天风证券：给予中宠股份买入评级

Core Viewpoint - The report highlights the strong performance of Zhongchong Co., Ltd. (中宠股份) in the first half of 2025, driven by brand building and global capacity expansion, leading to a buy rating for the company [1][5]. Financial Performance - In H1 2025, the company achieved a revenue of 2.432 billion yuan, representing a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [2]. - In Q2 2025, revenue reached 1.331 billion yuan, with a year-on-year growth of 23%, and a net profit of 112 million yuan, reflecting a 30% increase year-on-year [2]. Domestic Market Performance - Domestic revenue for H1 2025 reached 857 million yuan, a growth of 38.89%, with a gross margin of 37.68%, up 0.89 percentage points year-on-year [3]. - The company has successfully enhanced its brand presence through strategic marketing initiatives, including collaborations with popular IPs to attract younger consumers [3]. - Product innovation is evident with the launch of new cat food products that cater to specific dietary needs, contributing to strong market performance [3]. International Market Performance - In H1 2025, overseas revenue amounted to 1.575 billion yuan, marking a 17.61% increase, with a gross margin of 27.95%, up 4.04 percentage points year-on-year [4]. - The establishment of a new factory in Mexico, with an investment of nearly 100 million yuan, signifies the company's commitment to expanding its global footprint [4]. - The company plans to enhance its production capacity in North America, with additional factories in the pipeline, which will improve market responsiveness [4]. Investment Recommendations - The company is expected to see revenue growth of 27% in 2025, reaching 5.66 billion yuan, with net profit projected at 470 million yuan, a 19% increase [5]. - Forecasts for 2026 and 2027 indicate continued growth, with revenues of 6.75 billion yuan and 8 billion yuan, respectively, and net profits of 540 million yuan and 710 million yuan [5].