Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook with expectations of significant profit growth in the coming years [1]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 198-225 million yuan in 2024, representing a year-on-year increase of 91.8-117.9%. The fourth quarter of 2024 is projected to see a net profit of 47-74 million yuan, with a median of 61 million yuan, indicating a substantial year-on-year growth of 196.6-366.7% [1][3]. - The company has a strong order backlog and is experiencing good growth in both new and existing customers, with a solid market position in North America and expanding presence in Europe and Asia [3]. - Manufacturing optimization is ongoing, with a capacity utilization rate exceeding 90%, and the company is well-positioned to manage tariff risks associated with exports to the U.S. [3]. Summary by Sections Financial Performance - Total revenue for 2022 was 1,516 million yuan, with a projected increase to 1,763 million yuan in 2024, reflecting a growth rate of 31.8%. The net profit attributable to the parent company is expected to rise from 151 million yuan in 2022 to 207 million yuan in 2024, marking a growth of 100.5% [4]. - The gross margin is projected to improve from 13.7% in 2022 to 19.6% in 2024, indicating enhanced profitability [4]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 2.1 billion yuan, 2.6 billion yuan, and 3.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18.9X, 15.3X, and 12.8X [3][4]. Market Position - The company has established deep ties with major global clients such as Amazon, PetSmart, and Walmart, and has captured over 35% of the domestic customs export market for similar products [3].
依依股份：业绩增长靓丽，在手订单饱满，25年预期乐观