Investment Rating - The report maintains an "Outperform the Market" rating for the company [12]. Core Views - The company reported a significant recovery in profitability for 2023, achieving a net profit of 1.75 billion RMB, a year-on-year increase of 164.77% [12][17]. - The company has implemented a high dividend policy, with a dividend per share of 0.1050 RMB and a payout ratio of 80% [13]. - The company is actively expanding its offline pet service store layout, marking the first step in its offline thousand-store plan [10]. Financial Performance - In 2023, the company achieved a total revenue of 1.616 billion RMB, representing a year-on-year growth of 11.68% [12]. - The company's gross profit margin reached 44.5% in 2023, an increase of 2.9 percentage points compared to the previous year [17]. - The company expects net profits for 2024-2026 to be 1.83 billion, 1.94 billion, and 1.97 billion RMB, respectively, with growth rates of 4.3%, 6.0%, and 1.7% [12][15]. Business Segments - The company's home care product revenue in 2023 was 1.472 billion RMB, growing by 13.5% year-on-year [10]. - The pet products segment generated revenue of 0.77 billion RMB in 2023, with a modest growth of 0.5% [10]. - Personal care products revenue was 0.61 billion RMB, showing a decline of 4.6% year-on-year, but with a significant improvement in gross margin to 40.3% [10]. Market Positioning - The company is positioned as a leading player in household and personal cleaning products, with a reference PE valuation of 15-16 times for 2024, suggesting a reasonable value range of 2.05-2.19 RMB [12][18]. - The company has a concentrated ownership structure, with the largest shareholder holding 74.25% of the total shares, indicating strong control over dividend policies [13].
公司年报点评：全年高派息&业绩高增长，宠物线下实体门店服务业态加速布局