Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Insights - The pet business has significant growth potential, which is expected to create a second growth curve for the company, while the home care business maintains a solid market position [3][6]. - The company has been actively expanding its pet business since 2019, launching the "Stubborn Tail" brand for pet care products and entering the pet food market with a mid-to-high-end brand called "Stubborn Mouth" [6]. - The pet economy in China is projected to reach a market size of 592.8 billion yuan in 2023, with a year-on-year growth of 20.1%, and is expected to grow to 1.15 trillion yuan by 2028 [6]. - The home care business has a strong market presence, leading in categories such as insect repellent and toilet cleaning products, with market shares of 17.5% and 20.7% respectively [6]. Financial Summary - The company's revenue for 2023 is projected to be 1,616 million yuan, with a year-on-year growth of 12% [5]. - The gross profit for 2023 is expected to be 718 million yuan, and the net profit is projected to be 175 million yuan, reflecting a significant recovery from previous years [5]. - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 0.15, 0.17, and 0.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 12 [6].
朝云集团（06601）：更新报告：宠物业务潜力十足，家居护理地位稳固