Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 53.90 CNY [5]. Core Views - The company has shown continuous revenue growth in home decoration paint for 2024 and Q1 2025, with a significant increase in net profit due to reduced expenses and impairment losses [2][3]. - The decline in revenue growth is primarily attributed to the decrease in engineering wall paint sales, while home decoration wall paint revenue has increased due to expanded channels and promotional efforts [3][10]. - The company is transitioning towards high-end retail and enhancing its small B channel network, which is expected to drive growth in both retail and engineering segments [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 12.105 billion CNY (down 2.97% YoY) and a net profit of 332 million CNY (up 91.27% YoY) [2][3]. - For Q1 2025, the revenue was 2.130 billion CNY (up 3.12% YoY) with a net profit of 105 million CNY (up 123.33% YoY) [2][9]. - The company plans to distribute a cash dividend of 3.20 CNY per 10 shares and increase capital stock by 4 shares for every 10 shares held [2]. Revenue Breakdown - Home decoration wall paint revenue reached 2.967 billion CNY (up 12.75% YoY), while engineering wall paint revenue was 4.084 billion CNY (down 12.65% YoY) [3]. - The company’s gross margin for 2024 was 29.60%, with a Q4 gross margin of 32.50% [4][8]. Future Projections - Revenue projections for 2025-2027 are 13.369 billion CNY, 14.674 billion CNY, and 16.016 billion CNY, with net profits expected to be 809 million CNY, 959 million CNY, and 1.125 billion CNY respectively [11][14]. - The company is expected to maintain a dynamic PE of 31.7x, 26.7x, and 22.8x for the years 2025, 2026, and 2027 [11][14].

宠物食品方面，公司秉持"功能性创新与市场导向相结合"的研发理念，依托丰富的行业经验和全球市场 洞察，不断推动宠物食品用品的升级与优化。公司在研发过程中充分考虑宠物的生理需求、使用安全性 以及消费者体验，确保产品兼具实用性与市场竞争力。 源飞宠物表示，未来将加大技术创新与产品开发的投入，继续提升产品在市场中的竞争力，同时，不断 拓展宠物用品和食品类的产品线；继续全球化的产销研布局，加强线上渠道建设，并在品牌建设领域有 所突破并产生影响力。在宠物用品领域，公司将紧跟潮流，保持现有狗带产品的功能性与时尚性，并拓 展从狗身上用品到狗的其他生活用品，在提高狗带市场占有率的同时，完善宠物用品尤其是狗的生活用 品的全覆盖能力。在线上渠道方面，公司在现有电商业务的基础上，加大力度建设线上运营渠道的同 时，增加运营店面数量，并将通过精细化用户运营的方式激发消费需求并驱动决策，将更重视线上社交 生态对消费决策的影响力，提升公司的市场占有率。 4月25日，源飞宠物（001222）(001222.SZ)发布2024年年度报告及2025年一季度报告，公司2024年营业 收入为13.10亿元，同比增长32.16%；归母净利润为1.64亿 ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company reported a decline in revenue and profit in Q1 2025, with total revenue of 895 million yuan, down 10.2% year-on-year, and a net profit of 114 million yuan, down 26.0% year-on-year [6] - Despite the short-term challenges, the long-term value of the company remains intact, focusing on enhancing its brand and service capabilities [6] - The company is committed to building a comprehensive water system product line while maintaining a strong cash flow and increasing dividend payouts [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 6,983 million yuan, with a year-on-year growth rate of 11.4% [2] - The net profit for 2025 is forecasted to be 1,203 million yuan, reflecting a growth rate of 26.3% [2] - The earnings per share (EPS) for 2025 is expected to be 0.76 yuan [2] - The gross margin is projected to be 40.6% in 2025, with a return on equity (ROE) of 22.5% [2] Market Data - As of April 25, 2025, the closing price of the stock was 12.26 yuan, with a market capitalization of 18,033 million yuan [3] - The stock has a dividend yield of 7.34%, indicating a strong return for shareholders [3] - The company has a price-to-earnings (P/E) ratio of 20 for 2024, which is expected to decrease to 16 in 2025 [2][3]