Petpal Tech.(300673) 新浪财经·2025-04-24 02:45Core Viewpoint - The company reported strong financial performance for 2024, with significant growth in revenue and profit driven by its focus on self-owned brands, despite a decline in domestic sales due to strategic adjustments [1][2]. Financial Performance - For 2024, the company achieved revenue of 1.66 billion and a net profit of 180 million, representing year-on-year growth of 17.6% and 1742.8% respectively [1]. - In Q1 2025, revenue decreased to 330 million, with a net profit of 20 million, showing a decline of 14.4% and 46.7% year-on-year [1]. - The earnings per share (EPS) for 2024 and Q1 2025 were 0.75 and 0.09 yuan per share respectively [1]. Market Dynamics - The company’s overseas market sales accounted for 82.6% of total revenue, with a 33% increase in self-owned brand revenue, particularly a 52% increase for the brand "Jueyan" [2]. - The company’s overall gross margin improved by 10.2 percentage points to 29.4% in 2024, with overseas markets contributing an 11.0 percentage point increase to 28.9% [2]. Cost and Margin Analysis - In Q1 2025, the company faced short-term pressure on performance due to increased sales and management expenses, with expense ratios rising by 3.8 and 3.0 percentage points to 8.5% and 9.3% respectively [2]. - The gross margin for Q1 2025 increased by 4.3 percentage points to 28.6% year-on-year [2]. Strategic Initiatives - The company plans to launch new high-end products under the "Jueyan" brand, including freeze-dried snacks and premium cat food, to enhance brand visibility and growth [3]. - The company anticipates that the impact of tariffs will be manageable, with a shift of U.S. customer orders to Southeast Asian factories [3]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.88 billion, 2.10 billion, and 2.35 billion respectively, with net profits expected to be 180 million, 217 million, and 259 million [3]. - The projected price-to-earnings (PE) ratios for 2025-2027 are 19.89, 16.47, and 13.80 times [3].