Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company has shown significant revenue growth, with a 29% increase in revenue for the first half of 2024, reaching 800 million, and a 112% increase in net profit, amounting to 100 million [1]. - The company benefits from a recovery in the industry, with improved profitability driven by stable raw material prices and enhanced internal cost controls [1]. - The company has a strong customer base, primarily consisting of large international retailers and e-commerce platforms, which provides a competitive advantage in the pet hygiene and care sector [3]. - The report adjusts profit forecasts for 2024-2026, estimating net profits of 180 million, 230 million, and 290 million respectively, with corresponding P/E ratios of 13X, 10X, and 8X [4]. Financial Performance - In Q2 2024, the company reported revenue of 430 million, a 24% year-on-year increase, and a net profit of 50 million, a 12% increase [1]. - For the first half of 2024, the company achieved a gross margin of 18.9%, up 5.5 percentage points, and a net margin of 11.7%, up 4.6 percentage points [1]. - The company distributed dividends of 49 million in the first half of 2024, with a payout ratio of 51.9% [1]. Regional Performance - The company generated 760 million from overseas markets, reflecting a 29% increase and accounting for 93% of total revenue, while domestic revenue was 50 million, also up 29% [2]. Product Segmentation - Revenue from pet pads reached 700 million, a 30% increase, making up 88% of total revenue, while pet diapers contributed 50 million, a 13% increase, accounting for 6% [1].
依依股份：产业回暖盈利提升