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研報掘金丨國盛證券:首予中寵股份“買入”評級,自主品牌浴火重生

國盛證券研報指出,中寵股份爲國內寵食開創者,自主品牌浴火重生。從內銷外銷看,公司內銷收入佔比持續提升,2024年公司國內業務佔比32%。股權結構穩定,股權激勵促長期發展;公司股權激勵目標2024-2026年整體收入目標同比增速分別爲14%/15%/17%,歸母淨利潤同比增速爲29%/30%/21%。選取寵物食品公司25/26年平均PE分別爲31/25倍。考慮到公司是國內寵物食品行業的開創者和龍頭企業,在產品力、渠道運營力、品牌塑造能力等各維度均具有一定優勢,給予公司一定估值溢價,首次覆蓋,給予“買入”評級。

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