Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 544 million yuan for H1 2024, representing a year-on-year growth of 26.38%. The net profit attributable to the parent company was 73.89 million yuan, up 12.20% year-on-year [5][6] - The main business segments, including pet leashes and pet snacks, showed steady growth, with revenues of 183 million yuan and 251 million yuan respectively, reflecting year-on-year increases of 0.98% and 22.91% [5] - The company is expanding its product offerings, with significant growth in injection-molded toys and pet food, achieving year-on-year revenue increases of 165.93% and 488.86% respectively [5] Financial Summary - For H1 2024, the company's net profit margin was 13.58%, a decrease of 1.71 percentage points year-on-year, while the gross margin was 22.44%, an increase of 0.30 percentage points year-on-year [5] - The company expects net profits for 2024-2026 to be 165 million, 186 million, and 204 million yuan respectively, with year-on-year growth rates of 30.9%, 12.8%, and 9.6% [5][6] - The current closing price corresponds to a PE ratio of 12 and 11 times for 2024-2025, with a target valuation range of 16.43 to 17.29 yuan based on a PE of 19-20 times for 2024 [5][6] Market Performance - The company's stock price closed at 10.25 yuan on August 21, 2024, with a 52-week price range of 8.87 to 16.20 yuan [2] - The company has maintained a stable performance compared to the market, with absolute and relative returns showing fluctuations over the past months [4]
源飞宠物：公司半年报点评：宠物牵引用具、宠物零食保持稳健增长