4月16日，瑞普生物连续4个交易日下跌，区间累计跌幅-8.94%。瑞普生物股份有限公司,作为我国动物保健品行业的领军企业,中国A股市场上专注于兽药领 域的上市公司,秉承"前瞻、创新、正直、分享"的企业理念,为动物健康、动物源性食品安全、人畜共患病的解决贡献着力量。 简历显示，吴越先生:中国国籍,硕士学历,2013年6月加入嘉实基金管理有限公司研究部任研究员一职,先后负责A股食品饮料、轻工等行业的研究工作。2020 年12月9日任嘉实农业产业股票型证券投资基金基金经理。2020年12月9日任嘉实消费精选股票型证券投资基金基金经理。现任嘉实消费精选研究副总监。 2021年10月22日担任嘉实新起航灵活配置混合型证券投资基金基金经理。2022年1月6日至今任嘉实内需精选混合型证券投资基金基金经理。2024年12月16日 起担任嘉实新收益灵活配置混合型证券投资基金基金经理。2024年12月24日担任嘉实瑞虹三年定期开放混合型证券投资基金基金经理。 | ○ 基金经理:吴越 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

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，无虚假记载、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"）全资子公司瑞普（天津）生物 药业有限公司生产的猫用驱虫药通过国家比对文号评价审核，近期获得了由农业 农村部核发的兽药产品批准文号。详情如下： | 企业名称 | 兽药通用名称 | 规格 | 批准文号 | 有效期 | | --- | --- | --- | --- | --- | | | | 14mg (米尔贝肟 | | | | | | 4mg+吡喹酮 | 兽药字020033417 | | | 瑞普（天津）生 | 米尔贝肟吡喹 | 10mg) | | 2025.04.07- | | 物药业有限公司 | 酮片（猫用） | 56mg (米尔贝肟 | | 2030.04.06 | | | | 16mg+吡喹酮 | 兽药字020033418 | | | | | 40mg) | | | 证券代码：300119 证券简称：瑞普生物 公告编号：2025-030 瑞普生物股份有限公司 关于取得兽药产品批准文号的公告 该产品的成功获批，是公司深耕猫用药品战略布局的关键进展。在宠物医药 产品长期依赖 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

公司发布2024 年年报： 2024 年实现营业收入30.7 亿元，同比增长13.32%，实现归母净利润3.01 亿元，同比下降33.70%，实现 扣非归母净利润2.81 亿元，同比下降11.84%。 禽用疫苗产品优势突出。 瑞普生物在禽用生物制品板块保持领先的地位，多款禽用疫苗市场份额位居行业单品排名前列，重点产 品包括"重组禽流感病毒（H5+H7）三价灭活疫苗，鸡新城疫、禽流感（H9 亚型）二联灭活疫苗，鸡新 城疫、传染性法氏囊病、禽流感（H9 亚型）三联灭活疫苗"等生物制品，产品抗原含量高、保护效果 好、副反应小，能够有效预防主流禽疫病的发生。2024 年公司禽用生物制品实现营业收入10.76 亿元， 同比增长15.90%；毛利率为63.17%，同比-1.20pcts。 畜用产品日渐完善，家畜板块高速增长。 瑞普生物经过多年布局，在猪、牛、羊等畜用药苗、药品及饲料添加剂等方面打造丰富的产品群组，积 极改进工艺提升产品质量，猪蓝耳疫苗、乙脑疫苗、奶牛乳房注入剂等产品竞争力位于行业前列。公司 在家畜集团客户深耕多年，与大型家禽养殖集团建立友好合作关系，并拓展奶牛市场，完善营销网络布 局。此外，公司通过并购将 ...

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 ...

点击注册小程序 查看完整报告 特别申明： 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 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%. However, the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, with a non-recurring net profit of 281 million yuan, down 11.87% year-on-year [1][3]. - Revenue growth was primarily driven by veterinary biological products and the pet supply chain, which grew by 23.4% and 37.66% respectively. In contrast, revenue from formulations and raw materials declined by 5.83%, and pet medicines saw a decrease of 28.26% [1][3]. - The company is actively enhancing its strategic industrial structure through high-level R&D investments, with R&D expenses amounting to 197 million yuan, representing 6.4% of total revenue. The acquisition of Baoding Shoujun's 100% equity extends its business into foot-and-mouth disease vaccines [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,070 million yuan, with a growth rate of 36.5%. The net profit attributable to shareholders was 301 million yuan, reflecting a decline of 33.61% [4][8]. - The revenue breakdown shows significant increases in pet biological products (849.09%), livestock biological products (49.78%), and the pet supply chain (37.66%), while pet medicines decreased by 28.26% [1][2]. R&D and Strategic Initiatives - The company is focusing on strengthening its industrial structure by maintaining high R&D investments, with a total of 197 million yuan allocated for 2024. Collaborations with research institutions are also underway to accelerate innovation [2][3]. Market Outlook and Profitability - The report anticipates a recovery in the livestock and poultry breeding sector, with gradual improvements in the company's main business. However, profit forecasts for 2025-2026 have been adjusted downward due to anticipated pressures in the veterinary medicine sector [3][4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.86 yuan, 1.08 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, while the net profit attributable to shareholders decreased by 33.61% to 301 million yuan [1][4]. - The revenue growth is primarily driven by the veterinary biological products and pet supply chain, which grew by 23.4% and 37.66% respectively [1]. - The overall gross margin decreased from 49.69% in 2023 to 41.38% in 2024 due to market price fluctuations and rising raw material costs [1]. Revenue and Profitability - The company's revenue for 2024 is projected to be 3.07 billion yuan, with a growth rate of 36.5% compared to 2023 [4]. - The net profit for 2024 is forecasted at 301 million yuan, reflecting a decline of 33.61% from the previous year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with projections for 2025 and 2026 at 0.86 yuan and 1.08 yuan respectively [4][10]. R&D and Strategic Developments - The company maintained a high level of R&D investment in 2024, with R&D expenses amounting to 197 million yuan, representing a rate of 6.4% of revenue [2]. - The acquisition of 100% equity in Baoding Shoujun extends the company's business into foot-and-mouth disease vaccines, enhancing its strategic industry structure [2]. Pet Medical Sector - The pet segment generated 690 million yuan in revenue in 2024, accounting for 22.47% of total revenue, with significant contributions from pet biological products [2]. - The pet biological products revenue surged by 849% year-on-year, driven by the successful launch of the "Rui Miao Shu" cat trivalent vaccine [2]. Financial Forecasts - The company’s revenue is expected to grow to 3.23 billion yuan in 2025, with a projected growth rate of 5.14% [4]. - The net profit is anticipated to recover to 401 million yuan in 2025, reflecting a growth of 33.27% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21, 17, and 14 respectively [4][10].

Group 1 - The company reported an operating income of 3.07 billion yuan, a year-on-year increase of 13.32% [1] - The net profit attributable to shareholders was 301 million yuan, with a proposed cash dividend of 3 yuan per 10 shares (tax included) [1] - Research and development investment reached 238 million yuan, accounting for 7.76% of operating income, with 10 new veterinary drug registration certificates and 29 authorized patents obtained [1] Group 2 - Breakthroughs were achieved in the biopharmaceutical field, including advancements in mRNA technology platforms and recombinant duck plague virus vector vaccines [1] - The self-developed cat trivalent vaccine "Rui Miao Shu" became the first domestically listed product [1] - The developed micro-coated preparation of enrofloxacin hydrochloride reduced medication costs by 25%-50%, receiving high industry recognition [1] Group 3 - The company completed the registration of 35 products, with Tianjin and High-Tech companies passing Indonesia's GMP audit, and Biwei Antai obtaining Thailand's GMP certification [1] - Collaborations were established with over 20 group clients for million-level partnerships, creating 50 million-level flagship products [1] - Strategic partnerships were deepened with leading enterprises such as Dekang Animal Husbandry and Shengnong Development, building an industrial ecosystem [1] Group 4 - Looking ahead, the company will continue to deepen research and development in mRNA, genetic engineering vaccines, and innovative drugs [2] - The company aims to accelerate its layout in the pet and ruminant sectors, constructing a full chain of "research-development-production-service" [2] - Key products, processes, and technologies will be targeted for mergers and acquisitions to enhance product competitiveness and market share [2]

Core Insights - The global animal vaccine market is projected to exceed $14 billion in 2024, following a market size of over $13.5 billion in 2023, with a compound annual growth rate (CAGR) of 10.10% over the past five years [1][8]. Market Overview - Animal vaccines, also known as veterinary vaccines, are products made from pathogenic microorganisms that stimulate the immune system of animals to produce specific antibodies, thereby preventing infectious diseases [1]. - North America, including the United States and Canada, is the largest regional market for animal vaccines, accounting for approximately 45% of the global market share in 2023 [3]. Industry Competition - Leading companies in the global animal vaccine industry offer a diverse range of products, including vaccines for pets, pigs, poultry, ruminants, and aquaculture [5]. - Major players such as Merck Animal Health, Zoetis, and Boehringer Ingelheim have established multiple production bases worldwide, indicating significant production capacity [5]. Company Profiles - **Merck Animal Health**: Offers pet vaccines, pig vaccines, poultry vaccines, and aquaculture vaccines, with 29 production bases across 12 countries, including a major facility in Suzhou, China [6]. - **Zoetis**: Operates production bases in the United States and China, having established its first R&D and production base in China in 2019 [6]. - **Boehringer Ingelheim**: Maintains over 20 production bases globally, with two facilities located in Nanchang and Taizhou, China [6]. - **Hualan Biological Engineering**: Initially focused on blood products, it has become a major producer of influenza vaccines in China, accounting for over 40% of the national market [6]. - **Fubao Animal Health**: Produces vaccines for pigs, poultry, and aquaculture, with production bases in the United States and Suzhou, China [6].