Financial Performance - In 2024, the company achieved an annual revenue of CNY 4.465 billion, representing a year-on-year growth of 19.15% and a net profit of CNY 394 million, up 68.89% [9] - In Q1 2025, the company reported a revenue of CNY 1.101 billion, a year-on-year increase of 25.41%, with a net profit of CNY 91 million, reflecting a growth of 62.13% [9] Global Expansion Strategy - The company has established a comprehensive tariff response system, minimizing the impact of tariff adjustments on its operations [10] - It is the only Chinese company with pet snack factories in the US and Canada, and has also expanded production capacity in Southeast Asia [10] - The company plans to complete the construction of its second factory in the US by 2026, enhancing its local supply capabilities [10][11] Brand Development - The company has increased R&D and marketing investments to strengthen its core brand matrix [12] - The Wanpy brand has undergone a quality upgrade and is focusing on high-end product lines, utilizing a comprehensive marketing strategy across various platforms [13] - The TOPTREES brand is expanding its product line and has achieved significant recognition, including a partnership with CCTV for brand promotion [15] Marketing and Sales Strategy - The company emphasizes long-term investment in brand development while optimizing resource allocation for maximum impact [17] - It aims to maintain a balance between online and offline channel development to enhance market penetration [18] Innovation and Ethics - The company is committed to technological innovation and has established a research institute focused on pet nutrition [18] - It has formed the first ethical review committee in the Chinese pet food industry, balancing scientific innovation with ethical considerations [18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in staple food business and rapid expansion in the domestic market. The revenue and net profit attributable to the parent company for 2024 are projected to be 4.465 billion and 394 million yuan, respectively, representing year-on-year increases of 19.15% and 68.89% [4][5] - The company has adjusted its profit forecasts for 2025-2026 upwards due to better-than-expected growth in staple food products, with net profits expected to reach 473 million, 561 million, and 655 million yuan for 2025, 2026, and 2027, respectively [4][5] Financial Performance - In Q4 2024, the company reported revenue and net profit of 1.276 billion and 112 million yuan, respectively, with year-on-year growth of 23.31% and 98.20% [4] - For Q1 2025, revenue and net profit are expected to be 1.101 billion and 91 million yuan, reflecting year-on-year growth of 25.41% and 62.13% [4] - The company's gross margin and net margin for 2024 are 28.16% and 9.33%, respectively, showing improvements from the previous year [5] Sales and Market Expansion - The company achieved a sales volume of 127,700 tons in pet food and supplies in 2024, a year-on-year increase of 28.24%, primarily driven by a significant increase in staple food production [6] - Domestic and overseas revenues for 2024 are projected to be 14.14 billion and 30.51 billion yuan, respectively, with year-on-year growth of 30.26% and 14.62% [7] - The company has established stable long-term partnerships with global clients, exporting products to 85 countries across five continents [7] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.60, 1.90, and 2.22 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30.3, 25.6, and 21.9 [4][8] - The company's revenue for 2025 is estimated at 5.247 billion yuan, with a year-on-year growth rate of 17.5% [8]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 60 CNY per share [1][8]. Core Insights - The company achieved a revenue of 4.47 billion CNY in 2024, representing a year-on-year growth of 19%, and a net profit of 390 million CNY, up 69% year-on-year. In Q4 2024, revenue reached 1.28 billion CNY, a 23.3% increase year-on-year, with a net profit of 110 million CNY, up 98% year-on-year [9]. - For Q1 2025, the company reported revenue of 1.1 billion CNY, a 25.4% increase year-on-year, and a net profit close to 100 million CNY, up 62% year-on-year [9]. - The company has optimized its proprietary brand, entering a profitable phase domestically, with significant growth in its main product categories, particularly pet food [10]. - The gross margin improved by 1.9 percentage points to 28.2% in 2024, with Q4 gross margin reaching 29.7%, benefiting from refined operations and normalization of production [10]. - The company expects to maintain strong growth in domestic business, driven by its brands and expansion into international markets, with projected net profits of 480 million CNY, 600 million CNY, and 720 million CNY for 2025, 2026, and 2027 respectively [10][12]. Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry, with a current A-share price of 48.58 CNY as of April 23, 2025 [2]. Financial Performance - The company reported a total revenue of 4.47 billion CNY in 2024, with a net profit of 390 million CNY, and is projected to achieve revenues of 5.62 billion CNY in 2025 [15]. - The earnings per share (EPS) for 2025 is projected to be 1.62 CNY, with a price-to-earnings (P/E) ratio of 30 [12]. Shareholder Information - Major shareholders include Yantai Zhongxing Biological Technology Co., Ltd., holding 24.80% of shares [2]. - Institutional investors hold 6.1% of the circulating A-shares, while general corporations hold 62.6% [4]. Product Composition - The company's product mix includes pet snacks (55.3%), pet canned food (14.8%), pet staple food (24.8%), and pet supplies (5.1%) [3]. Market Trends - The company has seen significant growth in its main product categories, particularly in pet staple food, which grew by 91.9% year-on-year in 2024 [10]. - The domestic market has shown a revenue increase of 30.3% year-on-year, attributed to enhanced brand strength and scale [10]. Future Projections - The company anticipates continued growth in revenue and net profit, with expected increases of 21.7%, 24.4%, and 21.3% for the years 2025, 2026, and 2027 respectively [12].

Core Viewpoint - The pet economy sector is experiencing strong growth, with Zhongchong Co., Ltd. reaching a historical high in stock price and a year-to-date increase of nearly 50% [1][3]. Financial Performance - In 2024, Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan, representing a year-on-year growth of 19.15%. The net profit attributable to shareholders was 394 million yuan, up 68.89% from the previous year, with basic earnings per share of 1.34 yuan, an increase of 67.95% [3][7][8]. - For Q1 2025, the company reported a revenue of 1.101 billion yuan, a 25.4% increase year-on-year, and a net profit of 91.16 million yuan, up 62.1% [5][6]. Business Segmentation - The company operates primarily in the pet food and supplies sector, which accounted for 96.14% of total revenue in 2024, with the remaining 3.86% from other businesses. Revenue from pet snacks was 3.132 billion yuan (70.16% of total revenue), while pet staple food generated 1.107 billion yuan (24.78%) [11][12]. - Geographically, overseas revenue was 3.051 billion yuan (68.33%), while domestic revenue was 1.414 billion yuan (31.67%) [11][12]. Research and Development - Research and development expenses increased by 51.7% to 72.68 million yuan, reflecting the company's commitment to enhancing product development [10][12]. Shareholder Activity - In Q1 2025, Hong Kong Central Clearing Limited increased its holdings in Zhongchong Co., Ltd., while Song Yong reduced his stake. New entrants to the top ten shareholders included Agricultural Bank of China Strategy Mixed Fund and Agricultural Bank of China Strategy Selected Mixed Fund [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a high growth in performance, with its own brand entering a rapid growth phase [1] - The company reported a total revenue of 4.465 billion yuan for 2024, representing a year-on-year growth of 19.15% [7] - The net profit attributable to the parent company for 2024 is projected to be 393.8 million yuan, reflecting a significant year-on-year increase of 68.89% [7] - The company is expected to maintain strong growth in the coming years, with net profit forecasts of 450.68 million yuan for 2025 and 551.32 million yuan for 2026 [1][7] Financial Performance Summary - Total revenue is projected to grow from 3.747 billion yuan in 2023 to 5.252 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 17.64% [1][8] - The net profit attributable to the parent company is expected to increase from 233.16 million yuan in 2023 to 450.68 million yuan in 2025, indicating a strong growth trajectory [1][8] - The earnings per share (EPS) is forecasted to rise from 0.79 yuan in 2023 to 1.53 yuan in 2025 [1][8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 61.44 in 2023 to 31.78 in 2025, suggesting an improving valuation [1][8] Product and Market Insights - The company has optimized its product structure, with significant growth in its own brand products, particularly in the staple food segment, which saw a revenue increase of 92% [7] - The domestic and international revenue for 2024 is expected to be 14 billion yuan and 30 billion yuan respectively, with year-on-year growth rates of 30% and 15% [7] - The company has established a stable customer base through long-term partnerships, ensuring consistent growth in its overseas business [7] Profitability Metrics - The gross margin for 2024 is projected to reach 28.2%, an increase of 1.9 percentage points year-on-year [7] - The net profit margin for 2024 is expected to be 8.8%, reflecting a year-on-year increase of 2.6 percentage points [7] - The company’s operating profit is forecasted to grow from 508 million yuan in 2024 to 731 million yuan in 2026 [8]

证券研究报告·公司点评报告·饲料 中宠股份（002891） 2024 年报及 2025 年一季报点评：业绩延续 高增，自有品牌进入增长快车道 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,747 | 4,465 | 5,252 | 6,161 | 7,152 | | 同比（%） | 15.37 | 19.15 | 17.64 | 17.29 | 16.10 | | 归母净利润（百万元） | 233.16 | 393.80 | 450.68 | 551.32 | 648.21 | | 同比（%） | 120.12 | 68.89 | 14.44 | 22.33 | 17.57 | | EPS-最新摊薄（元/股） | 0.79 | 1.34 | 1.53 | 1.87 | 2.20 | | P/E（现价&最新摊薄） | 61.44 | 36.38 | 31.78 | 25.98 | 22.10 | [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [15]. Core Insights - The company achieved a record high in annual performance for 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit attributable to shareholders of 394 million yuan, up 68.89% [1][3]. - The company's core brands are experiencing significant growth, particularly in the domestic market, where revenue from pet food has surged by 92% year-on-year, contributing to a robust overall performance [2][3]. - The company has successfully met its employee stock ownership plan targets, with a notable increase in profit margins and a strong performance in both domestic and international markets [3]. Revenue Summary - In 2024, the company generated total revenue of 4.465 billion yuan, with snacks (including canned food) contributing 3.1 billion yuan (up 5%) and pet staple food generating 1.1 billion yuan (up 92%) [2]. - Domestic revenue reached 1.41 billion yuan, reflecting a 30% year-on-year growth, while international revenue was 3.05 billion yuan, up 15% [2]. Profitability Summary - The company achieved a gross margin of 28.2% in 2024, an increase of 1.9 percentage points year-on-year, with domestic gross margin at 35% and international gross margin at 25% [3]. - The net profit margin for Q4 2024 was 8.8%, up 3.3 percentage points year-on-year, while Q1 2025 saw a net profit margin of 8.3%, an increase of 1.9 percentage points [3]. Financial Forecast - The company is projected to achieve revenues of 5.198 billion yuan in 2025, 6.088 billion yuan in 2026, and 6.989 billion yuan in 2027, with year-on-year growth rates of 16.4%, 17.1%, and 14.8% respectively [3][5]. - Net profit forecasts for 2025, 2026, and 2027 are 455 million yuan, 542 million yuan, and 632 million yuan, with respective growth rates of 15.7%, 19.0%, and 16.6% [3][5].

证券研究报告 中宠股份 (002891 CH) 自主品牌强势增长，25Q1 盈利高增 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 24 日│中国内地 | 饲料 | 中宠股份发布 2024 年报及 2025 年一季报，2024 年实现营收 44.65 亿元 （yoy+19.15%），归母净利 3.94 亿元（yoy+68.89%），扣非净利 3.86 亿元 （yoy+71.74%）。其中 Q4实现营收 12.76亿元（yoy+23.31%，qoq+3.56%）， 归母净利 1.12 亿元（yoy+98.20%，qoq-19.84%）。25Q1 实现营收 11.0 亿 元，yoy+25%；实现归母净利润 0.91 亿元，同比+62%、环比-18%。公司 2024 年盈利靠近此前 3.6～4.0 亿元的业绩预告上限，25Q1 归母净利润超 过我们此前 0.8～0.9 亿元的业绩预期，主系公司内销外销营收同比高增及 整体毛利率优化带动。向后看，公司具备海外工厂产能释放+自主品牌维持 高增等催化，看好公司 2025 年营收及盈利提升空间，维持"买入"评级。 ...

烟台中宠食品股份有限公司 2024 年度财务报表 审 计 报 告 烟台中宠食品股份有限公司 审计报告 和信审字(2025) 第 000551 号 | 됨 蒙 | 页 | | --- | --- | | 一、审计报告 | 1-5 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 6-9 | | 2、合并及公司利润表 | 10-11 | | 3、合并及公司现金流量表 | 12-13 | | 4、合并及公司股东权益变动表 | 14-17 | | 5、财务报表附注 | 18-126 | 和信会计师事务所 (特殊普通合伙) 二〇二五年四月二十三日 烟台中宠食品股份有限公司 和信审字(2025) 第 000551 号 烟台中宠食品股份有限公司全体股东: 一、审计意见 我们审计了烟台中宠食品股份有限公司(以下简称中宠公司)财务报表,包 括 2024 年 12 月 31 日的合并及公司资产负债表,2024年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了中宠公司 2024年 12 ...

联储证券股份有限公司 关于烟台中宠食品股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 联储证券股份有限公司（以下简称"联储证券"或"保荐机构"）作为烟台中宠 食品股份有限公司（以下简称"中宠股份"或"公司"）2020 年非公开发行股票的持 续督导保荐机构和 2022 年公开发行可转换公司债券的保荐机构，根据《证券发 行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》等法律、法规和规范性文件的要求，对中宠 股份 2022 年度募集资金存放与使用情况进行了核查，核查情况如下： 一、募集资金基本情况 （一）烟台中宠食品股份有限公司非公开发行股票（2020年募集资金） 经中国证券监督管理委员会以证监许可[2020]1627 号文《关于核准烟台中宠 食品股份有限公司非公开发行股票的批复》核准，公司本次非公开发行股份 17,373,312.00 股，每股面值 1 元，每股发行价格为 37.50 ...