Investment Rating - Target price: 24.3 RMB [1] - Maintain "Recommend" rating [11] Core Views - Overseas revenue under pressure, domestic pet food business shows strong growth [2] - Overall gross margin in 2023 was 17.77%, down 2.28 percentage points year-on-year [3] - Domestic revenue accounted for 44.75% of total revenue, up 7.69 percentage points year-on-year [10] - Pet food revenue grew by 34.63% year-on-year, accounting for 33.80% of total revenue [10] - Overseas revenue declined by 5.24% year-on-year, accounting for 55.25% of total revenue [10] Financial Performance - 2023 revenue: 2.037 billion RMB, up 7.96% year-on-year [1] - Net profit attributable to parent company: 76.77 million RMB, down 40.33% year-on-year [1] - EPS: 0.61 RMB/share [1] - Q4 2023 revenue: 508 million RMB, up 34.60% year-on-year [1] - Q4 2023 net profit attributable to parent company: 24.56 million RMB, down 27.10% year-on-year [1] Business Segments - Pet supplies revenue: 1.33 billion RMB, down 1.45% year-on-year, accounting for 65.27% of total revenue [10] - Pet food revenue: 688 million RMB, up 34.63% year-on-year, accounting for 33.80% of total revenue [10] - Other business revenue: 19 million RMB, down 28.29% year-on-year, accounting for 0.93% of total revenue [10] Regional Performance - Overseas revenue: 1.125 billion RMB, down 5.24% year-on-year, accounting for 55.25% of total revenue [10] - Domestic revenue: 912 million RMB, up 30.37% year-on-year, accounting for 44.75% of total revenue [10] Gross Margin Analysis - Pet supplies gross margin: 22.36%, up 0.68 percentage points year-on-year [11] - Pet food gross margin: 8.79%, down 5.96 percentage points year-on-year [11] - Overseas gross margin: 22.83%, up 0.86 percentage points year-on-year [11] - Domestic gross margin: 11.52%, down 5.26 percentage points year-on-year [11] Future Projections - 2024E revenue: 2.423 billion RMB, up 19.0% year-on-year [4] - 2025E revenue: 2.780 billion RMB, up 14.7% year-on-year [4] - 2026E revenue: 3.105 billion RMB, up 11.7% year-on-year [4] - 2024E net profit attributable to parent company: 113 million RMB, up 48.1% year-on-year [4] - 2025E net profit attributable to parent company: 140 million RMB, up 23.8% year-on-year [4] - 2026E net profit attributable to parent company: 176 million RMB, up 25.5% year-on-year [4] Valuation Metrics - 2024E P/E: 20x [4] - 2025E P/E: 17x [4] - 2026E P/E: 13x [4] - 2024E P/B: 1.1x [4] - 2025E P/B: 1.1x [4] - 2026E P/B: 1.0x [4]
2023年报点评：境外业务持续承压，境内宠食增速亮眼