中宠股份：三季度业绩超预期，国内外业务双向发力

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 2024 revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit attributable to shareholders of 140 million yuan, up 73.18% year-on-year [2][6] - The company is actively expanding its international market, achieving good progress in developing European clients, which has driven continued growth in export business, while maintaining stable development in the US market [2][6] - Domestic business has seen rapid growth, with the company streamlining its SKU management, enhancing price control across online and offline channels, and continuously launching high-margin new products, leading to a steady increase in gross margin for domestic brands [2][6] Financial Performance - Q3 2024 gross margin was 26.89%, with a net profit margin of 11.97%, reflecting a year-on-year increase of 2.01 percentage points [6] - The company’s investment income significantly increased by 717.81% year-on-year to 45 million yuan, primarily due to the exit from an investment in a pet company [6] - Revenue and profit exceeded expectations, prompting an upward revision of profit forecasts for 2024-2026, with projected revenues of 4.377 billion yuan, 5.007 billion yuan, and 5.849 billion yuan, representing year-on-year growth rates of 16.82%, 14.38%, and 16.81% respectively [6][8]