Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights a gradual recovery in overseas orders and significant growth in domestic revenue. Specifically, the company achieved a revenue of 1.242 billion yuan from overseas markets in 2023, a year-on-year decline of 13.86%. However, domestic revenue reached 95 million yuan, marking a year-on-year increase of 27.83% [4][18]. Financial Performance Summary - The company's total revenue for 2023 was 1.337 billion yuan, a decrease of 11.8% compared to the previous year. The net profit was 103 million yuan, down 31.4% year-on-year. The projected revenues for 2024, 2025, and 2026 are 1.658 billion yuan, 2.032 billion yuan, and 2.447 billion yuan, respectively, with expected growth rates of 24.0%, 22.5%, and 20.4% [5][29][31]. - The gross profit margin for 2023 was 17.0%, with projections for 2024, 2025, and 2026 at 17.6%, 17.8%, and 17.9%, respectively [5][31]. Business Segment Analysis - The disposable hygiene products for pets generated a revenue of 1.253 billion yuan in 2023, a decline of 13.3%. The company anticipates a recovery in this segment with projected growth rates of 24.7%, 23.1%, and 20.9% for the following years [19][31]. - The non-pet disposable hygiene products saw a revenue of 85 million yuan in 2023, with a growth rate of 18.7%. This segment is expected to continue growing, albeit at a slower pace [31]. Market Comparison - The report compares the company's valuation with peers, indicating a projected P/E ratio of 24-25 for 2024, suggesting a reasonable value range of 19.24 to 20.05 yuan per share [29][22].
依依股份：海外订单逐步恢复，境内收入显著增长