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中宠股份(002891):品牌建设与全球化产能双擎共振,业绩高增验证成长韧性
Tianfeng Securities· 2025-08-16 13:35
公司报告 | 半年报点评 中宠股份(002891) 证券研究报告 品牌建设与全球化产能双擎共振,业绩高增验证成长韧性 事件:公司发布 25 半年报,25H1 公司实现营业收入为 24.32 亿元,yoy+24.32%;归母 净利润 2.03 亿元,yoy+42.56%。其中,25Q2 公司实现营业收入为 13.31 亿元,yoy+23%; 归母净利润 1.12 亿元,yoy+30%。公司拟向全体股东每 10 股派发现金红利 2.00 元(含 税)。 1、境内:自主品牌收入激增,品牌建设成效显著 公司 2025 年上半年国内收入达 8.57 亿,同增 38.89%,毛利率 37.68%,同比提升 0.89pct。 国内业务规模实现快速发展,尤其是以自主品牌业务为代表的自主可控的生意规模大幅提升。 公司通过多维战略布局持续夯实宠物食品行业龙头地位,旗下主粮品牌"TOPTREES 领先"深 化 IP 营销策略,继《甄嬛传》联名破圈后,8 月再度嫁接国民级 IP《武林外传》抢占 Z 世代 心智。产品端加速技术迭代,7 月领先推出海陆双拼猫粮 2.0 版本,添加 84%动物性原料满 足猫咪食肉天性。产品研发上,WANP ...
中宠股份(002891):自主品牌成长加速,主粮品类表现瞩目
Huachuang Securities· 2025-08-07 11:19
证 券 研 究 报 告 中宠股份(002891)2025 年半年报点评 推荐(维持) 自主品牌成长加速,主粮品类表现瞩目 目标价:69 元 事项: ❖ 公司披露 2025 年半年报,25H1 实现营收 24.32 亿元,同比增长 24.32%,实现 归母净利润 2.03 亿元,同比增长 42.56%,扣非归母净利润 1.99 亿元,同比增 长 44.64%。单 2 季度实现营收 13.31 亿元,同比增长 23.44%,归母净利润 1.12 亿元,同比增长 29.79%,扣非归母净利润 1.11 亿元,同比增长 32.32%。 评论: ❖ 境内外业务实现双高增,盈利能力持续优化。 1)境外业务:报告期内,公司境外业务收入 15.75 亿元,同比增长 17.61%, 毛利率同比 24 年提升 4.04pct 至 27.95%。其中,海外工厂业务收入增速达到 30%,拉动收入增长的同时、进一步带动毛利率结构优化。 2)境内业务:报告期内,公司境内收入 8.57 亿元,同比高增 38.89%;毛利率 水平同比提升 0.89pct 至 37.68%。目前的提升主要得益于"顽皮"品牌新品的 增长。 [ReportFin ...
中宠股份(002891):品牌路径清晰,全年业绩可期
Guohai Securities· 2025-08-07 06:31
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated a clear brand path and is expected to achieve strong performance throughout the year [1] - The company's revenue for the first half of 2025 reached 2.43 billion yuan, a year-on-year increase of 24.3%, while the net profit attributable to shareholders was 203 million yuan, up 42.6% year-on-year [5][6] - The company has established a robust supply chain with production facilities in multiple countries, enhancing its risk resilience and market responsiveness [5][6] - The core brand WANPY has significantly improved its market presence through effective marketing strategies and product offerings [5][6] - The company is projected to maintain high growth in the pet sector, with revenue forecasts of 5.55 billion yuan, 6.84 billion yuan, and 8.40 billion yuan for 2025, 2026, and 2027 respectively [7][8] Summary by Sections Recent Performance - In H1 2025, the company's overseas business revenue was 1.575 billion yuan, up 17.61% year-on-year, with a gross margin of 27.95%, an increase of 4.04 percentage points [5] - Domestic business revenue was 857 million yuan, up 38.89% year-on-year, with a gross margin of 37.68%, an increase of 0.89 percentage points [5] Product Performance - Revenue from pet snacks was 1.529 billion yuan, a year-on-year increase of 5.1%, with a gross margin of 30.63%, up 3.4 percentage points [5] - Revenue from pet staple food was 783 million yuan, a year-on-year increase of 85.79%, with a gross margin of 36.63%, up 0.79 percentage points [5] Future Projections - The company forecasts revenue growth rates of 24% for 2025, followed by 23% for both 2026 and 2027 [7] - The projected net profit for 2025 is 443 million yuan, with a growth rate of 12%, and is expected to reach 715 million yuan by 2027 [7][8]
食品饮料行业周报:成长赛道仍具看点,关注股东大会催化-20250512
CMS· 2025-05-12 02:31
Investment Rating - The report maintains a cautious outlook for the food and beverage industry in 2025, with a focus on growth sectors such as beverages, snacks, and pet food, while highlighting the stable performance of high-end liquor and regional leaders [1][15]. Core Insights - The financial reporting season has concluded, showing a mixed performance across the industry, with high-end liquor under pressure and a stable overall sales performance for mass-market products in April [1][15]. - Key companies are expected to see improvements in Q2, particularly in dairy and snack sectors, while the liquor segment continues to face challenges [1][15]. - The report emphasizes the importance of shareholder meetings as potential catalysts for positive changes within companies [15]. Summary by Sections Core Company Tracking - Shede Liquor is experiencing significant pressure in Q2, with a notable increase in demand for its main products in banquet settings, but still facing challenges in business scenarios [2][10]. - Water Well is also under pressure in Q2, with a clear decline in seasonal demand, but is expanding its store network significantly [2][10]. - Yili Group is showing signs of improvement in Q2, driven by strong sales in infant and adult milk powder products [2][11]. - Zhongchong Co. is maintaining high growth in its proprietary brands and expanding overseas production capacity [3][11]. - Ximai Foods is achieving rapid online growth and improving gross margins, with a focus on maintaining double-digit growth offline [3][12]. - New Dairy is performing well in the low-temperature segment, with a strong growth trajectory expected [3][13]. - Morning Light Bio is seeing a recovery in core products and is focusing on diversified development strategies [3][14]. Investment Recommendations - The report suggests focusing on growth sectors, particularly in liquor, dairy, snacks, and pet food, with specific recommendations for companies like Guizhou Moutai and Yili Group [7][16]. - It highlights the potential for improved sales and structural changes in Qingdao Beer and emphasizes the importance of seasonal demand recovery for brands like Nongfu Spring [7][16]. - The report also recommends strong players in the seasoning sector, such as Haitian Flavoring, and suggests monitoring companies like Zhongchong Co. for their overseas expansion capabilities [7][16].