Core Insights - The report from Guosheng Securities highlights Yiyi Co., Ltd. as a leading player in the pet disposable hygiene products industry, demonstrating steady growth in a niche market [1] Company Overview - Yiyi Co., Ltd. has over 20 years of experience in the industry, with core products including pet pads and pet diapers [1] - The company employs a dual-driven model of "export OEM + self-owned brand," exporting to nearly 40 countries and regions [1] - Yiyi Co., Ltd. has maintained the highest export share of similar products for several consecutive years [1] Industry Potential - The pet industry has significant growth potential, with the penetration rate of hygiene products expected to gradually increase [1] - The combination of stable growth in exports and accelerated efforts in domestic self-owned brands supports long-term growth [1] Competitive Advantages - Yiyi Co., Ltd. is recognized as the leader in the pet pad segment, possessing multiple advantages such as customer resources, channel operations, and production scale [1] - The company is also expanding its overseas production capacity and accelerating industry consolidation [1] Valuation - The current valuation for Yiyi Co., Ltd. is set at 17 times earnings for 2026, with an initial coverage rating of "Buy" [1]
研报掘金丨国盛证券：首予依依股份“买入”评级，宠物卫生护理龙头稳健增长