事件：公司发布2024年年度报告，公司 2024年公司实现营收 30.7亿元，同比增长13.32%，实现归母净 利润3.01 亿元，同比减少33.7%。其中，2024Q4实现营收13.23 亿元，同比+17.93%，实现归母净利润 0.56 亿元，同比-68.88%。 点评：化药业务短期承压，宠物板块布局推进。分品类看，公司兽用生物制品、宠物供应链等业务板块 表现突出，分别增长23.40%和37.66%。宠物市场贡献显著，宠物生物制品收入同比增长849.09%。综合 毛利率为41.38%，较去年同期略有下降，主要受原材料成本上涨及低毛利率的宠物供应链业务占比提 升影响。此外，2024 年受主要原料药行情低迷的影响，龙翔药业对库存商品计提了近2000 万减值准 备，影响利润。 公司自主研发的猫三联疫苗"瑞喵舒"打破国外垄断，成为本土首个上市产品。 盈利预测与投资建议。我们预计2025~2027 年公司EPS 为0.88、1.02、1.16元，对应动态PE 20、17、15 倍，维持"买入"评级。 风险提示：养殖端突发疫病、下游需求不及预期、研发进度不及预期等风险。 兽用生物制品业务稳步提升，国际化与大客户战略双 ...

2025 年 4 月 10 日 公司研究 疫苗业务稳健增长，宠物板块完善布局 ——瑞普生物（300119.SZ）2024 年业绩点评 要点 事件：公司 2024 年实现营业收入 30.7 亿元，同比+36.5%，实现归母净利润 3.01 亿元，同比-33.61%，扣非归母净利润 2.81 亿元，同比-11.87%。 全年营收稳健增长，利润短期承压。2024 年营收增长稳健，主要受益于兽用生 物制品和宠物供应链，同比+23.4%和+37.66%。分产品营收增减情况各异，制 剂及原料药营收同比-5.83%，宠物药品营收同比-28.26%；宠物生物制品、畜用 生物制品、宠物供应链、禽用生物制品营收显著上升，同比+849.09%、+49.78%、 +37.66%、+15.9%。利润方面，受市场价格波动和原料成本上涨影响，公司整 体毛利率从 23 年的 49.69%降至 41.38%。 扩大研发创新投入，补强战略产业结构：2024 年公司维持高水平研发投入，研 发费用 1.97 亿元，研发费率 6.4%。公司积极补强产业结构，2024 年收购保定 收骏 100%股权后，间接持有必威安泰 55.2%的股权，业务版图延伸到 ...

——瑞普生物（300119.SZ）2024 年业绩点评 要点 事件：公司 2024 年实现营业收入 30.7 亿元，同比+36.5%，实现归母净利润 3.01 亿元，同比-33.61%，扣非归母净利润 2.81 亿元，同比-11.87%。 2025 年 4 月 10 日 公司研究 疫苗业务稳健增长，宠物板块完善布局 维持"买入"评级：2024 年畜禽养殖板块景气回升，公司主营业务逐步改善。 同时公司多年来完善布局宠物医疗市场，多项业务贡献重要利润增长。考虑到 24 年公司兽药业务承压，且下游畜禽养殖业 25 年仍面临供给宽松格局，存在价 格压力，我们下调 2025-26 年归母净利润预测至 4.01、5.02 亿元（较上次预测 分别下降 40.5%、38.56%），新增 27 年归母净利润预测为 6.09 亿元，折合 EPS 为 0.86/1.08/1.31 元，当前股价对应 P/E 为 21/17/14 倍，维持"买入"评级。 风险提示：突发大规模动物疫病，猪价上涨不及预期，新产品上市不及预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | ...

中证报中证网讯(王珞)瑞普生物（300119）近日发布的2024年年度报告显示，公司坚持科技创新与战略 布局，实现营业收入30.70亿元，同比增长13.32%；归属于上市公司股东的净利润3.01亿元；拟每10股 派现3元(含税)。 此外，公司完成35款产品注册，天津、高科公司通过印尼GMP审核，必威安泰通过泰国GMP认证。全 年与20余家集团客户达成千万级合作，打造50个千万级大单品，同时深化与德康农牧、圣农发展 （002299）等头部企业的战略合作，构建产业生态圈。 展望未来，瑞普生物将继续深化mRNA、基因工程疫苗、创新药等技术研发，推动合成生物产业化落 地；加速宠物、反刍等领域布局，构建"研发-生产-服务"全链条；进行关键产品、关键工艺、关键技术 并购，提高产品竞争力，提升产品市场份额；以核心技术跨界延伸为主线，通过并购宠物、合成生物领 域的技术、产品、渠道、品牌，实现公司第二增长曲线构建及拓展；通过投资与客户形成更加紧密的合 作关系，构建良好产业发展生态。公司将以技术创新为核心驱动力，持续为股东创造价值。 2024年，公司研发投入2.38亿元，占营业收入的7.76%，新增10项新兽药注册证书、29项授 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year increase of 13.32%, while the net profit attributable to shareholders was 301 million yuan, down 33.70% year-on-year [1] - The poultry vaccine segment showed strong growth, with revenues of 1.08 billion yuan for poultry biological products and 211 million yuan for livestock biological products, increasing by 15.90% and 49.78% respectively [2] - The pet segment experienced significant growth, with revenues of 633 million yuan for the pet supply chain, 37 million yuan for pet biological products, and 19 million yuan for pet pharmaceuticals, reflecting increases of 37.66%, 849.09%, and a decrease of 28.26% respectively [4] - The company is actively pursuing international expansion and strategic partnerships, having registered 35 products in seven countries and deepening collaborations with major clients [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 828 million yuan, a year-on-year increase of 25.16%, with a net profit of 52 million yuan, down 71.01% year-on-year [1] - The company expects net profits to grow to 422 million yuan, 536 million yuan, and 690 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.40%, 27.06%, and 28.67% [5] Business Segments - The traditional livestock business remains stable, while the emerging pet business is gaining a competitive edge through product development and market penetration [5] - The company has made significant advancements in pet pharmaceuticals, including the development of a cat trivalent vaccine and a dual-use drug for dogs and cats [4] Market Strategy - The company is focusing on a dual-cycle strategy of product and technology export, enhancing its international presence and quality standards [3] - Collaborations with over 20 major group clients have been established, reinforcing the company's market position [3]

Core Insights - The core viewpoint of the article is that Ruipu Biotech (SZ300119) reported its 2024 annual results, showing a revenue increase but a significant decline in net profit compared to the previous year. Financial Performance - In 2024, Ruipu Biotech achieved operating revenue of 3.07 billion yuan, representing a year-on-year growth of 13.32% [1][2] - The net profit attributable to shareholders was 307 million yuan, a decrease of 33.7% year-on-year [1][2] - The net profit after deducting non-recurring gains and losses was 281 million yuan, down 11.84% from the previous year [1][2] - The net cash flow from operating activities was 736 million yuan, an increase of 79.35% compared to the previous year [2] Earnings Per Share - Basic earnings per share (EPS) for 2024 was 0.6533 yuan, a decline of 33.24% year-on-year [2] - Diluted EPS also stood at 0.6533 yuan, reflecting the same percentage decrease [2] Return on Equity - The weighted average return on equity (ROE) was 6.55%, down 3.68% from the previous year [2] Segment Performance - Revenue from veterinary biological products reached 1.32 billion yuan, up 23.4% year-on-year, with a gross margin of 62.77%, down 2.67% [3] - Revenue from veterinary preparations and raw materials was 1.04 billion yuan, a decrease of 6.37% year-on-year, with a gross margin of 36.67%, down 2.78% [3] - Revenue from the pet supply chain was 633 million yuan, an increase of 37.66% year-on-year, with a gross margin of 14.99%, up 0.89% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company's chemical medicine business is under short-term pressure, with a non-recurring net profit down 12% year-on-year. In 2024, the company achieved operating revenue of 3.07 billion yuan, up 13.32% year-on-year, but the net profit attributable to the parent company decreased by 33.70% to 301 million yuan. The revenue growth was mainly driven by the increase in income from poultry biological products and the pet supply chain, while the decline in profitability was attributed to a decrease in the gross margin of the animal health business and a reduction in asset disposal income by approximately 100 million yuan [1][9]. Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year increase of 13.32%. The net profit attributable to the parent company was 301 million yuan, down 33.70% year-on-year. The non-recurring net profit decreased by 11.84% to 281 million yuan [1][9]. - The fourth quarter saw an operating revenue of 1.32 billion yuan, a quarter-on-quarter increase of 104.26% and a year-on-year increase of 17.93%. However, the net profit for Q4 was 56 million yuan, down 34.59% quarter-on-quarter and down 68.88% year-on-year [1][9]. Business Segments - The veterinary vaccine business continued to deepen its "big customer strategy" and expand into the pet market. The veterinary biological products segment achieved total revenue of 1.32 billion yuan, up 23.40% year-on-year, with a gross profit of 831 million yuan and a gross margin of 62.77% [2]. - The poultry biological products revenue increased by 15.90% to 1.08 billion yuan, while the livestock biological products revenue rose by 49.78% to 211 million yuan due to the consolidation of a subsidiary [2]. - The pet biological products segment saw a significant increase in revenue, up 849% to 37.44 million yuan, driven by the launch of the cat trivalent vaccine [2]. Strategic Developments - The company consolidated its supply chain and increased its stake in a pet hospital, enhancing its position in the pet healthcare sector. The pet supply chain achieved operating revenue of 633 million yuan, up 37.66% year-on-year, with a gross margin of 14.99% [3]. - The company aims to further integrate with pet hospitals and expand its product promotion channels, benefiting from the growth of the domestic pet economy [3]. Financial Forecasts - Due to short-term pressures from the raw material and formulation businesses, the company has revised its net profit forecasts for 2025-2026 to 450 million and 500 million yuan, respectively, down from previous estimates of 630 million and 650 million yuan. The forecast for 2027 is set at 520 million yuan, with corresponding EPS estimates of 1.0, 1.1, and 1.1 yuan for 2025-2027 [14].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's chemical medicine business is under short-term pressure, with a non-recurring net profit down 12% year-on-year. In 2024, the company achieved operating revenue of 3.07 billion yuan, up 13.32% year-on-year, but the net profit attributable to the parent company decreased by 33.70% to 301 million yuan. The revenue growth was mainly driven by the increase in income from poultry biological products and the pet supply chain, while the decline in profitability was attributed to a decrease in the gross margin of the animal health business and a reduction in asset disposal income by approximately 100 million yuan [1][9] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year increase of 13.32%. The net profit attributable to the parent company was 301 million yuan, down 33.70% year-on-year. The non-recurring net profit decreased by 11.84% to 281 million yuan [1][9] - The fourth quarter saw an operating revenue of 1.32 billion yuan, a quarter-on-quarter increase of 104.26% and a year-on-year increase of 17.93%. However, the net profit attributable to the parent company was 56 million yuan, down 34.59% quarter-on-quarter and 68.88% year-on-year [1][9] Business Segments - The veterinary vaccine business continued to deepen its "big customer strategy" and expand into the pet market. In 2024, the veterinary biological products segment achieved total revenue of 1.32 billion yuan, up 23.40% year-on-year, with a gross profit of 831 million yuan and a gross margin of 62.77% [2] - The poultry biological products revenue increased by 15.90% to 1.08 billion yuan, while the gross profit rose by 13.74% to 680 million yuan. The pet biological products segment saw a significant increase of 849% in revenue to 37.44 million yuan, driven by the launch of the cat trivalent vaccine "Rui Miao Shu" [2] Strategic Developments - The company consolidated its position in the pet healthcare sector by increasing its stake in Rui Pai Pet Hospital to 11.56% and consolidating Zhongrui Supply Chain, which achieved operating revenue of 633 million yuan, up 37.66% year-on-year [3] - The company aims to enhance its pet health strategy and broaden its product promotion channels, benefiting from the growth of the domestic pet economy [3] Financial Forecasts - Due to short-term pressures from the raw material and formulation businesses, the company has revised its net profit forecasts for 2025-2026 to 450 million and 500 million yuan, respectively, down from previous estimates of 630 million and 650 million yuan. The forecast for 2027 is set at 520 million yuan, with corresponding EPS estimates of 1.0, 1.1, and 1.1 yuan for 2025-2027 [4][14]

Core Insights - The company reported a revenue of 3.07 billion yuan, representing a year-on-year growth of 13.32%, and a net profit of 301 million yuan with a basic earnings per share of 0.65 yuan [1] Group 1: Product Development and Innovation - The company has developed a diverse product matrix with 587 products, including 122 biological products, 216 chemical drug formulations, and 102 veterinary medicines, covering major animal diseases in livestock [2] - The company invested 238 million yuan in R&D, accounting for 7.76% of its revenue, focusing on third-generation vaccines and new drug development [2] - The company has received 10 new veterinary drug registration certificates and holds 330 authorized patents, including 226 invention patents [2] Group 2: New Growth Opportunities - The company is expanding into pet medicine, synthetic biology, and international markets, with a product lineup that includes vaccines, drugs, and health products for pets [3] - Collaborations with research institutions are underway to promote the industrialization of synthetic biology projects, contributing to the green development of animal health and farming [3] - The company has been recognized for its synthetic biology project, which aims to transform the veterinary drug industry [3] Group 3: International Expansion - The company is actively pursuing an international strategy, registering 35 products in seven countries, including Indonesia and Sri Lanka [4] - The company’s production facilities have passed GMP certification in Indonesia and Thailand, laying a solid foundation for global expansion and international brand development [4]

Core Viewpoint - In 2024, the company reported a revenue of 3.07 billion yuan, a year-on-year increase of 13.32%, but a net profit attributable to shareholders of 301 million yuan, a decrease of 33.70% compared to the previous year [1] Group 1: Business Performance - The veterinary biological products business showed steady growth, with sales revenue reaching 1.32 billion yuan, a year-on-year increase of 23.40% [2] - Sales revenue from poultry biological products was 1.08 billion yuan, up 15.90% year-on-year, while livestock biological products revenue surged by 49.78% to 211 million yuan, primarily due to the acquisition of Betway Antai in 2024 [2] - The veterinary preparations and raw materials business experienced a slight decline, with sales revenue of 1.04 billion yuan, down 6.37% year-on-year, and a significant drop in subsidiary Longxiang Pharmaceutical's revenue by 24.12% [2] Group 2: Profitability Challenges - The company faced significant profit pressure due to a sharp decrease in impairment and asset disposal gains, with an asset impairment loss of 20 million yuan and a credit impairment loss of 19 million yuan [2] - Fair value changes resulted in a loss of 11 million yuan, reversing from profit to loss, mainly due to a 50 million yuan loss in the fair value of non-current financial assets [2] - Asset disposal gains fell sharply by 114 million yuan, primarily due to a high base effect from the recognition of land compensation in Hunan Zhong'an in 2023 [2] Group 3: Growth in Pet Business - The pet business saw significant revenue growth, with the pet biological products segment generating 3.7 million yuan, pet pharmaceuticals 1.9 million yuan, and the pet supply chain segment 63.3 million yuan, totaling 68.9 million yuan, which accounted for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [3] - The company is implementing a dual-driven development strategy of "internal growth + external expansion" to accelerate the growth of its pet business [3] Group 4: Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 3.43 billion, 3.83 billion, and 4.27 billion yuan, representing year-on-year growth of 11.78%, 11.45%, and 11.64% respectively [3] - Net profit attributable to shareholders is projected to be 412 million, 456 million, and 511 million yuan for the same period, with year-on-year growth of 36.98%, 10.63%, and 12.18% respectively [3] - The current price-to-earnings ratio (PE) is estimated at 21x, 19x, and 17x for the years 2025, 2026, and 2027 [3] - Based on the rapid development of the pet business, the company maintains a "buy" rating [3]