Core Viewpoint - The company reported strong financial performance for Q4 2024 and Q1 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational health and market position [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.798 billion yuan, a year-on-year increase of 34.4%, and a net profit of 215 million yuan, up 108.3% [1]. - For Q4 2024, revenue was 482 million yuan, reflecting a 37.2% year-on-year growth, with net profit soaring to 64 million yuan, a 304.4% increase [1]. - In Q1 2025, revenue reached 485 million yuan, a 26.6% year-on-year increase, and net profit was 54 million yuan, up 28.0% [1]. Market Position and Growth Potential - The company maintains a leading position in the pet pad product market, with 2024 revenue from this segment at 1.577 billion yuan, a 35.7% increase, and a gross margin of 18.7%, up 3.0 percentage points [1]. - The company has a production capacity of 4.6 billion pieces annually and has consistently captured over 30% of the domestic export market for similar products [1]. - The customer base includes long-term partnerships with major retailers such as Amazon, PetSmart, and Walmart, with successful expansion into Costco and growth in clients from Japan and South Korea [1]. Global Expansion and Shareholder Returns - The company is accelerating its global expansion by establishing a wholly-owned subsidiary in Cambodia, with production expected to commence by the end of April 2025, which is anticipated to support U.S. orders [2]. - The company has implemented three cash dividend distributions totaling 165 million yuan in 2024, achieving a high dividend payout ratio of 76.7%, and initiated a share buyback program in early 2025, reflecting confidence in long-term growth [2]. Profitability and Operational Efficiency - In Q1 2025, the company reported a gross margin of 18.9% and a net profit margin of 11.1%, with slight year-on-year improvements [2]. - The company’s operating expenses as a percentage of sales were 1.9% for sales, 2.4% for management, and 0.9% for R&D, showing a stable cost structure [2]. - As of Q1 2025, inventory turnover days were 42, accounts receivable turnover days were 70, and accounts payable turnover days were 37, indicating healthy operational efficiency [2]. Profit Forecast - The company is projected to achieve net profits of 220 million yuan, 260 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 11 times [3].
依依股份(001206)：Q1经营稳健 关税短期扰动 长期发展无虞