Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a pioneer in the pet food industry, focusing on the pet food sector with a significant global presence, including 22 modern high-end pet food production bases and a national R&D center, with products sold in 85 countries and regions [4][15] - The company's revenue has grown from 510 million yuan in 2013 to 3.75 billion yuan in 2023, with a compound annual growth rate (CAGR) of 22.1% [4] - For 2024, the company expects to achieve a net profit attributable to shareholders of 360-400 million yuan, representing a year-on-year growth of 54.5%-71.55% [22] Summary by Sections 1. Company Overview - The company was established in 1998 and initially focused on exporting pet snacks, now offering a comprehensive product line including dry food, wet food, and treats [15] - The company has developed a differentiated brand matrix centered around three core brands: "Wanpy," "ZEAL," and "TOPTREES" [15] 2. Overseas Market Growth - The overseas market remains a major source of revenue and profit, with overseas income growing from 1.157 billion yuan in 2018 to 2.661 billion yuan in 2023, reflecting a CAGR of 18.1% [5][41] - The company has established six overseas factories and is expanding its production capacity in the U.S. to meet local demand and enhance profitability [5][42] 3. Domestic Market Development - The domestic pet market is thriving, with a projected consumption scale exceeding 300 billion yuan in 2024, growing by 7.5% year-on-year [6][49] - The company has optimized its self-owned brand strategy, leading to significant improvements in profitability and market presence [6][64] 4. Financial Forecasts - The company anticipates main business revenues of 4.413 billion yuan, 5.162 billion yuan, and 6.128 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 373 million yuan, 421 million yuan, and 551 million yuan [7][10] - The expected earnings per share (EPS) for the same period are projected to be 1.27 yuan, 1.43 yuan, and 1.87 yuan [7][10]

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-007 烟台中宠食品股份有限公司 关于不提前赎回"中宠转 2"的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、烟台中宠食品股份有限公司（以下简称"公司"）股票价格自 2025 年 1 月 15 日至 2025 年 2 月 12 日，已有十五个交易日的收盘价不低于"中宠转 2" 当期转股价格（即 27.81 元/股）的 130%（即 36.16 元/股）。根据《烟台中宠食 品股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）中有条件赎回条款的相关规定，已触发"中宠转 2"有条件赎回条款。 2、公司于 2025 年 2 月 12 日召开了第四届董事会第十二次（临时）会议， 审议通过了《关于不提前赎回"中宠转 2"的议案》。公司董事会决定本次不行 使"中宠转 2"的提前赎回权利，且在未来 12 个月内（即 2025 年 2 月 13 日至 2026 年 2 月 12 日），若再次触发"中宠转 2"有条件 ...

联储证券股份有限公司 关于烟台中宠食品股份有限公司 不提前赎回"中宠转 2"的核查意见 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"）2022 年度公开发行 可转换公司债券持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《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 13 号——保荐业务》《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》《可转换公司债券管理办法》《深圳证券交易所上市公司自律监管 指引第 15 号—可转换公司债券》等有关规定，对中宠股份不提前赎回"中宠转 2"的事项进行了审慎核查，发表核查意见如下： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠食 品股份有限公司于 2022 年 10 月 25 日公开发行了 7,690,459.00 张可转换公司债 券，每张面值 100.00 元，发行总额为 76,904.59 万元。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上〔 ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-006 烟台中宠食品股份有限公司 关于第四届董事会第十二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 2025 年 2 月 12 日，烟台中宠食品股份有限公司（以下简称"公司"）第四 届董事会第十二次（临时）会议在公司会议室以现场加通讯相结合的方式召开。 会议通知已于 2025 年 2 月 7 日通过专人送达、电子邮件等方式送达给董事、监 事和高级管理人员，本次会议应出席会议董事 9 人，实际出席会议董事 9 人，其 中郝忠礼先生、伊藤范和先生、郝宸龙先生以通讯表决方式出席会议，公司董事 长郝忠礼先生主持了本次会议，公司全体监事、高级管理人员列席会议，会议的 召开符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 1 | 证券代码：002891 | 证券简称：中宠股份 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：127076 | 债券简称：中宠转 2 | ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-005 债券代码：127076 债券简称：中宠转 2 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 烟台中宠食品股份有限公司（以下简称"公司"）股票价格自 2025 年 1 月 15 日至 2025 年 2 月 5 日，已有 10 个交易日的收盘价不低于"中宠转 2"当期转 股价格（27.81 元/股）的 130%（即 36.16 元/股）。如后续公司股票收盘价格继 续不低于当期转股价格的 130%，预计将有可能触发"中宠转 2"的有条件赎回 条款。根据《烟台中宠食品股份有限公司公开发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）中有条件赎回条款的相关规定，届时公司有权 决定按照债券面值加当期应计利息的价格赎回全部或部分未转股的"中宠转 2"。 敬请广大投资者详细了解可转换公司债券（以下简称"可转债"）相关规定， 并及时关注公司后续公告，注意投资风险。 烟台中宠食品股份有限公司 关于"中宠转 2"预计触发赎回条件的提示性公告 一、可转债基本情况 （一）可转换公司债券 ...

Investment Rating - The report gives a "Buy" rating for the company, Zhongchong Co., Ltd. (中宠股份) [5] Core Views - Zhongchong Co., Ltd. is a leading player in the domestic pet food industry, with its own brands entering a rapid growth phase. The company has maintained strong revenue growth, achieving 3.747 billion yuan in revenue in 2023, a year-on-year increase of 15.4% [2][5] - The company has a solid foundation in overseas OEM/ODM business, with overseas revenue accounting for 68% of total revenue in 2023. The company is expanding its production capacity in various countries, which is expected to boost performance [4][5] Summary by Sections 1. Domestic Pet Food Leader, Own Brands Entering Growth Phase - Established in 1998, Zhongchong Co., Ltd. has developed a strong presence in the pet food industry, with products sold in over 70 countries. The company operates three core brands: "Wanpy," "ZEAL," and "Toptrees," covering various product categories [2][18] - The company has seen rapid revenue growth from 2013 to 2023, with a compound annual growth rate (CAGR) of 22.15%. In 2023, the company achieved a net profit of 233.16 million yuan, a year-on-year increase of 120.12% [2][5] 2. Dual-Engine Growth from Domestic and Overseas Markets - Domestic revenue from self-owned brands reached 1.41 billion yuan in 2023, accounting for 32% of total revenue. The company has focused on adjusting its self-owned brands to enhance growth, particularly in staple food products [3][5] - The overseas business generated 2.66 billion yuan in revenue in 2023, driven by strong demand and the expansion of production capacity in multiple countries [4][5] 3. Financial Data: Strong Performance and Profitability Improvement - The company has shown significant revenue growth, with total revenue increasing from 507 million yuan in 2013 to 3.747 billion yuan in 2023, reflecting a CAGR of 22.1%. The net profit has also increased significantly, with a CAGR of 30.7% [25] - The company expects net profit for 2024 to be between 360 million and 400 million yuan, representing a year-on-year growth of 54% to 72% [25][5] 4. Investment Forecast and Recommendations - The report forecasts net profits of 380 million yuan, 450 million yuan, and 550 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 29, 25, and 20 [5]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 360 million to 400 million yuan in 2024, representing a year-on-year growth of 54.40% to 71.55%. The non-recurring net profit is projected to be between 320 million and 370 million yuan, with a growth rate of 42.26% to 64.49% [8]. - The pet food industry is experiencing positive export data and expanding market size, with a 21.4% year-on-year increase in pet feed production in the first half of 2024. The export volume of pet food in December 2024 reached 32,700 tons, a year-on-year increase of 31.6% [8]. - The company's product profitability has significantly improved, driven by the development of its own brands and an increase in the proportion of high-margin products. The domestic business has become profitable, and overseas operations are steadily growing [8]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 3,248 million yuan in 2022 to 5,807 million yuan in 2026, with a compound annual growth rate (CAGR) of 13.89% [9]. - The net profit is expected to increase from 106 million yuan in 2022 to 581 million yuan in 2026, with a notable growth rate of 120.12% in 2023 and 58.79% in 2024 [9]. - The earnings per share (EPS) are forecasted to rise from 0.36 yuan in 2022 to 1.97 yuan in 2026, reflecting the company's growth trajectory [9]. Market Position - The company is recognized as a leading player in China's pet industry, benefiting from both domestic and international market growth. The report emphasizes the company's strategic focus on optimizing product structure and expanding its global supply chain [8][9]. Valuation Metrics - The report provides a comparison of the company's price-to-earnings (P/E) ratio, which is projected to be 32.07 for 2024, decreasing to 20.45 by 2026, indicating a reasonable valuation range considering the company's growth potential [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Zhongchong Co., Ltd. (中宠股份), is expected to achieve a net profit of 360-400 million yuan for 2024, representing a year-on-year growth of 54.4%-71.55% [4][9]. - The company has established a strong foothold in the pet food industry, focusing on its own brands and expanding its overseas business [5][8]. - The domestic business has turned profitable in 2024, with a significant growth potential for its proprietary brands [6]. Company Overview - Zhongchong Co., Ltd. was founded in 1998 and is a leader in the pet food sector in China, offering a wide range of products including dog and cat food, snacks, and health products [5]. - The company has a total market capitalization of 11.7 billion yuan and a current share price of 39.95 yuan [3]. Financial Performance - The company forecasts revenues of 4.427 billion yuan in 2024, with a year-on-year growth rate of 18.13% [11]. - The projected net profit for 2024 is 380 million yuan, reflecting a growth rate of 62.81% compared to the previous year [11]. - The earnings per share (EPS) for 2024 is estimated at 1.29 yuan, with a corresponding price-to-earnings (P/E) ratio of 31 [9][11]. Brand Development - The company has focused on building its proprietary brands, with "Wanpy," "Zeal," and "Toptrees" being the core brands that account for approximately 80% of domestic business [6]. - The brand "Toptrees" has rapidly gained recognition in the mid-to-high-end market since its establishment in 2021 [6]. Overseas Expansion - The company operates 22 modern pet food production bases globally and has expanded its export business to 68 countries and regions [8]. - Plans are in place to build a second factory in the United States, which will add 12,000 tons of production capacity [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to achieve a significant year-on-year increase in net profit for 2024, with estimates ranging from 360 to 400 million yuan, representing a growth of 54.40% to 71.55% [6]. - The company's self-owned brand revenue is recovering rapidly, with online GMV for its brands increasing by 26% year-on-year [6]. - The overseas ODM business is showing steady growth, with a 22.8% increase in pet food exports from China [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 3,747 million yuan in 2023 to 5,920 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.2% [6][8]. - The net profit attributable to the parent company is expected to rise from 233 million yuan in 2023 to 510 million yuan in 2026, reflecting a CAGR of about 19.2% [6][8]. - The gross margin is anticipated to improve from 26.3% in 2023 to 30.2% by 2026, indicating enhanced profitability [6].

Investment Rating - The report maintains a positive investment rating for Zhongchong Co Ltd (002891) [1] Core Views - Zhongchong Co Ltd is expected to achieve a net profit attributable to the parent company of 3.6-4.0 billion yuan in 2024, representing a year-on-year increase of 54.4-71.6% [1] - The company's domestic sales growth has accelerated, while overseas sales profitability has improved, with foreign exchange contributing to incremental gains [1] - In Q4 2024, the company achieved a median net profit attributable to the parent company of 0.98 billion yuan, a year-on-year increase of 73.7% [1] Domestic Sales - The company's domestic sales growth is expected to further accelerate in Q4 2024, with profitability gradually improving due to product structure adjustments and cost reduction initiatives [3] - The "Wanpi" brand completed adjustments by the end of Q1 2024, with its 100% fresh meat products performing exceptionally well in sales [3] - New products such as freeze-dried goat milk sticks were launched offline, contributing to the continuous acceleration of the "Wanpi" brand's growth and a significant increase in customer unit price [3] - The "Leading" brand maintained rapid growth, collaborating with the popular drama IP "Empresses in the Palace" and launching new baked cat food products [3] - The "Zeal" brand also maintained rapid growth, with popular products including the 0-number cans and air-dried food [3] Overseas Sales - Overseas sales orders grew steadily in Q4 2024, with both exports and overseas subsidiaries performing well [3] - According to the General Administration of Customs, China's pet food export value increased by 21.2% year-on-year in Q4 2024 (October-November), indicating continued strong demand [3] - The company's overseas production capacity is gradually expanding, with bases in the US, Canada, and New Zealand releasing incremental capacity [3] - As of August 2024, the company had 22 pet food production bases globally, exporting products to 82 countries and regions across five continents, with its own brands exported to 68 countries and regions [3] Financial Projections - The company's net profit attributable to the parent company is projected to be 3.8 billion yuan in 2024, 4.4 billion yuan in 2025, and 5.4 billion yuan in 2026 [3] - The corresponding P/E ratios are 31.0X, 26.9X, and 21.7X for 2024, 2025, and 2026, respectively [3] Key Financial Indicators - The company's operating income is expected to grow from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026, with a compound annual growth rate (CAGR) of 17.4% [5] - The net profit attributable to the parent company is projected to increase from 106 million yuan in 2022 to 540 million yuan in 2026, with a CAGR of 23.6% [5] - The gross margin is expected to improve from 19.8% in 2022 to 31.0% in 2026 [5] - The return on equity (ROE) is projected to increase from 5.1% in 2022 to 16.4% in 2026 [5] Balance Sheet and Income Statement - The company's total assets are expected to grow from 3.840 billion yuan in 2022 to 5.996 billion yuan in 2026 [7] - The company's operating income is projected to increase from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026 [7] - The net profit attributable to the parent company is expected to rise from 106 million yuan in 2022 to 540 million yuan in 2026 [7] Cash Flow - The company's operating cash flow is projected to increase from 120 million yuan in 2022 to 687 million yuan in 2026 [7] - The net cash flow from investment activities is expected to decrease from -436 million yuan in 2022 to -100 million yuan in 2026 [7] - The net cash flow from financing activities is projected to decrease from 511 million yuan in 2022 to -119 million yuan in 2026 [7]