Investment Rating - The report maintains a "Buy" rating for the company [4][18] Core Views - The company's revenue in 2023 was 1.337 billion yuan, a year-on-year decrease of 11.8%, with net profit attributable to the parent company of 103 million yuan, a year-on-year decrease of 31.4% [2] - In Q1 2024, the company achieved revenue of 384 million yuan, a year-on-year increase of 35.2%, and net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 1974.8%, driven by inventory optimization and order recovery from overseas customers [2] - The company's core products, pet pads and pet diapers, have annual production capacities of 4.6 billion and 200 million pieces, respectively, with further capacity expansion expected in 2024 [3] - The company is deeply bound to global high-quality customers such as Amazon, PetSmart, and Walmart, with a CR5 of 48.7% in 2023, and is actively expanding into South America and Southeast Asia markets [14] - The company's gross margin in 2023 was 17.0%, an increase of 3.3 percentage points year-on-year, with Q1 2024 gross margin at 18.2%, benefiting from the decline in raw material prices since Q2 2023 [15] - The company plans to distribute a dividend of 4 yuan per 10 shares for 2023, with a total cash dividend and repurchase amount of 149 million yuan, accounting for 144.26% of the net profit attributable to the parent company [15] Financial Performance - The company's revenue in 2023 was 1.337 billion yuan, with a net profit attributable to the parent company of 103 million yuan [2] - In Q1 2024, the company achieved revenue of 384 million yuan, with a net profit attributable to the parent company of 42 million yuan [2] - The company's gross margin in 2023 was 17.0%, with Q1 2024 gross margin at 18.2% [15] - The company's operating cash flow in 2023 was 202 million yuan, with Q1 2024 operating cash flow at 34 million yuan [28] Market and Industry Analysis - The company's pet hygiene care products accounted for 31.1% of the export volume of similar domestic products in 2023, a decrease of 7.0 percentage points year-on-year, mainly due to inventory reduction by some major customers [14] - The company is actively expanding into South America and Southeast Asia markets, with expected contributions from new customers [14] - The company has 15 self-owned brands, including "HUSHPET" and "Yiping Flower Room," which are expected to contribute to future growth [27] Future Outlook - The company is expected to achieve net profit attributable to the parent company of 170 million yuan, 200 million yuan, and 230 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14.5X, 12.3X, and 10.7X [18] - The company's self-owned brand business is expected to contribute to future growth [27] - The company's overseas demand is expected to improve as customer inventory reduction ends [27]
海外订单修复，高分红回馈股东