中宠股份(002891)季报点评：25Q3内销延续高增长趋势

Core Viewpoint - The company reported strong revenue growth in Q3 2025, with a year-over-year increase of 15.86% and a quarter-over-quarter increase of 7.26%, indicating robust performance in both domestic and international markets [1] Group 1: Financial Performance - Q3 2025 revenue reached 1.428 billion yuan, with a net profit attributable to shareholders of 130 million yuan, reflecting a year-over-year decline of 6.64% but a quarter-over-quarter increase of 16.41% [1] - For the first three quarters of 2025, the company achieved a revenue of 3.860 billion yuan, a year-over-year increase of 21.05%, and a net profit of 333 million yuan, up 18.21% year-over-year [1] - The gross profit margin for Q3 2025 was 29.11%, up 2.23 percentage points year-over-year, primarily due to the increasing share of domestic self-owned brands [3] Group 2: Domestic and International Sales - Domestic sales maintained high growth, with an estimated revenue growth rate of 35% to 40% in Q3 2025, driven by the strong performance of the "Wanpi" brand and the new "Precision Feeding" series [2] - International sales showed a growth of 5% to 10%, although there was a slight deceleration compared to Q2, likely due to high base effects from last year's factory upgrades in the U.S. [2] Group 3: Future Outlook - The company is optimistic about the acceleration of overseas production capacity in 2026, supported by the commissioning of a second factory in the U.S. and the expansion of the Canadian facility [4] - The upcoming Double Eleven shopping festival is expected to boost market sentiment, with the leading brand already launching pre-sale strategies [4] Group 4: Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 431 million yuan, 552 million yuan, and 725 million yuan for 2025, 2026, and 2027 respectively [5] - The company is assigned a target price of 79.52 yuan based on a 56 times PE valuation for 2025, reflecting its significant competitive advantages and growth potential in self-owned brands [5]