Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [5][14]. Core Insights - The company reported strong performance in Q3 2024, with revenue of 500 million, a year-on-year increase of 41%, and a net profit of 60 million, up 31% year-on-year [1]. - The growth in performance is attributed to strong demand in the pet consumption market, successful overseas customer expansion, improved capacity utilization in new factories, stable raw material prices, and enhanced cost control through energy-saving modifications [1]. - The company has deepened its partnerships with major global retailers such as Amazon, PetSmart, and Walmart, which has increased customer loyalty and contributed significantly to revenue [2]. - The domestic market for pet hygiene products is maturing, and the company's own brands are expected to gain traction as consumer education improves [3]. - The gross profit margin for the first three quarters of 2024 was 19.6%, an increase of 3.1 percentage points year-on-year, indicating improved profitability [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.32 billion, a year-on-year increase of 33.4%, and a net profit of 150 million, up 72.7% year-on-year [1]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 190 million, 220 million, and 250 million respectively, with corresponding P/E ratios of 16, 14, and 12 [5][7]. - The company’s total assets are projected to reach approximately 2.27 billion by 2024, with a debt ratio of 11.94% [8][9].
依依股份：业绩靓丽，新客户贡献可观