研报掘金丨海通国际：首予中宠股份“优于大市”评级，目标价57.15元

Group 1 - The core viewpoint of the article highlights that Zhongchong Co., Ltd. is capitalizing on the global pet economy, leveraging its brand and supply chain advantages to unlock growth potential [1] - The pet industry is benefiting from the "silver economy" and "single economy," leading to an increase in market share for domestic brands [1] - Competition in the pet industry has intensified since 2025, putting pressure on profit margins, but Zhongchong's continuous product upgrades are expected to drive both revenue and profit growth [1] Group 2 - The company's rare overseas factory layout supports high gross margins, and it is steadily advancing its own brand internationally through global production capacity [1] - Zhongchong has established a resilient supply chain barrier through a dual strategy of global multi-point production layout and both OEM and proprietary brands, creating a stable export and local manufacturing system in the global pet food market [1] - The initial coverage gives Zhongchong Co., Ltd. an "outperform the market" rating, with a target price of 57.15 yuan based on a 22.5X PE for 2027, indicating a potential upside of 16.4% [1]