佩蒂股份：自有品牌建设取得突破，主粮新品值得期待！

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][15]. Core Views - The company achieved significant growth in its first half of 2024, with revenue reaching 846 million yuan, a year-on-year increase of 71.64%, and a net profit of 98 million yuan, up 329.38% year-on-year [1]. - The domestic market is expanding with a focus on self-owned brands, particularly the "Jueyan" brand, which has seen strong sales performance [2]. - The overseas business is recovering, with a 90.2% increase in revenue from international markets, driven by the end of inventory destocking by overseas clients [3]. - The company is expected to continue its growth trajectory, with projected revenues of 1.976 billion yuan, 2.434 billion yuan, and 2.843 billion yuan for 2024, 2025, and 2026 respectively [4]. Summary by Sections Domestic Market Performance - In the first half of 2024, domestic revenue reached 157 million yuan, a 24.6% increase, with a gross margin of 23.23% [2]. - The company has established a comprehensive online and offline sales strategy, enhancing brand visibility and sales through platforms like Tmall, JD.com, and Douyin [2]. - The "Jueyan" brand has become a bestseller, particularly during promotional events like the 618 shopping festival, achieving a GMV of over 25 million yuan [2]. International Market Performance - The company's international revenue for the first half of 2024 was 689 million yuan, reflecting a 90.2% increase, with a gross margin of 27.06% [3]. - The company has production bases in Vietnam, Cambodia, and New Zealand, with the New Zealand facility set to begin large-scale production soon [3]. - The New Zealand factory is expected to supply high-quality products primarily for the company's self-owned brands [3]. Financial Projections - The company is projected to turn profitable, with net profits expected to reach 148 million yuan, 190 million yuan, and 245 million yuan for 2024, 2025, and 2026 respectively [4]. - The report anticipates a significant recovery in profitability, with a net profit margin projected to improve over the next few years [4].