Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][7]. Core Insights - The company reported a strong performance in its Q3 2024 results, with revenue reaching 1.316 billion yuan, a year-on-year increase of 33.4%, and a net profit of 151 million yuan, up 72.7% year-on-year [5][6]. - The company has successfully expanded its customer base, with significant contributions from major clients such as PetSmart, Amazon, and Costco, leading to a market share increase [5][7]. - The report highlights the company's effective cost control and improved gross margin due to falling raw material prices and enhanced production efficiency [5][7]. Summary by Sections Market Data - Closing price: 16.83 yuan - One-year high/low: 17.88/9.39 yuan - Market capitalization: 1,789 million yuan [2]. Financial Performance - Q1-3 2024 revenue: 1.316 billion yuan, up 33.4% year-on-year - Q3 2024 single-quarter revenue: 503 million yuan, up 40.7% year-on-year - Q1-3 2024 net profit: 151 million yuan, up 72.7% year-on-year [5][6]. Profitability Metrics - Gross margin for Q1-3 2024: 19.6%, up 3.1 percentage points year-on-year - Net profit margin for Q1-3 2024: 11.5%, up 2.6 percentage points year-on-year [5][7]. Future Projections - Projected net profit for 2024-2026: 188 million yuan (2024), 222 million yuan (2025), 264 million yuan (2026), with respective growth rates of 82.2%, 18.1%, and 19.0% [6][7].
依依股份：2024年三季报点评：新老客户齐发力，业绩表现亮眼，市占率持续提升！