证券代码：001206 证券简称：依依股份 公告编号：2025-025 天津市依依卫生用品股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第三 届董事会第十九次会议，逐项审议通过了《关于回购公司股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司发行的人民币普通股（A 股）用于股权激励或员工 持股计划。本次回购资金总额上限为 4,000 万元（含），回购资金总额下限为 2,000 万元（含）。 回购股份的价格为不超过人民币 26.00 元/股，若按照回购股份价格上限 26.00 元/股测算， 本次回购股份数量区间为769,230股至1,538,461股，占公司目前总股本比例的区间为0.4160% 至 0.8321%。具体回购数量以回购期满或回购完成时实际回购的股份数量为准。回购股份 实施期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司 于 2025 年 4 月 12 日在指定信息披露媒体及巨潮资讯网（http://www.cninfo.com.cn）披露的 《第三届董事会第十九次会议决议公告》（公告编号：2025-011）、《关于回购公司股份 ...

智通财经5月6日电，依依股份在互动平台表示，受关税政策影响暂缓出货的对美业务目前正逐步恢复出 货，公司的生产经营一切正常。 依依股份：对美业务正逐步恢复出货 ...

风险因素：全球贸易摩擦加剧，产能投放不及预期，未来关税变动风险 盈利能力优化，营运能力健康。25Q1 公司毛利率/归母净利率18.9%/11.1%（同比+0.6/+0.1pct），销售/ 管理/研发费用率分别为1.9%/2.4%/0.9%（同比+0.1/-0.1/-0.4pct）。截至25Q1 末存货/应收/应付账款周转 天数分别为42/70/37 天（同比-2/+6/-5 天），营运能力稳健。经营性现金流净额为0.72亿元（同比+0.38 亿元），现金流改善。 盈利预测：我们预计公司2025-2027 年实现归母净利润2.2、2.6、3.1 亿元，对应PE 分别为15、13、 11X。 事件：公司发布24&25Q1 业绩。2024 年公司实现收入 17.98 亿元（同比+34.4%），归母净利润2.15 亿 元（同比+108.3%）；单24Q4 收入4.82 亿元（同比+37.2%），归母净利润0.64 亿元（同比+304.4%）； 25Q1 实现收入4.85 亿元（同比+26.6%），归母净利润0.54 亿元（同比+28.0%），收入&利润保持稳健 增长。我们预计受关税影响，美国客户下单或受到一定干扰，收 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 依依股份(001206) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 相关研究 [Table_OtherReport] 依依股份：业绩增长靓丽，在手订单 饱满，25 年预期乐观 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 依依股份：Q1 经营稳健，关税短期扰动，长 期发展无虞 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary] 24&25Q1 业绩。2024 年公司实现收入 17.98 亿元（同比 +34.4%），归母净利润 2.15 亿元（同比+108.3%）；单 24Q4 收入 4.82 亿 元（同比+37.2%），归母净利润 0.64 亿元（同比+304.4% ...

Group 1 - The company maintains a dual-driven strategy focusing on both domestic and international markets for growth [1][2] - In the overseas market, the company plans to develop new international markets and customer resources through bidding, participation in pet exhibitions, and referrals from existing clients, targeting regions like Europe, Southeast Asia, and South America [1] - The European market is a key focus area due to its high pet ownership penetration and scientific pet care awareness, with the company leveraging its core advantages in pet hygiene product R&D and production through ODM/OEM partnerships with major retailers and e-commerce platforms [1] Group 2 - The domestic market is expected to see rapid growth in demand for pet hygiene products, driven by the flourishing pet industry and increasing awareness of pet health care among owners [2] - The company has increased investment in promoting its own brand domestically, optimizing its sales team, and enhancing new product promotion and advertising to gradually increase market share [2]

Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a year-on-year increase of 34.41% [5] - The net profit attributable to shareholders reached 215 million yuan, up 108.34% year-on-year; the net profit after deducting non-recurring gains and losses was 191 million yuan, an increase of 75.09% [5] - Cumulative cash dividends and share repurchases will total 517 million yuan, accounting for 88.61% of the cumulative net profit attributable to shareholders [8] Market Strategy - The company plans to enhance its domestic market presence by increasing investment in brand promotion and optimizing sales teams [2][10] - The company aims to expand into emerging markets, particularly in Southeast Asia and South America, while maintaining a focus on the European market [10] Industry Outlook - The pet hygiene care products market is expected to grow significantly, driven by increasing consumer demand and the industry's overall expansion [3][4] - The U.S. pet industry is projected to reach $151.9 billion in 2024, with a year-on-year growth of 3.33% [3] - The Japanese pet market is expected to reach 1.9026 trillion yen in 2024, growing by 2.13% from the previous year [3] Financial Structure and Risk Management - The company maintains a low debt leverage and sufficient cash flow, providing a strong financial foundation for market expansion and risk management [2] - The company employs foreign exchange hedging to mitigate currency fluctuation risks [2] Sales and Marketing Expenses - In 2024, sales expenses amounted to 31.6028 million yuan, reflecting a year-on-year increase of 16.72% [2] - The increase in sales expenses is attributed to participation in major pet exhibitions and enhanced domestic brand promotion efforts [2] Production and Export Strategy - The company has established its first overseas production base in Cambodia, expected to produce nearly 300 million pet pads annually, enhancing global operational efficiency [6] - The company exports primarily under the FOB model, with recent tariff changes impacting costs [6][7] Shareholder Engagement - The company emphasizes long-term value creation and has a three-year shareholder return plan to ensure consistent profit distribution [8]

Summary of YiYi Co., Ltd. Conference Call Company Overview - YiYi Co., Ltd. reported a revenue growth of 21.06% year-on-year for 2024, with net profit increasing by 108.34%, attributed to scale effects, stable raw material prices, and enhanced internal controls [1][2] - In Q1 2025, revenue grew by 26.56% year-on-year, and net profit increased by 27.96%, with operating cash flow rising significantly by 112% [1][2] Key Financial Performance - For 2024, total revenue reached 798 million yuan, a 34.41% increase, with overseas revenue at 1.682 billion yuan, up 35.44% [2] - Core products showed strong growth: pet pads up 35.72%, pet diapers up 26.16%, and non-woven fabric products up 33.94% [2] - Q1 2025 revenue was 485 million yuan, with overseas revenue at 454 million yuan, a 27.15% increase [2] Customer Base and Sales - The top five customers accounted for nearly 53% of sales, including major clients like Amazon, Passat, and Walmart, all showing good growth [1][5] - New customer Costco achieved sales of 176 million yuan, representing over 9% of total sales [5] Market Strategy and Expansion - To mitigate tariff impacts, YiYi is expanding into non-U.S. markets and increasing domestic market efforts [1][6] - The company is progressing well with its production capacity in Cambodia, expecting to complete four production lines by the end of April, with about 20% of exports directed to the U.S. [1][7] Production Efficiency and Cost Management - Current production efficiency in Cambodia is lower than in China, but equipment upgrades are in place [1][8] - The company has managed to control the impact of U.S. dissolving pulp tariffs through various strategies, including absorbing some costs and seeking support from suppliers [1][10] Domestic Market and Brand Development - YiYi is focusing on domestic market development, setting a sales target of 50 million yuan for its own brand [1][9] - The company has seen positive changes in domestic sales since 2024, with a significant increase in new customers contributing to revenue [1][9] Profitability and Margin Analysis - The overseas gross margin improved, while domestic gross margin declined, primarily due to the non-woven fabric business [3][22] - The company emphasizes investor returns, planning to maintain high dividend frequencies and amounts [3][24] Future Outlook and Challenges - Despite concerns over tariffs, the company is expected to continue its growth trajectory due to its supply chain advantages and the potential easing of tariffs [1][28] - The European market is also showing good development, with new customer acquisitions in the UK and Spain [16] Conclusion - YiYi Co., Ltd. is positioned for continued growth with a strong focus on expanding its market presence, managing costs effectively, and enhancing investor returns, making it a recommended investment opportunity [1][28]

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].

Financial Performance - In 2024, the company achieved a revenue of CNY 1.798 billion, a year-on-year increase of 34.41% [1] - Overseas revenue reached CNY 1.682 billion, growing by 35.44%, while domestic revenue was CNY 116 million, up by 21.06% [2] - The net profit attributable to shareholders was CNY 215 million, a significant increase of 108.34% compared to the previous year [2] - In Q1 2025, the company reported a revenue of CNY 485 million, a year-on-year growth of 26.56% [3] - The net profit for Q1 2025 was CNY 54.09 million, reflecting a 27.96% increase [3] Product Performance - Core products showed strong growth: pet pads increased by 35.72%, pet diapers by 26.16%, and non-woven fabric products by 33.94% in 2024 [2] - New customer contributions in 2024 amounted to CNY 190 million, representing 10.55% of total sales [7] Market and Strategic Response - The company is facing uncertainties due to tariffs, particularly affecting over 50% of its exports to the U.S. [4] - To mitigate tariff impacts, the company is expanding its market presence in non-U.S. regions and enhancing domestic market strategies [5] - The company’s overseas production capacity in Cambodia is set to produce nearly 300 million units annually, starting in May 2025 [5] Cost Management and Profitability - The company has implemented effective cost control measures, including optimizing raw material procurement and energy management [10] - There is potential for margin improvement through market expansion, cost control, and product innovation [11] Dividend Policy - In 2024, the company maintained a dividend payout ratio of 74.44%, with plans to increase the frequency of dividends to three times a year [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance in its financial results, with a revenue of 1.798 billion yuan in 2024, representing a year-on-year growth of 34.41%, and a net profit of 215 million yuan, which is an increase of 108.34% year-on-year [2] - The company is well-positioned to benefit from the growing pet economy, leveraging its comprehensive advantages in channels, customer relationships, product development, and scaled production [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.798 billion yuan, a 34.41% increase year-on-year, and a net profit of 215 million yuan, up 108.34% year-on-year [2] - The cash flow from operating activities was 223 million yuan, reflecting a 10.13% increase year-on-year [2] - The company plans to distribute a cash dividend of 3.7 yuan per 10 shares, totaling 160 million yuan for the year 2024, with a payout ratio of 74.44% [2] Product and Market Analysis - The company primarily focuses on pet and personal care products, with disposable hygiene products for pets generating 1.690 billion yuan in revenue, a 34.93% increase year-on-year, contributing 94.02% to total revenue [3] - The overseas revenue grew by 35.44% to 1.682 billion yuan, accounting for 93.57% of total revenue, driven by stable growth from existing customers and new customer acquisitions [3] Profitability and Cost Management - The gross margin for 2024 was 19.63%, an increase of 2.61 percentage points year-on-year, while the net margin was 11.97%, up 4.25 percentage points year-on-year [4] - The company has effectively reduced its expense ratio to 4.62%, down 0.89 percentage points year-on-year, with significant reductions in sales and management expenses [4] Future Earnings Forecast - The company is expected to achieve revenues of 2.136 billion yuan, 2.499 billion yuan, and 2.876 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.36 yuan, 1.59 yuan, and 1.86 yuan [7] - The projected PE ratios for 2025, 2026, and 2027 are 12.51, 10.70, and 9.20 respectively, indicating a favorable valuation in the context of the pet products industry growth [7]