Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Views - The company has shown strong growth in its pet care business, with a significant increase in overseas market share and a notable improvement in global supply chain collaboration [6]. - The company is actively expanding its production capacity in Cambodia, which is expected to enhance its competitive edge in the international market [5]. - The financial performance for 2024 indicates a revenue of 1.798 billion yuan, a year-on-year increase of 34.41%, and a net profit of 215.12 million yuan, reflecting a growth of 108.34% [10]. Financial Performance Summary - In Q1 2025, the company reported revenue of 485 million yuan, up 26.56% year-on-year, and a net profit of 54 million yuan, up 27.96% year-on-year [1]. - For Q4 2024, revenue reached 482 million yuan, a 37.16% increase year-on-year, with a net profit of 64 million yuan, showing a remarkable growth of 304.43% [1]. - The gross profit margin for 2024 was 19.63%, an increase of 2.61 percentage points, while the net profit margin was 11.97%, up 4.25 percentage points [1]. Product Performance - The revenue from pet disposable care products in 2024 was 1.69 billion yuan, a year-on-year increase of 34.9%, with sales volume reaching 3.909 billion pieces, up 29.91% [3]. - The average price of pet disposable care products was 0.43 yuan, reflecting a 4.1% increase year-on-year [3]. - The company has established a robust customer base, including major retailers and e-commerce platforms in the US, Europe, and Japan, contributing to a 35.8% share of the pet care product export market [4]. Capacity Expansion - The company has established a production capacity of 4.6 billion pet pads and 200 million pet diapers annually, capturing over 30% of the domestic export market for similar products [5]. - The new facility in Cambodia is expected to commence production by the end of April 2025, marking a significant step in the company's global capacity strategy [5]. Future Projections - The company forecasts net profits of 270 million yuan, 320 million yuan, and 380 million yuan for the years 2025, 2026, and 2027, respectively [6]. - The expected revenue growth rates for the upcoming years are 21.89% for 2025, 20.56% for 2026, and 18.32% for 2027 [10].
依依股份（001206）：成长靓丽，积极推进海外产能布局