中宠股份：内销外销双轮驱动，24Q3业绩创新高

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 35.82 [1][5]. Core Insights - The company achieved a record high in Q3 2024 with revenue of RMB 1.23 billion, a year-on-year increase of 24%, and a net profit attributable to shareholders of RMB 140 million, up 73% year-on-year [1][2]. - The growth in both domestic and international sales is expected to continue, supporting the company's earnings in Q4 2024 and beyond [1][2]. - The company has set ambitious targets for its employee incentive plan, aiming for a 30% year-on-year increase in domestic revenue and a 30% increase in net profit attributable to shareholders [4]. Summary by Sections Revenue and Profitability - In Q3 2024, the company reported revenue of RMB 1.23 billion, a 24% increase year-on-year, and a net profit of RMB 140 million, reflecting a 73% increase year-on-year [1][2]. - The company’s gross margin for Q3 2024 was 26.9%, slightly down by 0.4 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, attributed to the appreciation of the RMB and operational adjustments in overseas factories [3]. Sales Performance - The company experienced strong growth in both export and domestic markets, with export revenue expected to grow by 10% to 15% year-on-year in Q3 2024, and overseas factory revenue projected to increase by 20% to 30% [2]. - Domestic brands, particularly the "Wang Pi" brand, are also expected to maintain high growth levels due to successful market expansion [2]. Financial Forecasts - The profit forecasts for 2024 to 2026 have been revised upwards, with net profit estimates now at RMB 350 million for 2024, RMB 390 million for 2025, and RMB 470 million for 2026 [5][6]. - The company’s revenue projections remain unchanged, with expected revenues of RMB 4.51 billion in 2024, RMB 5.21 billion in 2025, and RMB 6.03 billion in 2026 [6]. Valuation Metrics - The company is valued at a PE ratio of 27x for 2025, reflecting its position as a leading player in the pet food industry [5][6]. - The target price of RMB 35.82 corresponds to a valuation that considers the company's strong supply chain and product potential [5].