中宠股份：2025 年第三季度经常性净利润超预期；国内及海外工厂表现强劲，有望贡献业绩；买入评级

13 October 2025 | 9:04PM HKT Equity Research China Pet Foods (002891.SZ) Earning revision: 3Q25 recurring NP beat; stronger domestic and overseas factory on track to contribute; Buy 002891.SZ 12m Price Target: Rmb65.00 Price: Rmb56.68 Upside: 14.7% China Pet Foods reported 3Q25 results, with revenue up 16% yoy and net profit down 7% yoy on a tough base in 3Q24 (recurring NP up by 19% yoy). Sales came softer than expected at 16% yoy vs Gse of 19% but we expect more encouraging domestic at close to 40% yoy th ...