中宠股份：利润同比较快增长，宠物食品逐浪而上

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [9]. Core Insights - The company has experienced rapid profit growth, with a 14.08% year-on-year increase in revenue, reaching approximately 1.956 billion yuan in the first half of 2024. Net profit attributable to shareholders rose by 48.11% to about 142 million yuan [1]. - The sales revenue from pet staple food surged by 83.96% year-on-year, amounting to 422 million yuan, which constituted 21.56% of total revenue, reflecting a significant increase of 8.19 percentage points compared to the same period last year [1]. - The company's domestic business has shown remarkable growth, with domestic revenue increasing by 23.45% to 617 million yuan, accounting for 31.55% of total revenue, up 2.39 percentage points year-on-year [1]. - The gross margin for the pet staple food business improved significantly, reaching 35.84%, an increase of 8.18 percentage points year-on-year, contributing to the notable profit growth in the first half of 2024 [1]. - The pet food industry is expected to maintain rapid growth, with projected compound annual growth rates of 17% for pet staple food, 15% for pet nutrition products, and 25% for pet snacks by 2026, as per Deloitte's report [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of approximately 1.956 billion yuan, a year-on-year increase of 14.08%. The net profit attributable to shareholders was about 142 million yuan, reflecting a 48.11% increase [1]. - The gross margin for the pet staple food business was 35.84%, up 8.18 percentage points year-on-year, supporting significant profit growth [1]. Market Strategy - The company has implemented a brand marketing strategy that has supported rapid growth in its pet food business. It focuses on three core self-owned brands: "Wanpy," "Zeal," and "Toptrees" [1]. - The company has increased its marketing expenditure by 40.80% year-on-year to 219 million yuan, enhancing brand visibility and market penetration across various channels, including online platforms and supermarkets [1]. Industry Outlook - The pet food sector is anticipated to continue its high-speed growth trajectory, with significant market opportunities driven by evolving consumer preferences and increased spending on pet care [1].