宠物食品成热门赛道 中宠股份背后的增长逻辑是什么?

Core Viewpoint - The significant rise in the stock price of Zhongchong Co., Ltd. is attributed to its strong financial performance and growth strategies, particularly in overseas markets and product innovation [1][4]. Group 1: Growth Drivers - The primary growth driver for Zhongchong Co., Ltd. is the structural optimization of its overseas business, with overseas revenue accounting for 68.45% in 2024, significantly contributed by factories in the U.S. and Canada [1]. - The European market has emerged as a major highlight, with explosive order growth in Q3 2024, indicating a "North America steady, Europe incremental" strategy [1]. - The construction of a second factory in the U.S. (planned capacity of 12,000 tons) and a second factory in Cambodia helps mitigate trade friction risks and reduces logistics costs through localized production [1]. Group 2: Domestic Market Strategy - The breakthrough in the domestic market is driven by a "high-end + all-channel" strategy, launching new products like "Playful Little Golden Shield 100% Fresh Meat Grain" to capture the high-end market [2]. - The company enhances collaboration between direct sales and distribution channels, employing a "hit products driving traffic + channel deepening" model, which has led to revenue growth and improved gross margins in domestic operations [2]. Group 3: Emerging Concerns - Despite strong performance in proprietary brands, OEM/ODM business still accounts for 58.59% of revenue in 2024, with high customer concentration posing risks [3]. - The gross margin for OEM/ODM (25.2%) is significantly lower than that of proprietary brands (31.3%), making the company vulnerable to fluctuations in overseas demand [3]. - The reliance on OEM models may weaken the innovation drive for proprietary brands, with proprietary brand revenue accounting for less than 40% in 2024, compared to over 80% for competitors like Guai Bao Pet [3]. - Fluctuations in raw material prices remain a concern, as the increase in gross margin to 28.16% in 2024 is primarily due to a decline in chicken prices rather than improved cost control [3]. - The domestic market faces strong competition from brands like Guai Bao Pet and Royal Canin, with Zhongchong Co., Ltd. having lower brand recognition and pricing power in the high-end segment [3]. Group 4: Future Outlook - The rise in Zhongchong Co., Ltd.'s stock price reflects the golden era of the pet economy and recognition of the company's global layout and product innovation [4]. - However, issues such as reliance on OEM, insufficient brand premium, and the need to balance short-term profits with long-term investments pose risks to sustainable growth [4]. - The company must find a balance between OEM and proprietary brands, short-term profits and long-term investments, as well as scale expansion and refined operations to transition from an "OEM giant" to a "brand leader" in the trillion-dollar pet market [4].