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中宠股份(002891):品牌建设与全球化产能双擎共振 业绩高增验证成长韧性

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust business expansion and effective brand strategies [1][5]. Domestic Performance - The company's domestic revenue reached 857 million yuan in the first half of 2025, a year-on-year increase of 38.89%, with a gross margin of 37.68%, up by 0.89 percentage points [2]. - The rapid growth in domestic business is primarily driven by the significant increase in the company's self-owned brand business, which has solidified its leading position in the pet food industry [3]. - The company has implemented multi-dimensional strategic layouts, enhancing its brand presence through IP marketing strategies, including collaborations with popular cultural properties [3]. International Performance - The company's overseas revenue for the first half of 2025 was 1.575 billion yuan, reflecting a year-on-year growth of 17.61%, with a gross margin of 27.95%, up by 4.04 percentage points [4]. - The company is focusing on its self-owned brand export strategy as a core engine for global development, with the recent establishment of a factory in Mexico, marking a significant expansion in its international footprint [4]. - The completion of the second production line in the Canadian factory and the new Mexican facility is expected to enhance the company's production capacity and market responsiveness in North America [4]. Investment Outlook - The company is expected to continue its strong growth trajectory, with revenue projections for 2025-2027 at 5.66 billion, 6.75 billion, and 8.00 billion yuan, respectively, representing year-on-year growth rates of 27%, 19%, and 19% [5]. - The forecast for net profit for the same period is 470 million, 540 million, and 710 million yuan, with year-on-year growth rates of 19%, 16%, and 31% [5]. - The company's brand premium capability and improved product structure are anticipated to drive profitability, leading to an upward revision of earnings forecasts [5].