Investment Rating - The report maintains a "Strong Buy" rating for the company [1][21]. Core Insights - The company reported a total revenue of 3.747 billion yuan in 2023, representing a year-over-year growth of 15.37%, and a net profit attributable to shareholders of 233.16 million yuan, which is a significant increase of 120.12% compared to the previous year [1][21]. - In Q1 2024, the company achieved a revenue of 878 million yuan, marking a year-over-year growth of 24.42%, and a net profit of 56 million yuan, reflecting a remarkable year-over-year increase of 259% [1][21]. - The domestic business generated revenue of 1.086 billion yuan in 2023, with a year-over-year growth of 20.40%. The main product categories, including pet staple food, snacks, and canned food, saw revenues of 577 million, 2.351 billion, and 635 million yuan respectively, with growth rates of 60.23%, 9.81%, and 5.76% [2]. - The company has been actively adjusting its product layout to stabilize pricing and improve gross margins, with a domestic gross margin of 31.28% in 2023, up by 3.51 percentage points year-over-year [2]. - The overseas business generated revenue of 2.662 billion yuan in 2023, a year-over-year increase of 13.44%, with a gross margin of 25.22%, which improved significantly by 7.97 percentage points due to favorable raw material prices and product structure optimization [20]. - The report forecasts net profits for 2024, 2025, and 2026 to be 288.18 million, 346.97 million, and 418.71 million yuan respectively, with corresponding EPS of 0.98, 1.18, and 1.42 yuan, and PE ratios of 26, 21, and 18 [21][22]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 3.747 billion yuan and a net profit of 233.16 million yuan, with respective growth rates of 15.37% and 120.12% [1][21]. - The Q1 2024 results showed revenue of 878 million yuan and a net profit of 56 million yuan, with growth rates of 24.42% and 259% year-over-year [1][21]. Product and Market Analysis - The domestic market's revenue was 1.086 billion yuan in 2023, with a growth of 20.40%, while the overseas market contributed 2.662 billion yuan, growing by 13.44% [2][20]. - The company has focused on enhancing its product mix and improving gross margins, achieving a domestic gross margin of 31.28% in 2023 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits increasing to 288.18 million yuan in 2024 and further to 418.71 million yuan by 2026 [21][22].

公 司 报 告│ 公 司 年 报 点 评 中宠股份(002891) 海外业务增速恢复带动 23 年业绩高增长，24Q1 业 绩维持高增长 事件： ➢ 毛利率稳步提升，销售、研发投入加强 分地区来看，2023 年公司宠物业务境内 /境外分别实现营业收入 10.86/26.62 亿元，同比分别 +20.40%/+13.44%，占营收比重分别为 28.97%/71.03%。分产品来看，公司宠物零食/罐头/干粮分别实现营业收入 23.51/6.35/5.77 亿元，同比分别+9.81%/+5.76%/+60.23%，毛利率分别为 公司披露 2023 年报，实现营收 37.47 亿元，同比增长 15.37%；归母净利润 2.33 亿元，同比增长 120.12%；拟向股东每 10 股派发现金股利 2.40 元（含 税） 公司披露 2024 年一季报，实现营收 8.78 亿元，同比增长 24.42%，环比15.15%；归母净利润 0.56 亿元，同比增长 259.00%，环比-0.36% 2023 年公司销售毛利率为 26.28%（同比+6.49pcts），销售净利率为 7.79% （同比+4.07pcts）。2023 年 ...

2024 年 4 月 24 日 收益表现 % 1M 3M 1Y 相对 6.91 -1.30 30.89 绝对 6.79 6.16 19.31 资料来源：Wind 市场数据 行业及公司评级体系 | --- | --- | --- | |--------|------------------|--------------------------------------------------------------------------------------------------------------| | 行 | 买入 未来 | 评级 说明 6-12 个月的投资收益率领先市场基准指数 15% 以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15% ； | | 及 公 | 中性 | 未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差 -5%至 5% ； | | 司 | 减持 | 未来 6-12 个月的投资收益率落后市场基准指数 5%至 15% ； | | 评 | 卖出 | 未来 6-12 个月的投资收益率落后市场基准指数 15% 以上； | | 级 | ...

每位负责撰写本研究报告全部或部分内容的分析师在此作以下声明： 分析师在本报告中对所提及的证券或发行人发表的任何建议和观点均准确地反映了其个人对该证券或发行人的看法和判断；分析师对 任何其他券商发布的所有可能存在雷同的研究报告不负有任何直接或者间接的可能责任。 证券市场是一个风险无时不在的市场，请您务必对盈亏风险有清醒的认识，认真考虑是否进行证券交易。市场有风险，投资需谨慎。 事项： 境外业务：增速恢复到合理区间，盈利能力表现亮眼。23 年，境外业务收入 26.62 亿元，同比+13.44%；境外毛利率 25.22%，同比+7.97pct。公司出口业务 22 年年底与 23Q1 均受到海外客户去库影响境外收入有所下滑，23Q2 起逐步 恢复、Q3 已恢复至往期水平、高于 22 年同期。 境内业务：营收规模突破 10 亿大关，毛利率水平大幅提升。境内业务收入 10.86 亿元，同比+20.40%，占比 28.97%，境内业务占比逐步向 30%逼近；境内毛 利率为 31.28%，同比+3.51pct，wanpy、zeal 品牌管控动作效果显著。 品牌调整基本完成，关注后续新品带来的增量。Zeal 品牌 23Q2、Q ...

农林牧渔/饲料 中宠股份（002891.SZ） 2024 年 04 月 24 日 ——公司信息更新报告 陈雪丽（分析师） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/23 | | 当前股价 ( 元 ) | 24.27 | | 一年最高最低 ( 元 ) | 27.44/20.01 | | 总市值 ( 亿元 ) | 71.38 | | 流通市值 ( 亿元 ) | 71.38 | | 总股本 ( 亿股 ) | 2.94 | | 流通股本 ( 亿股 ) | 2.94 | | 近 3 个月换手率 (%) | 81.82 | 产品结构优化叠加降本增效，公司盈利能力大幅提升 国内消费结构调整驱动主粮销售高增，多款主粮新品助力公司赛道布局 境外市场销售旺盛，中高端品牌强劲增长打开盈利空间 风险提示：原材料（鸡胸肉）价格波动，产能扩张不及预期等。 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 -30% -20% -10% 0% 10% 20% 30% 40% 2023-04 2023-08 2023-12 中宠股份 沪深 ...

《中宠股份（002891）点评：境外业务盈 利能力上行，境内业务营收维持高增》 2024/01/31 《中宠股份（002891）点评：境外业务盈 利改善，境内业务维持快速增长》 2023/10/30 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 上 市 公 司 农林牧渔 ——境外业务盈利创新高，境内业务毛利率提升 | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-------|-------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3,747 | 878 | 4,257 | 4,853 | 5,550 | | 同比增长率（%） | 15.4 | 24.4 | ...

1 《中宠股份-公司点评:2023 业绩同比 高增长，国内自主品牌持续开拓》 2024-02-08 2 《中宠股份-半年报点评:业绩贴近预 告上限，看好海外订单恢复+国内高增 长》 2023-08-07 3 《中宠股份-年报点评报告:重视出口 底 部 复 苏 、 国 内 市 场 持 续 放 量 ！》 2023-04-22 1、境内：以自主品牌建设为核心，聚焦国内市场 2、境外：海外去库存步入尾声，美国公司利润较高 我们预计 2024-2026 年公司实现营业收入为 46.55/55.30/65.10 亿，实现归母净利润 2.49/2.99/3.64 亿元，同增 7%/20%/22%。维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 3,247.99 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant year-on-year growth in 2023 and Q1 2024, with revenue projections adjusted to 4.351 billion, 5.109 billion, and 6.104 billion yuan for 2024-2026, and net profit forecasts of 302 million, 413 million, and 496 million yuan for the same period, corresponding to P/E ratios of 26, 19, and 16 times [3][15][20] - The competitive landscape in the domestic market is favorable for leading companies with stable supply chains, continuous R&D capabilities, and high product quality, with the pet sector expected to maintain high growth rates in profitability in 2024 [3][15] Financial Performance Summary - The company reported total revenue of 3.747 billion yuan in 2023, a year-on-year increase of 15.37%, and a net profit of 233 million yuan, up 120.12% [28] - For Q1 2024, the company achieved revenue of 878 million yuan, reflecting a growth of 24.42%, and a net profit of approximately 56.22 million yuan, which is a 259% increase year-on-year [28] - The company's overseas revenue accounted for 71.03% of total revenue in 2023, with significant contributions from its U.S. factory [15] Profitability and Growth Metrics - The gross profit margins for various product categories have improved, with pet staple food at 29.06%, pet snacks at 25.39%, and pet canned food at 32.62%, all showing increases compared to 2022 [18] - The company has plans for expansion, including a second factory in the U.S. to enhance its competitive edge and overall profitability [15]

司 投资要点： 公司发布业绩，23 年实现营业收入 37.47 亿元，同增 15.37%，实 现毛利率 26.28%，同增 6.49pct，归母净利润 2.33 亿元，同增 120.12%， 主要系原材料价格下降及海外工厂利润端大幅提振。24Q1 实现营收 8.78 亿元，同增 24.42%，实现毛利率 27.85%，同增 3.50pct，归母净 利润 0.56 亿元，同增 259.00%，主要系去年同期公司受海外去库存影 响基数低，今年汇率、原料、海外工厂等多重提振下，利润弹性较大。 公司拟定利润分配，拟向股东每 10 股分派红利 2.4 元（含税）。 分地区看，境外业务毛利率大幅上行，境内业务稳增。 23 年主粮/罐头/零食收入分别实现 5.77/6.35/23.51 亿元，同增 60.23%/5.76%/9.81%，自有品牌主粮持续释放带动主粮业务收入高增， 三大板块毛利率分别为 29.06%/32.62%/25.39%，同增 8.61/6.21/6.82pct。 持续品牌宣传，销售费用率上行。 证 券 研 究 报 告 公司已形成海外代工+自有品牌两条腿走路，由于公司收入和利润表 现 出 色 ， 我 们 ...

2024 年 04 月 23 日 顾向君 H70420@capitalcom.tw 目标价(元) 29 | --- | --- | --- | --- | |-----------------------|----------|---------------------------|-------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 农林牧渔 | | A 股价(2024/4/23) | | | 24.27 | | 深证成指 (2024/4/23) | | | 9239.14 | | 股价 12 个月高/低 | | | 27.44/19.97 | | 总发行股数 (百万) | | | 294.11 | | A 股数(百万 ) | | | 294.11 | | A 市值(亿元) | | | 71.38 | | 主要股东 | | 烟台中幸生物 科技有限公司 | (24.86%) | | | | | | | 每股净值 (元) | | | 7.60 | | 股价/账面净值 | | | 3.20 | | | 一个月 | 三个月 | 一年 | | ...