中宠股份：盈利能力持续向好，自主品牌营收或将加速提升

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability continues to improve, with revenue from its own brand expected to accelerate [1] - In the first half of 2024, the company achieved operating revenue of 1.956 billion yuan, a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 142 million yuan, up 48.11% year-on-year [1] - The company anticipates that sales volume will accelerate starting from the second half of 2024, following a phase of adjustment in its own brand business [1] Financial Performance Summary - For the first half of 2024, the company's pet snacks revenue was 1.136 billion yuan, up 4.19% year-on-year, with a gross margin of 25.45%, an increase of 2.07 percentage points year-on-year [1] - Pet staple food revenue reached 422 million yuan, a significant increase of 83.96% year-on-year, with a gross margin of 35.84%, up 8.18 percentage points year-on-year [1] - The company’s domestic main business revenue was 612 million yuan, a year-on-year increase of 22.94%, with a gross margin of 37.03%, up 3.61 percentage points year-on-year [1] - The overseas main business revenue was 1.267 billion yuan, a year-on-year increase of 9.78%, with a gross margin of 25.10%, up 2.80 percentage points year-on-year [1] Future Projections - The company has adjusted its profit forecast, expecting net profits attributable to shareholders to be 296 million yuan, 372 million yuan, and 470 million yuan for 2024, 2025, and 2026 respectively [1] - The projected PE ratios based on the closing price on August 22, 2024, are 19.9, 15.9, and 12.6 for the years 2024, 2025, and 2026 respectively [1]