Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue and profit growth, but faced profit pressure in Q1 2025 due to rising costs and changes in product structure [1][5]. Financial Performance - In 2024, the company achieved revenue of 1.31 billion yuan, a year-on-year increase of 32.2%, and a net profit attributable to shareholders of 160 million yuan, up 30.2% [1]. - The basic EPS for 2024 was 0.87 yuan, with a proposed cash dividend of 0.15 yuan per share (tax included) [1]. - For Q1 2025, the company reported revenue of 330 million yuan, a year-on-year increase of 36.3%, but a net profit of 25.37 million yuan, down 30.6% [1]. Product Segmentation - In 2024, revenue from pet snacks, pet leashes, and other pet products accounted for 46.3%, 34.8%, and 15.0% of total revenue, respectively, with year-on-year growth rates of 28.2%, 23.2%, and 60.2% [2]. - The company’s revenue from overseas markets grew by 27.2%, while domestic revenue surged by 73.4% [3]. Regional and Channel Analysis - In 2024, overseas revenue accounted for 85.8% of total revenue, with a year-on-year increase of 27.2%, while domestic revenue made up 14.2% with a growth of 73.4% [3]. - The company’s revenue from overseas OEM, domestic online, and domestic offline sales accounted for 85.8%, 10.8%, and 3.4% of total revenue, respectively [3]. Cost and Margin Analysis - The gross margin for 2024 increased by 0.7 percentage points to 22.9%, with pet snacks, pet leashes, and other pet products having gross margins of 16.4%, 35.6%, and 11.7%, respectively [3]. - The company’s expense ratio increased by 1.4 percentage points to 6.1% in 2024, with sales, management, R&D, and financial expense ratios showing varied changes [4]. Cash Flow and Inventory Management - By the end of 2024, inventory increased by 62.4% to 290 million yuan, and accounts receivable rose by 56.0% to 270 million yuan [4]. - The operating net cash flow for 2024 was -1.44 million yuan, indicating a net outflow, primarily due to increased cash payments for goods and services [4]. Future Outlook - Despite strong performance in 2024, the company anticipates challenges in 2025 due to rising costs and external trade environment impacts, leading to a downward revision of profit forecasts for 2025-2026 [5]. - The company’s projected net profits for 2025, 2026, and 2027 are 168 million, 195 million, and 225 million yuan, respectively, with corresponding EPS of 0.88, 1.02, and 1.18 yuan [5].
源飞宠物(001222)：24年业绩亮眼、25Q1利润承压 关注外部贸易环境影响