中寵股份（002891.SZ）：國內寵物食品業務增速放緩，但仍高於行業水平
作者：葉樂、陳萌
來源：萌主風向標
事件
公司發佈半年報：2019年上半年公司實現營收7.87億元，同比增長21.58%；歸母淨利潤1610.69萬元，同比減少38.91%。扣非歸母淨利潤為1587.95萬元，同比減少38.75%。經營性現金流淨額為-552.12萬元，同比下降163.33%。ROE（加權平均）為2.25%，同比下降1.49個百分點。
簡評
國內寵物業務增速放緩，但仍高於行業平均水平。上半年，公司實現境內收入1.52億元，同比增長37.35%（2018年增速為61.54%），行業增速預計在20%-25%左右。上半年，受雞肉價格上漲影響，公司對國內產品有部分提價，境內業務毛利率約為44.04%，同比提升2.11個百分點，反映出國內自主品牌定價權較強。
受美國加關税影響，公司出口到美國的寵物食品收入增速有所降低，但表現已超預期。上半年境外收入為6.35億元，同比增長18.31%（2018年增速為35.02%）。毛利率約為17.20%，同比提升0.95個百分點，原因在於人民幣貶值和美方客户承擔大部分關税。
寵物乾糧和用品快速增長。上半年，寵物零食收入為6.46億元，同比增長20.97%；寵物罐頭收入為1.01億元，同比增長18.30%；寵物主糧為2667.63萬元，同比增長36.30%；寵物用品收入為1188.33萬元，同比增長114.74%。其中，寵物零食毛利率為18.73%，同比提升0.86個百分點；寵物罐頭毛利率為34.67%；同比提升4.42個百分點。
2Q19單季度收入為4.07億元，僅同比增長9.71%，相比1Q19單季度37.45%的收入增速有較大幅度下降。2Q19扣非歸母淨利潤同比下降37.33%，相比1Q19的-41.27%變動值下降有所放緩。
上半年毛利率有所提升，銷售費用率和財務費用率提升導致淨利率下降。上半年毛利率為22.43%，同比提升1.90個百分點；淨利率為2.88%，同比下降2.31個百分點。銷售費用率為9.78%，同比提升2.30個百分點；財務費用率為1.40%，提升1.61個百分點。
盈利預測與評級：預計公司2019、20年歸母淨利潤分別為0.56、0.73億元（前次為0.65、0.93億元），同比變化值為-0.7%、29.4%。維持“增持”評級。
風險提示：中美貿易摩擦持續、雞肉價格持續高位運行
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