中宠股份：自有品牌调整结束再出发，海外业务继续增长

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has completed adjustments to its proprietary brands and is poised for further growth, particularly in overseas markets [3] - The company reported a revenue of 1.232 billion yuan in Q3 2024, representing 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] - The company is focusing on expanding its proprietary brands and enhancing profitability through a global market strategy [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.189 billion yuan, a year-on-year increase of 17.56%, and a net profit of 242 million yuan, up 42.17% year-on-year [3] - The company’s gross margin is projected to improve from 26.3% in 2023 to 27.2% in 2024, with net profit margins also expected to rise [5][8] - The earnings per share (EPS) for 2024 is estimated at 1.02 yuan, with projections of 1.26 yuan and 1.51 yuan for 2025 and 2026 respectively [4][5] Business Strategy and Outlook - The company is actively expanding its global supply chain and customer base, with a focus on its proprietary brands, including "Wang Pi" and "Zeal" [3][4] - The company has made strategic investments in the pet industry through multiple funds, with a notable return from its investment in Shandong Shuai Ke [3] - The report highlights the importance of the company's ongoing brand expansion and the anticipated positive impact on domestic profitability [3][4]