中宠股份：24Q3业务增长亮眼，境内外业务同步增长

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown significant growth in both domestic and international markets, with a notable increase in revenue and net profit for Q3 2024. The revenue reached 3.189 billion yuan, a year-on-year increase of 17.56%, while the net profit was 282 million yuan, up 59.54% year-on-year [6] - The domestic business has achieved comprehensive profitability in 2024, and the company plans to enhance profitability through various measures, including increasing the proportion of high-margin products and optimizing product structure [6] - The company has expanded its international presence, with products exported to 82 countries and regions across five continents, and its own brand exported to 68 countries [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% year-on-year [6] - The gross profit margin for Q3 2024 was 26.89%, with a net profit margin of 11.36%, reflecting a year-on-year increase of 3.24 percentage points [10] Employee Stock Ownership Plan - The company launched an employee stock ownership plan in August 2024, aiming to align the interests of employees and shareholders, improve corporate governance, and enhance employee motivation and creativity [7] Profit Forecast and Valuation - The company is expected to achieve net profits of 359 million yuan, 413 million yuan, and 472 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 53.8%, 15.3%, and 14.2% [8] - The current closing price corresponds to a PE ratio of 26.47 for 2024 and 22.96 for 2025, with a reasonable valuation range of 35.35 to 36.57 yuan based on a PE of 29 to 30 times for 2024 [8] Business Segmentation - The company’s revenue from pet snacks is projected to grow at a rate of 9% in 2024, while pet canned food is expected to grow by 15%. Pet dry food is anticipated to see a significant growth rate of 35% in 2024 [11]