Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Insights - The company achieved a significant revenue increase of 29.31% year-on-year in H1 2024, reaching 812 million yuan, with a net profit growth of 111.71% to 95 million yuan [3][4] - The company is actively expanding its overseas customer base, with 93.39% of its revenue coming from international markets in H1 2024, reflecting a 29.35% increase year-on-year [4][6] - The company has a strong market position in the pet hygiene care products sector, with a high export share and stable relationships with major clients [4][6] Summary by Sections Performance Overview - In H1 2024, the company reported revenue of 812 million yuan, a 29.31% increase year-on-year, and a net profit of 95 million yuan, up 111.71% [3][4] - The second quarter of 2024 saw revenue of 429 million yuan, a 24.47% increase year-on-year, with net profit growing by 12.08% [3] Revenue Breakdown - Pet pad products generated 713 million yuan in revenue, accounting for 87.71% of total revenue, with a year-on-year growth of 30.47% [4] - International revenue reached 759 million yuan, representing 93.39% of total revenue, with a gross margin of 20.10% [4][6] Profitability Metrics - The company's gross margin improved to 18.88%, up 5.53 percentage points year-on-year, while the net profit margin increased to 11.72%, up 4.56 percentage points [6] - The company has maintained stable operating costs, contributing to significant profitability improvements [6] Future Projections - Revenue forecasts for 2024-2026 are 1.701 billion yuan, 1.960 billion yuan, and 2.245 billion yuan, respectively, with net profits projected at 175 million yuan, 210 million yuan, and 241 million yuan [7][9] - The company is expected to maintain a strong market position and continue expanding its customer base in the medium to long term [6][9]
依依股份：2024年中报业绩点评：2024H1业绩表现靓丽，积极拓展海外客户景气向上