中宠股份：境外业务稳中有进，国内自主品牌值得期待-20250227

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a pioneer in the pet food industry, focusing on the pet food sector with a significant global presence, including 22 modern high-end pet food production bases and a national R&D center, with products sold in 85 countries and regions [4][15] - The company's revenue has grown from 510 million yuan in 2013 to 3.75 billion yuan in 2023, with a compound annual growth rate (CAGR) of 22.1% [4] - For 2024, the company expects to achieve a net profit attributable to shareholders of 360-400 million yuan, representing a year-on-year growth of 54.5%-71.55% [22] Summary by Sections 1. Company Overview - The company was established in 1998 and initially focused on exporting pet snacks, now offering a comprehensive product line including dry food, wet food, and treats [15] - The company has developed a differentiated brand matrix centered around three core brands: "Wanpy," "ZEAL," and "TOPTREES" [15] 2. Overseas Market Growth - The overseas market remains a major source of revenue and profit, with overseas income growing from 1.157 billion yuan in 2018 to 2.661 billion yuan in 2023, reflecting a CAGR of 18.1% [5][41] - The company has established six overseas factories and is expanding its production capacity in the U.S. to meet local demand and enhance profitability [5][42] 3. Domestic Market Development - The domestic pet market is thriving, with a projected consumption scale exceeding 300 billion yuan in 2024, growing by 7.5% year-on-year [6][49] - The company has optimized its self-owned brand strategy, leading to significant improvements in profitability and market presence [6][64] 4. Financial Forecasts - The company anticipates main business revenues of 4.413 billion yuan, 5.162 billion yuan, and 6.128 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 373 million yuan, 421 million yuan, and 551 million yuan [7][10] - The expected earnings per share (EPS) for the same period are projected to be 1.27 yuan, 1.43 yuan, and 1.87 yuan [7][10]