Investment Rating - The investment rating for the company is "Outperform the Market" [19] Core Views - The company reported a revenue of 991 million yuan in 2023, a year-on-year increase of 3.94%, but the net profit attributable to shareholders decreased by 20.45% to 126 million yuan [6] - The company is focusing on expanding its domestic market presence, achieving a significant revenue increase of 189.79% in domestic sales, while overseas sales declined by 3.58% [7] - The company anticipates a recovery in revenue starting in 2024, driven by the end of inventory digestion and continuous product innovation [21] Financial Performance - In Q4 2023, the company achieved a revenue of 260 million yuan, a year-on-year increase of 53.05%, and a net profit of 22 million yuan, up 7.60% [6] - For Q1 2024, the company reported a revenue of 246 million yuan, a year-on-year increase of 30.67%, and a net profit of 37 million yuan, up 72.51% [6] - The company’s gross margin for 2023 was 22.14%, down 1.99 percentage points from the previous year, while the net profit margin was 14.69%, a decrease of 3.29 percentage points [10] Revenue Breakdown - Revenue from pet leashes decreased by 21.54% to 370 million yuan in 2023, but is expected to recover in 2024 [21] - Revenue from pet snacks increased by 23.95% to 473 million yuan in 2023, indicating strong growth potential [21] - Revenue from pet injection toys remained stable at 25 million yuan, with a slight increase of 0.78% [21] Profit Forecast - The company forecasts net profits of 165 million yuan in 2024, 186 million yuan in 2025, and 204 million yuan in 2026, representing year-on-year growth rates of 30.9%, 12.8%, and 9.6% respectively [22] - The estimated price-to-earnings (PE) ratio for 2024 is projected to be between 19 and 20 times, suggesting a reasonable value range of 16.43 to 17.29 yuan per share [22] Market Position - The company is positioned as a leading player in the pet supplies industry, with a focus on expanding its market share through online and offline channels [7][21] - The company’s strategy includes leveraging e-commerce platforms to enhance brand recognition and drive sales growth [7]
源飞宠物：公司年报点评：国内市场实现高增，产品营收有望回升向好