Petpal Tech.(300673) 东海证券·2025-04-25 10:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.659 billion yuan for 2024, representing a year-on-year increase of 17.56%, and a net profit of 182.21 million yuan, marking a turnaround from losses [2] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decrease of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% year-on-year [2] - The company expects continued growth in its self-owned brand revenue, particularly in the overseas market, which saw a revenue increase of 29.1% year-on-year in 2024 [5] Summary by Sections Financial Performance - 2024 revenue: 1,659.04 million yuan, with a year-on-year growth of 17.56% [3] - 2024 net profit: 182.21 million yuan, with a year-on-year growth of 1742.81% [3] - Q1 2025 revenue: 329 million yuan, down 14.4% year-on-year [2] - Q1 2025 net profit: 22.23 million yuan, down 46.71% year-on-year [2] Profit Forecast and Valuation - Forecasted revenues for 2025, 2026, and 2027 are 2,012.76 million yuan, 2,370.97 million yuan, and 2,680.31 million yuan respectively, with year-on-year growth rates of 21.32%, 17.80%, and 13.05% [3] - Forecasted net profits for the same years are 193.92 million yuan, 231.48 million yuan, and 266.29 million yuan, with year-on-year growth rates of 6.43%, 19.36%, and 15.04% [3] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 0.78 yuan, 0.93 yuan, and 1.07 yuan [3] Market and Product Insights - The company has seen strong growth in its self-owned brands, with a 33% increase in revenue from these brands in the domestic market [5] - The overseas market's gross margin improved to 28.94%, up 11.04 percentage points year-on-year, driven by increased demand and production capacity utilization [5] - The company plans to expand its product offerings, including high-end pet food, and enhance its distribution channels both online and offline [5]