Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations [1][2]. Core Views - The company has shown robust revenue growth, with a reported revenue of 1.798 billion yuan in 2024, reflecting a year-on-year increase of 34.4%. The net profit attributable to the parent company reached 215 million yuan, up 108.3% year-on-year [1]. - The company is expected to face short-term fluctuations in revenue and profit due to tariff impacts on U.S. orders, but long-term growth prospects remain optimistic with new production capacity in Cambodia expected to support U.S. orders [1][2]. - The company has a strong market position in the pet pad product segment, achieving a revenue of 1.577 billion yuan in 2024, with a gross margin of 18.7% [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 485 million yuan, a year-on-year increase of 26.6%, and a net profit of 54 million yuan, up 28.0% year-on-year [1]. - The gross margin for Q1 2025 was reported at 18.9%, with a net profit margin of 11.1% [3]. - The company is projected to achieve net profits of 220 million yuan, 260 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively [3]. Market Position and Growth Potential - The company maintains a leading position in the domestic market, accounting for over 30% of the total export volume of similar products [2]. - The customer base includes major retailers such as Amazon, PetSmart, and Walmart, with successful expansion into Costco and other Asian markets [2]. - The company has initiated a share buyback plan and has a high dividend payout ratio of 76.7%, indicating confidence in long-term growth [2]. Operational Efficiency - The company has shown healthy operational metrics, with inventory turnover days at 42, accounts receivable turnover days at 70, and accounts payable turnover days at 37 as of Q1 2025 [3]. - The net operating cash flow for Q1 2025 was reported at 72 million yuan, reflecting an improvement of 38 million yuan year-on-year [3].
依依股份（001206）：Q1经营稳健，关税短期扰动，长期发展无虞