Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant revenue growth of 29.31% year-on-year for the first half of 2024, achieving an operating income of 812 million yuan and a net profit of 95.19 million yuan, which is a 111.71% increase year-on-year [5] - The company has established a stable customer resource system, with domestic and international sales both showing growth, achieving revenues of 53.70 million yuan and 759 million yuan respectively, reflecting year-on-year growth of 28.71% and 29.35% [5] - The company is recognized as a leading enterprise in the hygiene care sector, with a projected net profit growth of 63.2%, 18.0%, and 14.9% for 2024, 2025, and 2026 respectively [6][11] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating income of 429 million yuan, a year-on-year increase of 24.47%, and a net profit of 52.92 million yuan, up 12.08% year-on-year [5] - The gross profit margin for Q2 2024 was 19.47%, an increase of 0.89 percentage points year-on-year [6] - The company’s revenue forecast for 2024 is 1.658 billion yuan, with a year-on-year growth of 24.0% [11] Business Segments - The revenue from the pet disposable hygiene products segment reached 76.32 million yuan, growing by 29.07% year-on-year, while the non-woven fabric and personal disposable hygiene products segments also showed strong growth [5] - The company has become a unique supplier for several well-known multinational companies, establishing long-term cooperative relationships [5] Valuation and Forecast - The company is expected to have a price-to-earnings (P/E) ratio of 14 and 11 times for 2024 and 2025 respectively, with a reasonable valuation range of 21.87 to 22.78 yuan based on comparable companies [6][10] - The projected earnings per share (EPS) for 2024 is 0.91 yuan, with a net profit forecast of 169 million yuan [11]
依依股份：公司半年报点评：收入保持快速增长趋势，成长性释放