Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company is expected to achieve a net profit of no less than 144 million yuan for the fiscal year 2023, representing a growth of over 120% compared to the same period in 2022. Revenue is projected to be no less than 1.591 billion yuan, reflecting a growth of over 10% year-on-year [3][4]. - The company has successfully transitioned to profitability in the second half of the year, a significant improvement compared to previous years when it typically reported losses during this period [3]. - The company plans to maintain a dividend payout ratio of no less than 80% for the fiscal year 2023, with interim and final dividends already distributed [3]. Financial Summary - The company’s total revenue for 2023 is estimated at 1.610 billion yuan, with a year-on-year growth rate of 11.6%. The net profit is projected to be 146 million yuan, showing a substantial increase of 125.1% compared to 2022 [12]. - The company’s earnings per share (EPS) is expected to grow from 0.05 yuan in 2023 to 0.15 yuan by 2025, indicating a positive trend in profitability [12]. - The price-to-earnings (P/E) ratio is projected to decrease from 26.4 in 2022 to 11.7 in 2023, suggesting an improvement in valuation metrics [12]. Strategic Developments - The company is expanding its service offerings by acquiring pet retail brands, enhancing its multi-channel strategy. This includes the opening of 29 physical stores by early 2024, which will provide various pet-related services [3][4]. - The company has optimized its product structure by launching high-margin products in response to consumer demand, which has been well-received in the market [4]. - The company continues to strengthen its online presence through partnerships with major e-commerce platforms and engaging marketing campaigns [4].
2023年度正面盈利预告点评：净利润预增120%，下半年经营稳健