Group 1: Trade and Tariff Impact - The company has faced a 7.5% tariff on products exported to the U.S. since June 2023, which is borne by downstream customers [2] - Historical tariffs included a 15% tariff imposed in September 2019, which was reduced to 7.5% in February 2020 and later exempted from tariffs in March 2020 [3] - The company has established stable long-term relationships with overseas clients, particularly in the pet care market, which is characterized by high demand for essential products [3] Group 2: Order and Production Capacity - Current order levels are sufficient, with a production capacity utilization rate of over 90% for pet pads and a 100% equipment operating rate [3] - There has been no significant increase in customer inventory replenishment recently, following a period of destocking in 2023 [3] Group 3: Material Costs and Profit Margins - Recent raw material prices have remained stable, with a reasonable gross margin for pet pads ranging from 17% to 23% [3] - The company's gross margin for the first three quarters of 2024 is reported at 19.57%, an increase of 3.13 percentage points year-on-year due to improved capacity utilization and cost control measures [3] Group 4: Domestic Brand Development - The company is actively investing in its own brand development through various channels, including e-commerce platforms and partnerships with pet brand operators [4] - Increased sales expenses are being allocated towards team optimization, distributor expansion, online promotion, and offline exhibitions [4] - The domestic pet product market is still in its early stages, with significant growth potential anticipated as consumer demand continues to rise [4]
依依股份(001206) - 依依股份投资者关系管理信息