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依依股份2025年半年报业绩延续增长
8月21日晚间,依依股份(001206)发布2025年半年度报告。报告期内,公司实现营业收入8.88亿元, 同比增加9.34%;实现归母净利润1.02亿元,同比增加7.37%;实现扣非归母净利润8980.50万元,同比 增长9.11%;实现经营活动产生的现金流量净额1.90亿元,同比增加4763.93%。 依依股份自上市以来持续向股东分红,2025年半年度的利润分配预案为:向全体股东每10股派发现金红 利2.40元,共预计分配现金股利4419.85万元。 为应对关税的不确定性,公司前瞻性地在柬埔寨设立了全资子公司——柬埔寨华盛护理用品有限公司。 该工厂已于今年5月向客户正式出货,宠物垫年产能约3亿片,未来可视需求灵活扩产。 据公司介绍,当前公司订单稳定,生产有序进行。此前受关税影响的对美业务出货已恢复正常。同时, 公司将关税压力视为风险与机遇并存,正积极拓展欧洲、东南亚等非美地区市场以及国内市场,以降低 市场风险,寻求新的增长点。 国内市场加速培育,自主品牌战略加码 海外市场筑牢基本盘,柬埔寨落子应对变局 渠道布局上,公司采取线上线下(300959)协同的全渠道策略,线上覆盖京东、天猫、拼多多、小红 书、抖音 ...
依依股份(001206):关税影响渐弱,产业地位优势显著
Tianfeng Securities· 2025-07-27 08:11
Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Viewpoints - The company is focusing on enhancing its competitive edge by leveraging its domestic and international production capabilities to seize opportunities in the pet hygiene and care products market [1][2] - The Chinese pet products market is experiencing robust growth, with a projected penetration rate of 80.2% for pet supplies by 2024, indicating a strong consumer shift towards pet care [2] - The company has adjusted its profit forecasts, expecting net profits of 267.35 million, 322.58 million, and 382 million yuan for the years 2025 to 2027, respectively, with corresponding P/E ratios of 17, 14, and 12 [4] Summary by Sections Company Strategy - The company is advancing a dual strategy of "overseas + domestic" and "ODM/OEM + proprietary brands" to strengthen its market position [1] - It is investing in various pet-related sectors, including cat litter, pet food, smart pet products, and veterinary vaccines, to prepare for future expansion [1] Market Analysis - The report highlights that the global production capacity for pet hygiene products is primarily concentrated in China, which provides a competitive advantage due to lower costs compared to other regions [3] - The company is actively expanding its market presence in non-US regions such as Europe and Southeast Asia to mitigate risks associated with tariffs [3] Financial Projections - The company anticipates significant revenue growth, with projected revenues of 1.34 billion, 1.80 billion, and 2.18 billion yuan for 2023, 2024, and 2025, respectively, reflecting growth rates of -11.80%, 34.41%, and 21.48% [10] - The EBITDA is expected to increase from 190.94 million yuan in 2023 to 392.38 million yuan in 2025, indicating a positive trend in operational efficiency [10]
依依股份分析师会议-20250704
Dong Jian Yan Bao· 2025-07-04 15:29
Group 1: General Information - The research object is Yiyi Co., Ltd., which belongs to the beauty and care industry. The reception time was July 4, 2025, and the company's reception staff included the board secretary, CFO Zhou Lina, and securities affairs specialist Yang Yimu [16] - The institutions participating in the research are Shenwan Hongyuan Securities, Huaxia Fund, China Life Pension, Great Wall Fund, etc. [2] Group 2: Core Views - The company's current order situation is stable, and production is in an orderly manner. The US business that was postponed due to tariff policies has returned to normal, and the company is expanding non - US markets such as Europe and Southeast Asia [24] - The company's products are daily necessities for pet - keeping, and the downstream demand is relatively stable. The impact of tariff policies is mainly reflected in the customer's order - placing rhythm, sea - freight planning, and inventory management [24] - The Cambodian factory has an annual production capacity of approximately 300 million pet pads and will expand production capacity flexibly according to the situation [25] - The domestic market for pet disposable hygiene and care products has broad development potential, driven by factors such as the younger pet - owner population, pet aging, and the expansion of pet - friendly scenarios [25] - The company is increasing the promotion of its domestic self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - The company will continue to implement the "overseas + domestic" dual - cycle and "ODM/OEM + self - owned brand" dual - engine drive strategy, and is also making strategic layouts in the pet track through industrial funds [27] Group 3: Summary by Directory 01. Research Basic Situation - The research object is Yiyi Co., Ltd. in the beauty and care industry, with a reception time of July 4, 2025, and specific reception staff [16] 02. Detailed Research Institutions - The participating institutions include Shenwan Hongyuan Securities (represented by Zhang Haitao), Huaxia Fund (represented by Lin Yao and Fan Linjun), China Life Pension (represented by Gao Yuanyuan), and Great Wall Fund (represented by Chai Chengsen) [17] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Order and Market Situation**: The company's orders are stable, and the US business has recovered. It is expanding non - US markets to reduce risks [24] - **Impact of Tariffs**: Tariffs mainly affect the customer's order - placing rhythm, sea - freight planning, and inventory management. The Cambodian factory has a certain production capacity and may expand it [24][25] - **Domestic Market Potential**: The domestic market for pet disposable hygiene and care products has great potential, driven by young pet - owners, pet aging, and pet - friendly scenarios [25] - **Brand Planning**: The company is promoting its self - owned brands "HUSHPET" and "One Acre Flower House" through an omni - channel layout [27] - **Development Strategy**: The company will continue the dual - cycle and dual - engine drive strategy and make strategic layouts in the pet track through industrial funds [27]