Petpal Tech.(SZ:300673)2025-01-23 01:50Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to turn a profit in 2024, with a projected net profit of 181 to 205 million yuan, recovering from a loss of 11 million yuan in 2023, which aligns with expectations [6]. - The overseas business is showing signs of recovery, with a good demand outlook and a projected 22.1% year-on-year increase in pet food exports from China in 2024 [6]. - The company's self-owned brand "Jueyan" continues to grow rapidly, with a 42% year-on-year increase in online GMV for the brand [6]. - The company plans to enhance its domestic marketing efforts and improve gross margins through price control and product adjustments [6]. - Revenue forecasts for 2024-2026 have been slightly adjusted downwards, with expected revenues of 1.83 billion, 2.13 billion, and 2.50 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 1.41 billion yuan, with a significant increase to 1.83 billion yuan in 2024, representing a 29% year-on-year growth [6][8]. - The company anticipates a net profit of 194 million yuan in 2024, with a growth rate of 13.9% in 2025 and 15.2% in 2026 [6][8]. - The gross margin is expected to be 26.3% in 2024, improving to 27.2% in 2025 and 27.6% in 2026 [6].