Petpal Tech.(SZ:300673) Xinda Securities·2025-01-22 08:48Investment Rating - The investment rating for Petty Co., Ltd. is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance forecasts and growth expectations. Core Views - Petty Co., Ltd. is expected to achieve a net profit attributable to shareholders of 181-205 million yuan in 2024, marking a significant turnaround from a loss in 2023. The fourth quarter of 2024 is projected to see a net profit of 26-50 million yuan, reflecting a year-on-year increase of 45.0-177.4% [1][2]. - The company is experiencing robust growth in both domestic and international markets, with significant increases in export orders and strong performance from its proprietary brand, Jueyan [1][2]. Summary by Sections Financial Performance - In 2024, the total revenue is expected to reach 1.847 billion yuan, with a year-on-year growth rate of 30.8%. The net profit attributable to shareholders is projected to be 203 million yuan, a staggering increase of 1930.9% compared to 2023 [4]. - The gross margin is anticipated to improve to 26.7% in 2024, with net asset return (ROE) expected to be 10.2% [4]. Sales Performance - The company’s export revenue is expected to continue its steady growth, with a projected increase in orders from new European clients in 2025. The fourth quarter of 2024 is expected to show a year-on-year increase in export revenue of 18.9% [2]. - The domestic sales of the proprietary brand Jueyan are performing exceptionally well, with a 70% increase in sales during the Double 11 shopping festival in 2024. The brand has launched several successful products, including dog food and snacks, which are gaining market traction [2]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 203 million yuan, 245 million yuan, and 294 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 23.6X, 19.5X, and 16.3X [3][4].