农林牧渔行业：中宠股份和佩蒂股份相继发布2024年业绩预告，12月宠物食品出口高增

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The pet food companies Zhongchong Co. and Petty Co. have released their 2024 earnings forecasts, with Zhongchong expected to achieve a net profit of 360-400 million yuan, a year-on-year increase of 54.40%-71.55% [6] - Petty Co. anticipates a net profit of 181-205 million yuan for 2024, recovering from a loss of 11.09 million yuan in the previous year [6] - The total export volume of pet food in China reached 33.52 million tons in 2024, a year-on-year increase of 26.01%, with an export value of 1.48 billion USD, up 20.72% [6] Summary by Sections Industry Performance - The relative returns over the past month, three months, and twelve months are -4.14%, -1.78%, and -24.85% respectively, while absolute returns are -6.57%, -4.39%, and -7.64% [3] Company Performance - Zhongchong Co. aims for a domestic growth target of 30% and an overseas target of 8% for 2024, with a net profit target growth of 28.64% compared to 2023 [6] - Petty Co. is focusing on expanding its main food products and has seen significant growth in its self-owned brand revenue [6] Market Trends - Domestic pet food brands are gradually dominating the market, with local brands consistently ranking in the top five on platforms like Tmall and Douyin [6] - The report highlights the importance of overseas factory establishment and expansion for Chinese pet food companies in response to potential tariff increases [6]