中宠股份：盈利能力持续提升，股权激励目标彰显信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 142 million yuan for H1 2024, representing a year-on-year increase of 48.1% [1] - The company's revenue for H1 2024 reached 1.96 billion yuan, showing a year-on-year growth of 14.1% [1] - The gross profit margin improved to 25.1%, up by 2.80 percentage points year-on-year, primarily due to a decrease in raw material prices and optimization of product structure [1] - The company is focusing on enhancing its core self-owned brand's image, market share, and influence in the domestic pet food industry, while steadily expanding its overseas business [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.96 billion yuan, a year-on-year increase of 14.1% [1] - The net profit for Q2 2024 was 86 million yuan, reflecting a year-on-year growth of 7.1% [1] - The company's overseas revenue for H1 2024 was 1.267 billion yuan, up 9.8% year-on-year, while domestic revenue was 612 million yuan, increasing by 22.9% [1] - The gross profit margin for the pet staple food segment was 35.84%, up 8.18 percentage points year-on-year, driven by product structure optimization and brand strategy [1] Financial Projections - The company is projected to achieve main business revenues of 4.313 billion yuan, 5.020 billion yuan, and 5.806 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.1%, 16.4%, and 15.7% [3] - The net profit attributable to shareholders is expected to reach 309 million yuan, 383 million yuan, and 458 million yuan for the same years, with corresponding growth rates of 32.5%, 23.8%, and 19.7% [3] - The gross profit margin is anticipated to improve to 27.9%, 28.8%, and 29.4% over the next three years [3] Cost and Expense Analysis - The sales expense ratio for H1 2024 was 11.2%, an increase of 2.12 percentage points year-on-year [1] - The management expense ratio was 4.1%, up by 0.07 percentage points year-on-year, while the R&D expense ratio was 1.5%, increasing by 0.17 percentage points [1]