研报掘金丨华鑫证券：予依依股份“买入”评级，收购高爷家开启协同成长第二曲线

Core Viewpoint - The report indicates that Yiyi Co. is experiencing an improvement in overseas orders, while the acquisition of Gaoye Family is expected to initiate a second growth curve through synergistic development [1] Group 1: Overseas Orders and Market Conditions - Yiyi Co. has faced a decline in growth rate in the third quarter due to a slowdown in overseas demand and the impact of tariff policies, resulting in some order losses [1] - Despite short-term challenges from reduced external demand and macroeconomic policy disruptions, the company maintains stable collaborations with key clients such as Amazon and Walmart [1] Group 2: Production Capacity and Global Supply Chain - The company is set to launch its first overseas production base in Shubujia by May 2025, with an annual production capacity of 270 million pet pads, further strengthening its global supply chain layout [1] - As external demand gradually recovers, the company expects its revenue growth to return to normal levels [1] Group 3: Acquisition and Strategic Growth - Yiyi Co. has announced plans to fully acquire Gaoye Family, aiming to integrate the pet "food + supplies" sector [1] - The company possesses strong financial capabilities, which will support Gaoye Family's brand promotion and category expansion, facilitating its transition from a second-tier to a first-tier brand [1] - The acquisition is anticipated to create multiple synergistic effects, marking the beginning of a second growth phase for Yiyi Co. [1]