Petpal Tech.(SZ:300673) Xin Lang Cai Jing·2025-04-23 00:40Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue growth and a return to profitability, driven by overseas market demand recovery and rapid growth of its own brand products [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.659 billion yuan, a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 182 million yuan, with a basic EPS of 0.75 yuan [1]. - The fourth quarter of 2024 saw a revenue of 336 million yuan, a decline of 32.06% year-on-year, while net profit was 27 million yuan, an increase of 51.71% year-on-year [1]. - For the first quarter of 2025, revenue was 329 million yuan, down 14.40% year-on-year, with a net profit of 22 million yuan, a decrease of 46.71% year-on-year [1]. Segment Performance - Revenue from various product categories in 2024 included: - Animal skin chew toys: 504 million yuan (+19.14%) - Plant-based chew toys: 607 million yuan (+43.68%) - Meat snacks: 402 million yuan (+26.62%) - Staple food: 118 million yuan (-43.64%) - Gross margins for these categories were 25.28%, 31.86%, 33.2%, and 24.81%, respectively, with overall gross margin at 29.36%, up 10.2 percentage points from the previous year [1]. Overseas Market Growth - The overseas market generated revenue of 1.37 billion yuan in 2024, a year-on-year increase of 29.12%, with a gross margin of 28.94%, up 11.04 percentage points [2]. - Growth in overseas orders and increased capacity utilization in factories in Vietnam and Cambodia were key drivers of revenue and profit growth [2]. - The company plans to expand its non-U.S. customer base and enhance service capabilities to mitigate risks from tariffs and international trade policies in 2025 [2]. Domestic Market Performance - Domestic market revenue was 288 million yuan in 2024, a decline of 17.56%, with a gross margin of 31.72%, up 8.04 percentage points [2]. - The decline in domestic revenue was attributed to strategic adjustments, with self-owned brands contributing significantly, showing a 33% growth in 2024, particularly the "Jueyan" brand, which grew by 52% [2]. Profit Forecast - The company is projected to achieve net profits of 206 million yuan, 256 million yuan, and 278 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.83, 1.03, and 1.12 yuan [3].