Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company, Yiyi Co., Ltd. (001206.SZ), reported a robust performance in Q2 2024, with a projected revenue of approximately 817 million yuan for H1 2024, reflecting a year-on-year increase of about 30%. The net profit attributable to the parent company is expected to be between 91 million and 98 million yuan, representing a year-on-year growth of 102.4% to 118.0% [4] - The company has successfully deepened its relationships with existing customers while steadily expanding its new customer base, with a customer concentration ratio (CR5) of 48.7% in 2023, indicating strong customer loyalty [5] - The company has seen a significant increase in order volume, leading to a capacity utilization rate of around 90% for its core product, pet pads, as of early June 2024. This, combined with stable raw material prices and ongoing cost reduction efforts, has improved profitability [5] Financial Performance Summary - For 2024, the company expects net profits of 170 million yuan, 200 million yuan, and 230 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 15X, 13X, and 11X [6] - The financial indicators for the company show a revenue growth rate of 23.0% for 2024, with a projected net profit growth rate of 64.7% [7] - The latest diluted earnings per share (EPS) is projected to be 0.92 yuan for 2024, increasing to 1.24 yuan by 2026 [7]
依依股份：Q2业绩稳健，海外订单延续修复