中宠股份（002891）：国内业务保持高增，品牌出海值得期待

Investment Rating - The report maintains an "Accumulate-A" rating for the company [6] Core Views - The company's domestic business continues to show high growth, with a significant increase in revenue and profit margins. The overseas expansion of its brands is also promising [6] - The company achieved a revenue of 2.432 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32%. The net profit attributable to the parent company was 203 million yuan, up 42.56% year-on-year [1][6] - The company is focusing on enhancing its self-owned brands, which are expected to drive further growth in revenue and profitability [6] Financial Performance - In H1 2025, the company’s revenue from pet food snacks and staple food reached 1.529 billion yuan and 783 million yuan, respectively, with year-on-year growth of 6.37% and 85.79% [3] - The gross profit margins for snacks and staple food were 30.63% and 36.63%, respectively, indicating an improvement in product structure [3] - The company’s domestic business generated 857 million yuan in revenue, a year-on-year increase of 38.89%, with a gross margin of 37.68% [4] Global Expansion - The overseas business generated 1.575 billion yuan in revenue in H1 2025, a year-on-year increase of 17.61%, with a gross margin of 27.95% [5] - The establishment of a factory in Mexico marks a significant step in building a strong supply chain in North America, complemented by facilities in Cambodia and New Zealand [5] - The company is optimistic about its self-owned brands' international expansion, which is seen as a core driver for global growth [6] Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 464 million yuan, 555 million yuan, and 681 million yuan, respectively, with corresponding EPS of 1.52 yuan, 1.82 yuan, and 2.24 yuan [6][8] - The projected P/E ratios for 2025 and 2026 are 38.5 times and 32.2 times, respectively, indicating a favorable valuation outlook [6][8]