14.1%；归母净利润 1.4 亿元，同比+48.1%；扣非归母净利润 1.4 亿元，同比+48.8%。其中，24Q2 实 现营业收入 10.8 亿元，同比+6.8%；归母净利润 0.9 亿元，同比+7.1%；扣非归 母净利润 0.8 亿元，同比+6%。 干粮项目投产，带动干粮业务收入快速增长。1）分产品看，24H1 宠物零食实 现收入 11.36 亿元，同比+4.19%；宠物罐头收入 3.02 亿元，同比-2.72%；宠物 主粮实现收入 4.22 亿元，同比+83.96%，除需求旺盛外，也与公司"年产 6 万 吨宠物干粮项目"全部生产线投产有关，缓解了公司干粮产品的产能缺口；宠物 用品及其他实现收入 0.97 亿元，同比+13.71%。2）分地区看，24H1 境内/境外 实现营收 6.17/13.39 亿元，分别同比+23.45%/+10.22%。 原料价格下降带动下毛利率提升，费用投放加大 ...