中宠股份（002891）：自有品牌恢复高增，境外业务稳步增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant year-on-year growth in its financial performance, with a 19.2% increase in total revenue for 2024 and a 68.9% increase in net profit attributable to shareholders [6] - The company's self-owned brand revenue growth has accelerated, contributing to improved profitability, with a notable increase in online GMV for its brands [6] - The overseas business has also maintained steady growth, with a 14.6% increase in revenue from international operations [6] - The earnings forecast has been raised due to strong performance in both domestic and international markets, with projected revenues of 51.3 billion, 61.0 billion, and 72.4 billion for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 44.65 billion, with a year-on-year growth rate of 19.2% [5] - The net profit attributable to shareholders for 2024 is expected to be 3.94 billion, reflecting a 68.9% increase [5] - The gross profit margin for 2024 is estimated at 28.2%, with a net profit margin of 9.3% [6] - The company anticipates continued growth in revenue and profitability, with net profit projections of 4.38 billion, 5.30 billion, and 6.47 billion for 2025, 2026, and 2027 respectively [5][6]