Petpal Tech.(SZ:300673) KAIYUAN SECURITIES·2024-04-25 03:00Group 1 - Investment Rating: Buy (Maintain) [2][16] - Core View: The recovery of export orders drives performance improvement, and the expansion of proprietary brands is progressing smoothly [5][6] - Revenue and Profit Forecast: For 2024-2026, net profit attributable to the parent company is expected to be 120 million, 180 million, and 242 million yuan, respectively, with EPS of 0.47, 0.71, and 0.96 yuan [6][10] Group 2 - 2023 Revenue: 1.411 billion yuan, down 18.51% year-on-year; net profit attributable to the parent company was -11.09 million yuan, down 108.72% year-on-year [6][10] - Q1 2024 Performance: Revenue of 384 million yuan, up 142.37% year-on-year; net profit attributable to the parent company was 42 million yuan, up 209.56% year-on-year [6][10] - Gross Margin Improvement: Q1 2024 gross margin increased to 24.36%, up 10.32 percentage points year-on-year [6][10] Group 3 - Domestic and International Business Performance: Domestic revenue increased by 26.95% year-on-year to 350 million yuan, while international revenue decreased by 27.10% year-on-year to 1.062 billion yuan [6][10] - New Zealand Production Line: A new high-quality staple food production line with an annual capacity of 40,000 tons was launched in March 2024, enhancing the company's high-end pet food layout [6][10] - Financial Metrics: The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 30.7, 20.5, and 15.2 times, respectively [6][10]