证券研究报告 瑞普生物 (300119 CH) 宠物医疗稀缺标的，低估值价值凸显 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 26 日│中国内地 | 农林牧渔 | 瑞普生物已形成宠物用药、苗+供应链+医院的宠物医疗全面布局，是国内 宠物医疗板块的稀缺标的。亲人定位+宠物老龄化+国产替代催化下，国内 宠物医疗仍是蓝海市场，看好中长期公司宠物医疗板块贡献的增量。公司主 业优势明显，禽苗、原料药及制剂主业经营向好，我们上调盈利预测，预计 2025/26/27 年公司实现归母净利润 5.26/6.18/7.12 亿元，相应上调目标价 至 36.16 元，维持"买入"评级。 宠物医疗稀缺标的，药、苗+供应链+医院全面布局 宠物医疗仍是蓝海。根据宠物白皮书，2024 年国内宠物医疗市场规模约 841 亿元、为仅次于宠物食品的第二大宠物相关赛道，亲人定位+宠物逐步老龄 化+国产替代催化下宠物医疗需求增长空间大。国内宠物医疗竞争格局分散， 医生和资金等壁垒或将使得宠物医院格局更易头部集中化。瑞普生物是目前 国内在宠物医疗领域布局最全面的公司，自 ...

证券研究报告 瑞普生物 (300119 CH) 宠物医疗稀缺标的，低估值价值凸显 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 26 日│中国内地 | 农林牧渔 | 瑞普生物已形成宠物用药、苗+供应链+医院的宠物医疗全面布局，是国内 宠物医疗板块的稀缺标的。亲人定位+宠物老龄化+国产替代催化下，国内 宠物医疗仍是蓝海市场，看好中长期公司宠物医疗板块贡献的增量。公司主 业优势明显，禽苗、原料药及制剂主业经营向好，我们上调盈利预测，预计 2025/26/27 年公司实现归母净利润 5.26/6.18/7.12 亿元，相应上调目标价 至 36.16 元，维持"买入"评级。 宠物医疗稀缺标的，药、苗+供应链+医院全面布局 宠物医疗仍是蓝海。根据宠物白皮书，2024 年国内宠物医疗市场规模约 841 亿元、为仅次于宠物食品的第二大宠物相关赛道，亲人定位+宠物逐步老龄 化+国产替代催化下宠物医疗需求增长空间大。国内宠物医疗竞争格局分散， 医生和资金等壁垒或将使得宠物医院格局更易头部集中化。瑞普生物是目前 国内在宠物医疗领域布局最全面的公司，自 ...

公司 2024 年度权益分派方案已经 2025 年 4 月 24 日召开的 2024 年年度股 东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、公司 2024 年年度权益分派方案已获 2025 年 4 月 24 日召开的 2024 年年 度股东大会审议通过，权益分派方案具体内容如下：以公司现有总股本 465,847,906 股扣减回购专用证券账户 10,093,859 股后的 455,754,047 股为基数， 向全体股东每 10 股派发现金红利 3.00 元（含税），预计派发现金股利 136,726,214.10 元（含税）。本年度不送红股，不以资本公积转增股本。在本次 利润分配预案披露之日起至实施权益分派股权登记日期间，如公司总股本发生变 动，公司将按照"现金分红比例不变"的原则做相应调整。 证券代码：300119 证券简称：瑞普生物 公告编号：2025-043 瑞普生物股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、瑞普生物股份有限公 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-042 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、本次股东大会无变更、否决议案的情况； 2、本次股东大会以现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 瑞普生物股份有限公司（以下简称"公司"）2025年4月26日以董事会公告方式 向全体股东发出召开2025年第二次临时股东大会的通知。（公告编号：2025-039）。 本次股东大会采取现场投票、网络投票相结合的方式召开。其中现场会议于2025 年5月12日下午14:30在公司会议室召开，会议由董事长李守军先生主持；通过深圳证 券交易所系统进行网络投票的时间为2025年5月12日09:15-09:25，09:30-11:30，13:00- 15:00；通过深圳证券交易所互联网系统投票的具体时间为2025年5月12日09:15- 15:00期间的任意时间。 公司总股本465,847,906股，扣除公司股份回购专户的股份数后，公司有表决权 股份总数为455,160,547股。出席现场和网络投票的股东171人，代表股份1 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于瑞普生物股份有限公司 2025 年第二次临时股东大会的法律意见书 致：瑞普生物股份有限公司 受瑞普生物股份有限公司(以下简称"公司")聘请，北京市通商律师事务所 指派律师(以下简称"本所律师")出席了公司 2025 年第二次临时股东大会(以下 简称"本次股东大会")，并依据《中华人民共和国公司法》(以下简称"《公司 法》")、《上市公司股东会规则》、《深圳证券交易所上市公司股东会网络投票 实施细则》等法律、法规、规章、规范性文件及《瑞普生物股份有限公司章程》 (以下简称"《公司章程》")的规定，对公司本次股东大会召集及召开程 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][13]. Core Insights - The company reported a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 13.32%. However, the net profit attributable to shareholders decreased by 33.70% to 301 million yuan, primarily due to non-recurring losses and high base effects from asset disposals in the previous year. The adjusted net profit showed a smaller decline of 11.84%, indicating stable core operations [1][2]. - The operating cash flow improved significantly, reaching 736 million yuan, a year-on-year increase of 79.35%, reflecting a notable enhancement in cash flow conditions [1]. - The company is experiencing growth in both traditional and new business segments, with the traditional animal health business maintaining stability despite increased competition. The pet segment has become a significant growth driver, contributing 6.90 billion yuan in revenue, accounting for 22.47% of total revenue [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 822 million yuan, a 20.00% increase year-on-year. The net profit attributable to shareholders was 116 million yuan, up 28.45%, while the adjusted net profit rose by 19.65% to 93 million yuan, indicating robust growth in core business operations [1][2]. - The revenue from poultry biological products reached 1.08 billion yuan, growing by 15.90%, with a gross margin of 63.17%. The livestock biological products segment saw a revenue increase of 49.78% to 211 million yuan, benefiting from acquisitions [2]. Business Segments - The traditional animal health business faced challenges due to market competition, with the veterinary preparations and raw materials segment reporting a revenue decline of 5.83% to 1.02 billion yuan and a gross margin decrease of 2.73 percentage points to 36.50% [2]. - The pet segment is emerging as a key growth area, with a diverse product pipeline including mRNA vaccines and oral dewormers, contributing significantly to overall revenue growth [2]. Strategic Initiatives - The company has expanded its international presence, registering 35 products in seven countries, including Indonesia and Sri Lanka, and has passed GMP audits, enhancing its global market strategy [2].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by the sales of biological products and strategic acquisitions in the pet sector [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 822 million, a year-on-year increase of 20.00%, and a net profit attributable to shareholders of 116 million, up 28.45% [1]. - The non-recurring net profit reached 93 million, reflecting a growth of 19.65% year-on-year [1]. Group 2: Business Segments - The biological products segment saw substantial growth, with high pathogenic avian influenza vaccine sales reaching 87 million, a 16% increase, and Marek's disease vaccine sales at 26 million, up 59% [1]. - The company’s acquisition of Betway Antai last May contributed to the increase in foot-and-mouth disease vaccine revenue [1]. - The pet segment is expanding, with the acquisition of Zhongrui Supply Chain and the upcoming launch of a new oral deworming product for cats [1][2]. Group 3: Strategic Initiatives - The company established strategic partnerships with large breeding groups to enhance market position and reduce costs for clients [2]. - It is actively pursuing international market expansion, with 35 product registrations completed in seven countries, including Indonesia and Sri Lanka [2]. - The company aims to build a comprehensive ecosystem in the pet sector through collaboration among its core divisions, enhancing its brand presence [2]. Group 4: Product Development - The company launched its self-developed cat trivalent vaccine "Rui Miao Shu," breaking foreign monopolies and becoming the first domestic product in this category [3]. - Future earnings per share (EPS) projections for 2025-2027 are estimated at 0.91, 1.08, and 1.16, with corresponding dynamic price-to-earnings ratios of 23, 19, and 18 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company reported a revenue of 3.07 billion yuan for 2024, a year-on-year increase of 36.5%, while the net profit attributable to shareholders decreased by 33.6% to 300 million yuan [1]. - In Q1 2025, the company achieved a revenue of 820 million yuan, reflecting a year-on-year growth of 54.1%, although it showed a quarter-on-quarter decline of 37.9% [1]. - The veterinary biological products segment saw significant growth, with revenues from veterinary biological products increasing by 23.4% to 1.32 billion yuan, while the pet supply chain grew by 37.7% to 630 million yuan [2]. - The company is focusing on enhancing its research and development efforts, with R&D expenditure as a percentage of revenue rising from 5.9% in 2021 to 6.4% in 2024 [3]. - The strategic acquisition of a 56.3% stake in Zhongrui Supply Chain is aimed at strengthening the company's position in the pet health market and enhancing distribution channels [4]. Summary by Sections Financial Performance - For 2024, the company expects total revenue to reach 3.07 billion yuan, with a growth rate of 13.3% [5]. - The projected net profit for 2025 is 493 million yuan, representing a significant recovery with a growth rate of 63.9% [5]. - Earnings per share (EPS) are forecasted to be 1.06 yuan in 2025, with a price-to-earnings (PE) ratio of 19 [5]. Business Segments - The veterinary formulation and raw materials segment experienced a revenue decline of 6.4%, totaling 1.04 billion yuan [2]. - The company is actively launching new products, including a combination vaccine for cats and various core products for pets, to enhance market competitiveness [3]. Strategic Initiatives - The company is committed to increasing its R&D investments and has successfully launched domestically developed vaccines, breaking foreign monopolies [3]. - The share buyback program, which has repurchased 6.4 million shares (1.4% of total shares) for 120 million yuan, aims to boost investor confidence [4].

证券代码：300119 证券简称：瑞普生物 公告编号：2025-041 瑞普生物股份有限公司 关于股份回购完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 瑞普生物股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日召开第五 届董事会第十八次（临时）会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用商业银行股票回购专项贷款及自有资金以集中竞价交易方式回购 公司无限售条件的 A 股流通股，用于股权激励或员工持股计划。本次回购资金 总额不低于人民币 10,000.00 万元、不超过人民币 16,000.00 万元。回购股份的价 格不超过人民币 19.5 元/股（含）。本次回购股份的实施期限为自公司董事会审 议通过本次回购方案之日起 6 个月内。具体内容详见公司在深圳证券交易所网站 （http://www.szse.cn）及巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 2024 年 11 月 8 日，公司实施了首次回购，截至 2025 年 4 月 30 日，公司本 次回购股份方案已实施完 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.80 RMB [7][8]. Core Views - The company reported a revenue of 822 million RMB in Q1 2025, representing a year-over-year growth of 20%, and a net profit attributable to shareholders of 116 million RMB, up 28.45% year-over-year [1][2]. - The poultry and livestock sectors are performing steadily, with the pet vaccine segment showing significant growth, supported by international expansion efforts [1][3]. - The company is expected to achieve its annual growth targets in the pet segment, driven by strong sales of key products and ongoing product development [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 822 million RMB, with a year-over-year increase of 20%. The poultry segment is estimated to have grown by 13% to 18%, while the livestock segment benefited from the consolidation of a subsidiary and recovering demand [2]. - The gross margin improved to 41%, an increase of 0.30 percentage points year-over-year, primarily due to an optimized product mix with a higher proportion of high-margin vaccine products [2]. Growth Prospects - The pet business continues to grow, with strong sales of the cat trivalent vaccine "Rui Miao Shu" and new product approvals expected to drive further growth [3]. - The company is accelerating its international market expansion, with expectations for significant growth in overseas revenue by 2025 [3][4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 400 million RMB, 510 million RMB, and 610 million RMB for 2025, 2026, and 2027, respectively [4]. - The report assigns a price-to-earnings (PE) ratio of 30 for 2025, reflecting the company's leading position in the pet segment and positive performance in the livestock sector [4].