Petpal Tech.(300673) 开源证券·2024-08-27 13:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has significantly improved due to the recovery of ODM orders and rapid growth in its own brand [2] - In H1 2024, the company reported revenue of 846 million yuan, a year-on-year increase of 71.64%, and a net profit attributable to shareholders of 98 million yuan, marking a return to profitability [2] - The report anticipates an upward revision of profit forecasts for 2024-2026, with expected net profits of 201 million, 224 million, and 271 million yuan respectively [2] Financial Performance Summary - H1 2024 gross profit margin was 26.35%, up 10.91 percentage points year-on-year, while the expense ratio decreased by 10.63 percentage points [3] - The company achieved a net profit margin of 11.65% in H1 2024, an increase of 20.44 percentage points year-on-year [3] - The revenue from pet chews in H1 2024 was 263 million yuan for animal skin chews and 298 million yuan for plant-based chews, reflecting year-on-year growth of 87.85% and 114.62% respectively [4] - The company’s overseas revenue in H1 2024 reached 689 million yuan, a year-on-year increase of 87.79%, driven by increased cooperation with existing clients and expansion into new markets [4] Financial Forecasts - The company’s projected revenue for 2024 is 2.175 billion yuan, with a year-on-year growth of 54.1% [5] - The expected EPS for 2024 is 0.79 yuan, with corresponding P/E ratios of 18.3, 16.4, and 13.6 for 2024, 2025, and 2026 respectively [5][7]