研报掘金丨信达证券:依依股份增发收购品牌,搭建第二成长曲线
Ge Long Hui A P P·2025-10-15 06:45

Core Viewpoint - Yiyi Co. plans to issue shares and pay cash to acquire assets while raising matching funds to establish a second growth curve, focusing on expanding its presence in the pet industry [1] Group 1: Company Strategy - Yiyi Co. is recognized as a high-quality domestic pet brand, experiencing dual growth in both food and supplies [1] - The company aims to deepen its external expansion and strengthen brand positioning [1] Group 2: Investment and Financial Projections - In August 2021, Yiyi signed an agreement with Beijing Fangyuan Jinding to participate in the establishment of Suqian Tuobo, enhancing its investment layout in the pet industry [1] - Suqian Tuobo has become the fourth largest shareholder of Gaoye Family, with Yiyi holding an indirect stake of 2.4% [1] - The company is expected to see significant profit contributions from the management team after increasing its stake in Gaoye Family, projected to add important profit increments by 2026 [1] - Yiyi's overseas customer structure is of high quality, with production capacity in Cambodia accelerating [1] - The projected net profit attributable to the parent company for 2025-2027 is expected to reach 240 million, 290 million, and 360 million yuan respectively, with corresponding PE valuations of 27.4X, 22.1X, and 18.2X [1]