中宠股份(002891)：自主品牌与ODM双轨领跑 盈利能力持续提升

Core Insights - The company reported a revenue of 4.465 billion yuan for 2024, representing a year-on-year growth of 19.15%, and a net profit attributable to shareholders of 394 million yuan, up 68.89% [1] - In Q4 2024, the company achieved a revenue of 1.276 billion yuan, with a significant net profit increase of 98.20% year-on-year [1] - For Q1 2025, the company recorded a revenue of 1.101 billion yuan, reflecting a growth of 25.41%, and a net profit of 91 million yuan, up 62.13% [1] Domestic and International Business Performance - The company's international business revenue reached 3.051 billion yuan in 2024, growing by 14.62%, with a gross margin of 24.90% [2] - Domestic business revenue was 1.414 billion yuan, showing a high growth of 30.26%, with a gross margin increase of 4 percentage points to 35.18% [2] Product Category Performance - Revenue from staple food products reached 1.107 billion yuan in 2024, marking a substantial growth of 91.85%, with a gross margin of 34.59%, an increase of 5.53 percentage points [2] - The company anticipates further improvement in domestic business gross margins due to increased online direct sales and staple food revenue contributions [2] Brand Development and Market Expansion - The company has established a comprehensive product matrix with domestic brands like Wanpi, Leading, and ZEAL, focusing on strategic marketing and product optimization [3] - The Wanpi brand has successfully penetrated the Southeast Asian and Middle Eastern markets, enhancing the company's overseas brand influence [3] - The company is expanding its North American production capacity, with potential revenue from this region expected to reach 3 billion yuan, equivalent to the total international revenue for 2024 [3] Investment Outlook - The company has adjusted its EPS forecasts for 2025-2026 to 1.60 and 2.12 yuan per share, respectively, and introduced a forecast of 2.64 yuan per share for 2027 [4] - A target price of 69 yuan per share has been set based on DCF valuation, corresponding to a 43 times PE for 2025, maintaining a "recommended" rating [4]