中宠股份(002891)深度报告：自主品牌延续高增 海外新增产能逐步释放

Core Insights - The company, established in 1998, has evolved into a pioneer in the Chinese pet food industry, focusing on high-end pet snacks and expanding internationally with production facilities in six countries [1] - The company aims to strengthen its brand presence domestically while accelerating overseas market expansion and maintaining traditional OEM business [1][2] - The pet food market in China is experiencing rapid growth, with the market size expected to reach 267 billion yuan by 2025, reflecting a compound annual growth rate of 15.5% [2] Company Strategy - The company is committed to building its own brands, focusing on the domestic market while expanding its global supply chain [1] - The brand matrix includes "WANPY," "TOPTREES," and "ZEAL," targeting both domestic and international mid-to-high-end markets [1] - The company plans to optimize its product structure by increasing the proportion of high-margin staple food products, which will enhance overall gross margin [2] Market Trends - The penetration rate of pet ownership in China has increased from 13% in 2019 to 22% in 2023, indicating significant growth potential compared to the 70% penetration rate in the U.S. [2] - The pet staple food revenue has seen substantial growth, rising from 6.36% of total revenue in 2020 to an expected 24.78% by 2024, contributing positively to the company's gross margin [2] Financial Projections - Revenue projections for the company are estimated at 55.33 billion yuan in 2025, 69.00 billion yuan in 2026, and 85.12 billion yuan in 2027, with year-on-year growth rates of 23.93%, 24.70%, and 23.37% respectively [3] - The net profit attributable to the parent company is projected to be 4.68 billion yuan in 2025, 5.88 billion yuan in 2026, and 7.24 billion yuan in 2027, with growth rates of 18.81%, 25.66%, and 23.18% respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 37.6, 30.0, and 24.3 for the years 2025, 2026, and 2027 [3]