据中宠股份财报，公司2024年Q3单季归母净利润约1.4亿元，同比增加73.18%；扣非归母净利润约1亿元，同比增加34.27%。报告期内，来自山东帅客宠物食品有限公司的投资收益和政府补助约3800万。1. yantai china pet foods Q3 performance increased significantly year-on-year, but the profit growth mainly came from investment income and government subsidies; 2. In Q3 of 2024, the company's sales expenses and gross margin both declined compared to the previous quarter, causing concerns among some investors.
Caifuhao News on October 21st (Reporter: Xiao Lianghua) The domestic and international markets continue to expand, with Yantai China Pet Foods (002891.SZ) showing a significant increase in third-quarter performance both quarter-on-quarter and year-on-year.
However, Caifuhao News reporters also noted that the main source of the company's third-quarter performance increase comes from investment income, and the company saw a decrease in both sales expenses and gross margin quarter-on-quarter in Q3.
According to Yantai China Pet Foods' financial report, the company's third-quarter net income attributable to shareholders in 2024 was approximately 0.14 billion yuan, an increase of 73.18% year-on-year; the non-net profit attributable to shareholders was about 0.1 billion yuan, an increase of 34.27% year-on-year. During the reporting period, investment income and government subsidies from Shandong Shuaike Pet Food Co., Ltd. amounted to about 38 million.
During the reporting period, the company's investment income was 57.1445 million yuan, an increase of 273.82% year-on-year, mainly due to the increase in equity investment income for the period; the company's other income was 10.2031 million yuan, an increase of 303.91% year-on-year, mainly due to the increase in government subsidies received for the period.
Yantai China Pet Foods achieved revenue of 1.23 billion in Q3, a year-on-year increase of 23.55%. According to an industry observer who spoke to Caifuhao News reporters, Yantai China Pet Foods' Q3 overseas business revenue saw an increase of almost 20%, while domestic business revenue experienced an approximately 30% growth. "The main growth in overseas business comes from the Canadian factory, with a significant year-on-year increase in Q3 revenue."
Competition in the pet food industry remains fierce, with Yantai China Pet Foods experiencing a decrease in sales expenses, which has raised concerns among some investors. Data shows that the company's sales expenses in the first quarter of this year were 91.13 million yuan, 0.219 billion yuan in the first half of the year, and 0.333 billion yuan in the first three quarters, with the sales expenses decreasing quarter-on-quarter in the third quarter.
It is worth noting that despite the continuous low prices of raw materials like chicken breast meat and the decrease in sales expenses, the company's gross margin did not increase but instead decreased, showing a decline quarter-on-quarter.
The data shows that the company's gross margin for the first half of the year was 27.97%, by the first three quarters of 2024, this figure had dropped to 27.55%.
