中宠股份（002891）：境内自主品牌高增，Q3扣非净利率提升

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company reported a Q3 revenue growth of 15.9% and a non-net profit growth of 18.9%, although the net profit decreased year-on-year due to investment income impacts [7]. - Domestic brand growth continues to be strong, while overseas factory growth is slightly hindered by capacity issues, though demand remains robust [7]. - The company expects to enhance its global supply chain and profitability with new capacities coming online in the U.S. in 2026 [7]. - Projected net profits for 2025-2027 are estimated at 450 million, 601 million, and 786 million respectively, with corresponding EPS of 1.48, 1.97, and 2.58 [7]. Financial Performance - Total revenue for 2023 is projected at 3,747 million, with a year-on-year growth of 15% [2]. - Operating profit is expected to reach 372 million in 2023, reflecting a significant growth of 141% [2]. - The net profit attributable to the parent company is forecasted to be 233 million in 2023, with a remarkable growth of 120% [2]. - The company’s gross margin improved to 29.1% in Q3, driven by an increase in the share of self-owned brands [7]. - The report anticipates a steady increase in revenue and profit margins over the next few years, with a focus on enhancing brand presence and operational efficiency [7][15].