Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Insights - The company has shown strong performance in 2023, with a projected net profit increase of over 120% and revenue growth of over 10% [15]. - The company is expanding its pet service business through strategic acquisitions and rapid growth of offline stores, establishing a competitive moat [3]. - The company is focusing on enhancing its online presence through platforms like Taobao, Douyin, and JD, while also optimizing its product offerings and marketing strategies [3][4]. Summary by Sections Company Overview - The company is actively developing its pet business and has acquired two brands, "爪爪" and "米乐," to enhance its offline store presence [3]. - As of February 2024, the number of stores for these brands has reached 15 and 14, respectively, targeting shopping centers and community consumption [3]. Financial Performance - The company expects a net profit of no less than 144 million yuan for 2023, with revenue projected to be no less than 1.591 billion yuan [15]. - The financial outlook shows a significant recovery with a focus on high-margin products and improved marketing efficiency [15][16]. Market Strategy - The company is implementing a multi-brand, multi-category, and omnichannel strategy to strengthen its market position [4]. - It is leveraging digital tools for personalized marketing and enhancing its supply chain to improve overall operational performance [3][15].
2023年业绩良好，大力布局宠物线下门店服务业态