中宠股份分析师会议-20250515

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The company's performance has shown significant growth, with its 2024 annual revenue reaching 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders of 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - The company's global strategic layout effectively reduces the impact of trade policy changes. The current tariff adjustment has a controllable impact on the company, and relevant orders will be transferred to the Cambodian factory [26][29]. - The company's overseas construction projects are advancing rapidly. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - The company's self - owned brand business has achieved remarkable growth, expanding its global market coverage to 73 countries in 2024. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - The company has established a sound exchange - rate risk management mechanism to deal with exchange - rate fluctuations [33]. - The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - In the domestic pet food market, although foreign brands have an advantage, domestic brands are rising, and the market concentration is gradually increasing [34][38]. - The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Zhongchong Co., Ltd., belonging to the agricultural, livestock, and fishery industry. The reception time was May 15, 2025 [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating online in the 2025 Shandong - area listed companies' online collective investor reception day, with the type being "other" [19]. 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Performance Introduction: In 2024, the company's annual revenue was 4.465 billion yuan, a year - on - year increase of 19.15%, and net profit attributable to shareholders was 394 million yuan, a year - on - year increase of 68.89%. In Q1 2025, revenue was 1.101 billion yuan, a year - on - year increase of 25.41%, and net profit attributable to shareholders was 91 million yuan, a year - on - year increase of 62.13% [25]. - Tariff Impact: The company's global strategic layout forms a sound tariff response system. The current tariff adjustment only affects the company's domestic exports to the US, which accounts for a low proportion of the overall revenue, and the impact is controllable [26][29]. - Overseas Construction Projects: The expansion of the Canadian factory's production capacity and the construction of the second US factory are accelerating. The second production line of the Canadian factory is planned to be completed in the second half of 2025, and the second US factory will be completed in 2026 [30]. - Overseas Self - owned Brand Development Strategy: In 2024, the company's self - owned brand business grew significantly, expanding its global market coverage to 73 countries. It will continue to expand potential markets such as Southeast Asia and the Middle East and Africa [31]. - Sales Expense Investment: The company will maintain investment in self - owned brand development, focusing on the accuracy and effectiveness of investment, and adjust resource allocation according to market changes [32]. - Exchange - rate Impact: The company's overseas business is mainly settled in US dollars and some other foreign currencies. Exchange - rate fluctuations will have a certain impact on the company, but it has established a sound exchange - rate risk management mechanism [33]. - Convertible Bond Plan: The company decides not to exercise the early redemption right of "Zhongchong Convertible Bond 2" and will not exercise it again within 12 months if the conditional redemption clause is triggered [33]. - Domestic Pet Food Market Pattern: In the domestic pet food market, foreign brands have an advantage, but domestic brands are rising, and the market concentration is gradually increasing [34][38]. - Risk - resistance Ability: The company's global supply chain and business layout enhance its risk - resistance ability, and its dependence on a single customer or business is lower than the industry average [38][39]. - Investor Returns: The company attaches great importance to investor returns, with an expected total cash dividend of 146.93835645 million yuan in 2024, accounting for 37.31% of the 2024 annual net profit attributable to the mother [40].