Investment Rating - The report maintains an "Accumulate" rating for the company, consistent with the previous rating [1]. Core Insights - The company reported a revenue of 544 million yuan for the first half of 2024, representing a year-on-year growth of 26.38%. The net profit attributable to shareholders was 73.89 million yuan, up 12.20% year-on-year, with basic earnings per share of 0.39 yuan, aligning with expectations [2]. - The gross margin improved to 22.44% in the first half of the year, benefiting from enhanced product capabilities, with a year-on-year increase of 0.30 percentage points. The operating cash flow turned positive in the second quarter, achieving 14.76 million yuan [2]. - The company is focusing on enhancing product capabilities and has seen rapid growth in new product categories, with pet staple food revenue increasing by 488.86% year-on-year and injection toys up by 165.93% [3]. - The overseas business showed stable growth, with overseas revenue reaching 471 million yuan, a year-on-year increase of 16.91%. Domestic sales also performed well, with a 166.16% increase in revenue to 72.72 million yuan [4]. Financial Summary - The company forecasts earnings per share (EPS) of 0.80 yuan, 0.92 yuan, and 1.07 yuan for 2024, 2025, and 2026 respectively, with a price-to-earnings (PE) ratio of 14 times for 2024, maintaining the "Accumulate" rating [5]. - The financial projections indicate a revenue growth rate of 14.3% for 2024, with a gross margin expected to improve to 24.6% by 2026 [10].
源飞宠物：2024年中报点评：收入增长良好，下半年用品业务有望加速恢复