东吴证券研报指出，中宠股份25H1归母净利+42.6%，自有品牌快速成长。公司持续加快海外布局，2025年墨西哥工厂正式建成，预计受益于北美、墨西哥等海外工厂产能释放，代工业务有望进一步提升。中宠股份作为全球宠物食品行业领跑者，境内业务自有品牌顽皮、ZEAL经历调整后重拾增长，领先品牌势能持续强劲，境外业务与多家客户保持长期合作关系，客户基础稳定，同时完备全球产能布局且产能持续扩产保障长期稳定成长。维持公司2025-2027年归母净利润预测4.5/5.5/6.5亿元，同比+14%/+23%/+18%，对应PE分别为40/32/27X，维持“买入”评级。
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