中宠股份：Q3经营业绩超预期，内销和出海驱动成长

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [1]. Core Insights - The company's Q3 operating performance exceeded expectations, driven by domestic sales and overseas expansion, with a revenue increase of 17.56% year-on-year for the first three quarters, reaching 3.189 billion yuan [1]. - The company achieved a Q3 single-quarter revenue of 1.232 billion yuan, reflecting a year-on-year growth of 23.55%, supported by pet food exports and domestic brand marketing efforts [1]. - The gross profit margin for Q3 was 26.89%, a slight decrease of 0.4 percentage points year-on-year, primarily due to export exchange rates and overseas factory upgrades, while overall profitability remained stable [1]. - The company reported a net profit attributable to shareholders of 282 million yuan for the first three quarters, marking a year-on-year increase of 59.54%, with Q3 net profit reaching 140 million yuan, up 73.18% year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 3.189 billion yuan, a year-on-year increase of 17.56% [1]. - Q3 revenue was 1.232 billion yuan, with a year-on-year growth of 23.55% [1]. - The gross profit margin for Q3 was 26.89%, down 0.4 percentage points year-on-year [1]. - The company incurred sales expenses of 330 million yuan in Q3, a year-on-year increase of 32.42% [1]. - R&D expenses for Q3 were 50 million yuan, up 40.29% year-on-year [1]. Business Strategy - The company is focusing on building its own brands, particularly "Wanpy," "Zeal," and "Toptrees," and has streamlined its product offerings to enhance brand strength and efficiency [1]. - The company is expanding its overseas production capacity, with factories in the USA, New Zealand, Canada, and Cambodia, and plans to build a second factory in the USA to achieve an additional capacity of 12,000 tons [1]. - The company has implemented risk management measures to mitigate the impact of exchange rate fluctuations on exports [1].