Petpal Tech.(300673) 东兴证券·2025-04-24 01:20Investment Rating - The report maintains a "Strong Buy" rating for Petty Co., Ltd. [5] Core Views - The company achieved significant growth in 2024, with operating revenue reaching 1.659 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 182.21 million yuan, a year-on-year increase of 1742.81% [1][3] - In Q1 2025, the company experienced revenue fluctuations due to tariff disturbances and increased expenses, with operating revenue of 329 million yuan, a year-on-year decrease of 14.40%, and a net profit of 22 million yuan, a year-on-year decrease of 46.71% [1][2] - The company is focusing on expanding its overseas market, particularly in the U.S., and has successfully transferred all U.S. customer orders to Southeast Asian factories [2][3] Summary by Sections Financial Performance - In 2024, the company reported overseas sales of 1.371 billion yuan, a year-on-year increase of 29.12%, with an overseas business gross margin of 28.94%, up 11.04 percentage points from 2023 [1] - The company’s expense ratio decreased to 15.45% in 2024, down 1.99 percentage points from 2023, contributing to the overall performance improvement [1] Domestic Market and Brand Development - In 2024, domestic sales revenue was 288 million yuan, with a focus on self-owned brands leading to a 33% increase in self-owned brand revenue, particularly the "Jueyan" brand, which grew by 52% [2] - The company plans to expand its self-owned brands into more platforms and enhance its offline presence in mid-to-high-end supermarkets [2] Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 199.07 million yuan, 232.75 million yuan, and 285.67 million yuan, respectively, with corresponding EPS of 0.79, 0.92, and 1.13 yuan [3][4]