Workflow
中宠股份(002891):国内业务加速增长,境外业务量利齐升

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported strong growth in domestic business and an increase in both volume and profit in overseas operations. The half-year results for 2025 showed a revenue of 2.432 billion yuan, a year-on-year increase of 24.3%, and a net profit attributable to the parent company of 203 million yuan, up 42.6% year-on-year [6] - The company's proprietary brand revenue is accelerating, with a notable increase in profitability. Domestic business revenue reached 860 million yuan in the first half of 2025, a 39% increase year-on-year, with a gross margin of 37.7% [6] - The overseas business also saw a revenue increase of 1.57 billion yuan, up 17.6% year-on-year, with a gross margin of 28.0% [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 5.435 billion yuan, with a year-on-year growth rate of 21.7%. The net profit attributable to the parent company is expected to be 451 million yuan, reflecting a 14.5% increase [5] - The company anticipates continued revenue growth, with projections of 6.610 billion yuan in 2026 and 8.095 billion yuan in 2027, representing year-on-year growth rates of 21.6% and 22.5%, respectively [5] - The gross margin is expected to improve gradually, reaching 32.1% by 2027, while the return on equity (ROE) is projected to increase to 20.7% [5]