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中信证券-中宠股份(002891)深度跟踪报告:海外业务重回增长,国内业务提质增量-230608

客户库存去化已近尾声,公司海外业务有望重回增长。今年以来,公司国内业务已经呈现出多项积极变化,多品牌增长路径更加清晰,我们看好在新团队的带领下,公司国内业务持续提质增量,逐步迎来利润拐点。考虑到海外业务恢复力度超预期,我们上调公司2023-2025年EPS预测至0.55/0.76/1.11元(原预测值0.48/0.72/1.04元)。采用分部估值,目标市值90亿元,对应目标价为 30元,维持“买入

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