Investment Rating - The investment rating for the company is "Buy" with a current price of 17.88 CNY and a reasonable value of 20.94 CNY [2]. Core Views - The company is expected to achieve a significant increase in performance, with a forecasted net profit for 2024 ranging from 198 to 225 million CNY, representing a year-on-year growth of 91.76% to 117.91% [7]. - The revenue from pet disposable hygiene products is projected to grow significantly, driven by an increase in market penetration and customer expansion [8]. - The company's gross margin is expected to improve, with a forecasted gross margin of 20% for 2024-2026, supported by favorable raw material prices and effective cost management [8]. Financial Performance Summary - Revenue is projected to increase from 1,337 million CNY in 2023 to 1,779 million CNY in 2024, reflecting a growth rate of 33% [6]. - The net profit is expected to rise from 103 million CNY in 2023 to 211 million CNY in 2024, indicating a growth rate of 104.2% [6]. - Earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2023 to 1.14 CNY in 2024 [6]. Revenue Breakdown - Revenue from pet disposable hygiene products is expected to grow from 1,253 million CNY in 2023 to 1,678 million CNY in 2024, with a year-on-year growth of 34% [9]. - The overall revenue for the company is projected to reach 1,779 million CNY in 2024, with a year-on-year growth of 33% [9]. Valuation and Investment Recommendation - The company is assigned a reasonable valuation of 15x PE for 2025, leading to a target price of 20.94 CNY per share, maintaining a "Buy" rating [7][8].
依依股份：行业景气、客户扩张，预告业绩高增