佩蒂股份：出口持续修复，预计24H1扭亏为盈

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company's overseas orders are recovering, and with the expansion of channels and customers, as well as increased capacity utilization, profitability is expected to improve further. The domestic brand strategy is also performing well, with significant growth in key product categories [3][12]. - The company is projected to achieve a turnaround in profitability in the first half of 2024, driven by the recovery of overseas orders and the successful launch of new products in the domestic market [7][9]. Financial Summary - Revenue projections for the company are as follows: 2024E at 1,919 million, 2025E at 2,346 million, and 2026E at 2,754 million, with corresponding net profits of 169 million, 208 million, and 248 million respectively [4]. - The estimated revenue for Q2 2024 from overseas business is projected to be between 384 million and 408 million, with profits expected to be between 65 million and 70 million [3]. - The company is expected to achieve a net profit of 0.90 to 1.10 billion in the first half of 2024, indicating a significant recovery compared to the previous year [12].