中宠股份：Q3强劲增长，业绩超预期

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][7]. Core Insights - The company reported strong growth in Q3, with revenue reaching approximately 3.2 billion RMB, a year-on-year increase of 17.6%, and a net profit of 280 million RMB, up 59.5% year-on-year [4]. - The company is focusing on building its own brands and expanding its domestic market presence, with Q3 revenue growth estimated to exceed 20% [4]. - Export performance is expected to exceed expectations, driven by increased orders from the European market, with Q3 export growth potentially around 20% [4]. - The company has maintained stable expense management, with a slight increase in the comprehensive expense ratio, while gross margin was affected by raw material costs and exchange rates [4]. - Investment income contributed positively to profitability, with net investment income of approximately 45 million RMB in Q3 [4]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of approximately 3.2 billion RMB, with a net profit of 280 million RMB [4]. - The company expects to achieve net profits of 360 million RMB, 410 million RMB, and 490 million RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth of 52.3%, 15.8%, and 18% [5]. - The earnings per share (EPS) are projected to be 1.21 RMB, 1.40 RMB, and 1.65 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 [5][6].