Investment Rating - The report upgrades the company's rating to "Buy" based on its strong performance and growth prospects [6] Core Views - The company's 2024 performance exceeded expectations, driven by both existing and new customers, leading to significant revenue growth and improved profitability [1][6] - Revenue growth is supported by the recovery of core customers and the addition of new clients such as Costco, contributing to a 33.3% year-over-year increase in 2024E revenue [6] - Profitability improved due to lower raw material costs, enhanced cost control, and increased capacity utilization, with 2024E net profit expected to grow by 104.3% year-over-year [6] - The company's global market position in pet hygiene care products remains strong, with exports accounting for over 30% of China's total exports in this category [6] - Employee stock ownership and insider buying demonstrate confidence in the company's future growth [6] Financial Data and Forecasts - Revenue is projected to grow from 1,337 million RMB in 2023 to 2,566 million RMB in 2026, with a CAGR of 19.6% [2][8] - Net profit attributable to shareholders is expected to increase from 103 million RMB in 2023 to 303 million RMB in 2026, with a CAGR of 19.6% [2][8] - Gross margin is forecasted to improve from 17.0% in 2023 to 21.5% in 2026, reflecting better cost management and operational efficiency [2][8] - ROE is expected to rise from 5.8% in 2023 to 14.0% in 2026, indicating stronger profitability and capital efficiency [2][8] Market Data - The company's stock price closed at 20.56 RMB on January 16, 2025, with a P/E ratio of 18 for 2024E [3] - The dividend yield is 4.38%, based on the most recent annual dividend [3] - The company's market capitalization is 2,186 million RMB, with a P/B ratio of 2.1 [3] Industry Outlook - The global pet industry is experiencing robust growth, with the pet hygiene care segment in a penetration growth phase [6] - The company benefits from its strong production, R&D, and supply chain capabilities, as well as its partnerships with major global clients such as PetSmart, Amazon, and Walmart [6]

Investment Rating - The investment rating for the company is "Buy" with a current price of 17.88 CNY and a reasonable value of 20.94 CNY [2]. Core Views - The company is expected to achieve a significant increase in performance, with a forecasted net profit for 2024 ranging from 198 to 225 million CNY, representing a year-on-year growth of 91.76% to 117.91% [7]. - The revenue from pet disposable hygiene products is projected to grow significantly, driven by an increase in market penetration and customer expansion [8]. - The company's gross margin is expected to improve, with a forecasted gross margin of 20% for 2024-2026, supported by favorable raw material prices and effective cost management [8]. Financial Performance Summary - Revenue is projected to increase from 1,337 million CNY in 2023 to 1,779 million CNY in 2024, reflecting a growth rate of 33% [6]. - The net profit is expected to rise from 103 million CNY in 2023 to 211 million CNY in 2024, indicating a growth rate of 104.2% [6]. - Earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2023 to 1.14 CNY in 2024 [6]. Revenue Breakdown - Revenue from pet disposable hygiene products is expected to grow from 1,253 million CNY in 2023 to 1,678 million CNY in 2024, with a year-on-year growth of 34% [9]. - The overall revenue for the company is projected to reach 1,779 million CNY in 2024, with a year-on-year growth of 33% [9]. Valuation and Investment Recommendation - The company is assigned a reasonable valuation of 15x PE for 2025, leading to a target price of 20.94 CNY per share, maintaining a "Buy" rating [7][8].

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Financial Performance - The company expects a net profit attributable to shareholders of between 198 million and 225 million yuan, representing a year-on-year growth of 91.76% to 117.91%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 175 million and 202 million yuan, indicating a growth of 60.06% to 84.76% compared to the previous year[3] - Basic earnings per share are estimated to be between 1.07 yuan and 1.22 yuan, up from 0.56 yuan in the same period last year[3] Revenue Growth Factors - The increase in net profit is attributed to strong order growth from existing customers and contributions from new customers, leading to significant revenue growth[5] - The company has benefited from a slight decrease in the prices of key raw materials and a substantial increase in production capacity utilization, improving product gross margins[5] Foreign Exchange Impact - Exchange rate fluctuations of the RMB against the USD have resulted in increased foreign exchange gains compared to 2023[6] Financial Reporting - The financial data presented is preliminary and has not been audited by the accounting firm, with final figures to be disclosed in the 2024 annual report[4][7]

Group 1: Market Performance - In Q4 2024, the company continued the growth trend from the first three quarters, with a significant increase in orders for pet hygiene products [2] - Pet pads saw a year-on-year growth rate of 35.6%, pet diapers increased by 24%, and non-woven fabric products grew by 35.74% in the first three quarters of 2024 [2] Group 2: Market Position and Competitive Advantage - The company accounted for over 35% of the domestic customs export value for similar products as of Q3 2024, indicating a strong market position [3] - Key competitive advantages include stable customer resources, large-scale production capacity, excellent product R&D capabilities, high-quality product assurance, and refined management [3] Group 3: Product Development and Innovation - The company has developed over a thousand specialized pet hygiene products with unique functionalities, such as anti-bite, odor elimination, and moisture display [4] - Continuous collaboration with downstream customers and market research helps the company adapt to evolving pet care needs [4] Group 4: Response to Market Challenges - The company is well-prepared for potential tariff increases, leveraging its production scale and R&D capabilities to maintain competitiveness [4] - The export model is based on FOB, allowing the company to pass on additional tariffs to consumers if necessary [4]

证券代码：001206 证券简称：依依股份 公告编号：2024-059 天津市依依卫生用品股份有限公司 2024 年第三季度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》《上市公司股份回购规则》《深圳证券交 易所上市公司自律监管指引第9号——回购股份》等相关规定，上市公司回购专用 账户中的股份不享有利润分配等权利。截至披露日，天津市依依卫生用品股份有 限公司（以下简称"公司"或"本公司"）通过回购专用证券账户持有公司股份 364,287股，因此公司以本次权益分派实施时股权登记日的公司总股本减去公司回 购专户持有的股份后的股本为基数，向全体股东每10股派发现金红利2.30元（含税）， 不送红股，不以公积金转增股本。公司本次实际现金分红总额=实际参与权益分派 的股本×分配比例，即：184,529,521股×0.23元/股=42,441,789.83元。 2、因公司回购专户中的股份不享有利润分配的权利，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小。按 ...

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]

证券代码：001206 证券简称：依依股份 公告编号：2024-058 天津市依依卫生用品股份有限公司 2024年第五次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席的情况 1、会议召开时间： （1）现场会议召开时间：2024年12月2日下午14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2024年12月2日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2024年12月2日9:15-15:00期间的任 意时间。 6、本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程等的规定。 7、会议出席情况 根据《上市公司股份回购规则》的相关规定，上市公司回购专用账户中的股 份不享有股东大会表决权。截至股权登记日，公司总股本为184,893,808股，公司 回购专用证券账户中持有 ...

天津金诺律师事务所 关于天津市依依卫生用品股份有限公司 2024 年第五次临时股东大会 律师见证法律意见书 Tel：86-22-23133590 Fax：86-22-23133597 天津金诺律师事务所 关于天津市依依卫生用品股份有限公司 2024 年第五次临时股东大会 律师见证法律意见书 http://www.winlawfirm.com 二〇二四年十二月 目 录 | 一、本次股东大会的召集、召开程序 2 | | --- | | 二、出席本次股东大会人员资格 3 | | 三、本次股东大会的表决程序和表决结果 3 | | 四、结论意见 4 | 天津市区：中国·天津和平区徐州道 12 号万通中心 23 层 邮编 300042 滨海新区：中国·天津市滨海新区新城西路 5 号周大福金融中心 2204-2205 邮编 300450 致：天津市依依卫生用品股份有限公司 天津金诺律师事务所（以下简称"本所"）接受天津市依依卫生用品股份有 限公司（以下简称"公司"）的委托，指派本所律师对公司 2024 年 12 月 2 日召 开的 2024 年第五次临时股东大会进行见证并出具法律意见书。本所指派律师通 过现场方式对本次股东 ...

一、会议召开和出席情况 1、股东大会届次：2024年第五次临时股东大会 2、股东大会的召集人：公司董事会 公司第三届董事会第十七次会议审议通过《关于提请召开2024年第五次临时股东 大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部 门规章、规范性文件、深圳证券交易所业务规则和《天津市依依卫生用品股份有限公 司章程》等的规定。 证券代码：001206 证券简称：依依股份 公告编号：2024-057 天津市依依卫生用品股份有限公司 关于召开2024年第五次临时股东大会通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经天津市依依卫生用品股份有限公司（以下简称"公司"）第三届董事会第十七次 会议审议通过，公司将于2024年12月2日（星期一）召开2024年第五次临时股东大会， 现将有关事项通知如下： 7、出席对象： 4、会议召开的日期、时间： 现场会议召开时间：2024年12月2日（星期一）14:30 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年12月2日 9:15-9:25， ...