Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is focusing on the stable development of its core business in pet urine pads, accelerating the construction of overseas bases, and planning acquisitions to enhance synergy effects [1] - The company has a strong market position, with its pet hygiene products accounting for over 30% of the domestic customs export volume in similar products [6] - The company has a healthy asset structure with a low debt ratio of 15.67% and a significant cash reserve of 900 million [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,798 million in 2024 to 2,681 million by 2027, with a compound annual growth rate (CAGR) of approximately 15.9% [5] - Net profit attributable to the parent company is expected to increase from 215 million in 2024 to 326 million in 2027, reflecting a CAGR of 16.3% [5] - Earnings per share (EPS) is forecasted to rise from 1.18 in 2024 to 1.76 in 2027 [5] Business Development and Market Position - The company is deepening its engagement in the pet urine pad industry, which has high growth potential, while expanding its overseas production capacity [6] - The company has established strong relationships with major clients such as PetSmart, Amazon, and Walmart, which enhances its market stability [6] - The acquisition of Gao Ye Jia is expected to create synergies in product development and brand management, leveraging the strengths of both companies [6]
依依股份（001206）：宠物尿垫主业稳健发展，海外基地加速建设，拟并购高爷家协同效应有望释放