Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Viewpoints - The company is actively exploring new development paths and expanding its market presence by investing $3 million to establish a wholly-owned subsidiary in Cambodia, which will enhance its international competitiveness and risk management capabilities [1]. - The pet product market is experiencing a rising trend in pet ownership and per capita consumption, with the company's products being essential for pet care throughout their lifecycle, indicating significant growth potential [2]. - The company has established strong relationships with major global retailers like PetSmart, Amazon, and Walmart, which are expected to drive order growth. Additionally, the company is expanding its customer base by entering new markets, such as Costco [3]. - The company is improving production efficiency through technology upgrades and process optimization, which is expected to enhance profit margins [3]. Financial Data and Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.22, 1.47, and 1.81 yuan per share, respectively, with corresponding price-to-earnings (P/E) ratios of 17.97, 14.93, and 12.17 [4][10]. - Revenue is expected to grow from 1,757.96 million yuan in 2024 to 2,595.11 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21% [10][12]. - The company’s net profit is projected to increase significantly from 226.22 million yuan in 2024 to 334.07 million yuan in 2026, indicating a strong growth trajectory [10][12].
依依股份：拟柬埔寨投资建厂积极全球化-20250303