Core Viewpoint - Company Yiyi Co., Ltd. has established itself as a leading player in the pet disposable hygiene products industry, demonstrating steady growth over more than 20 years in the sector [1] Industry Overview - The pet industry has significant growth potential, with the penetration rate of hygiene products expected to gradually increase [1] - The company exports its products to nearly 40 countries and regions, maintaining the highest export share of similar products for several consecutive years [1] Company Strengths - Yiyi Co., Ltd. operates under a dual-driven model of "export OEM + self-owned brand," which supports its growth strategy [1] - The company is recognized as a leader in the pet pad segment, benefiting from advantages in customer resources, channel operations, and production scale [1] - The company is expanding its overseas production capacity and accelerating industry consolidation to support long-term growth [1] Financial Outlook - The company is currently valued at 17 times its earnings for 2026, with an initial coverage rating of "Buy" [1]
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