2024 年 4 月 8 日 ——瑞普生物（300119.SZ）2023 年业绩点评 家畜板块迎来高速增长，持续开拓宠物动保蓝海：2023 年家畜板块实现营业收 入 5.08 亿元，同比增长 28%。公司在猪、牛、羊等畜用疫苗、药品及饲料添加 剂等方面打造了丰富的产品群组，众产品竞争力行业领先，且与家畜大型养殖集 团建立战略合作关系，并积极拓展奶牛市场，完善营销网络布局，家畜业务步入 高速增长期。2023 年，公司与瑞奕生物共同投资设立蓝瑞生物，意在"抓住宠 物发展契机，释放产品价值，打造本土第一品牌"，宠物板块业务独立运营，有 利于公司宠物业务快速发展，带动业绩持续增长。 维持"买入"评级：2024 年畜禽养殖板块将迎来景气行情，公司主营业务有望 充分受益下游景气上行带来的红利。同时公司多年来布局宠物药品市场，逐步形 成宠物全产品矩阵，多项新品有望创造新的业绩增长点。但考虑到公司宠物板块 新品落地后难以在短时间内兑现业绩，因此小幅下调 2024-25 年归母净利润预 测至 5.49、6.74 亿元（较上次预测分别下降 5.34%、1.32%），新增 26 年归母 净利润预测为 8.17 亿元，折合 EPS ...

证 券 研 究 报 告 事项： 公司研究 证券分析师：陈鹏 市场表现对比图(近 12 个月) 相关研究报告 瑞普生物（300119）2023 年报点评 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 瑞普生物（300119）2023 年报点评 强推（维持） 公司披露 2023 年年报，全年实现营收 22.49 亿，同增 7.9%，归母净利 4.53 亿， 同增 30.64%，扣非归母净利 3.18 亿，同增 13.43%。单四季度实现营收 6.62 亿，同增 8.94%，归母净利 1.79 亿，同增 57.68%，扣非归母净利 8479 万元， 同增 4.44%。 评论： 家畜业务表现亮眼，带动公司整体经营逆势增长。去年在下游畜禽养殖景气度 整体较为低迷的情况下，公司导向客户价值，互融共进逆势突围，营销实现新 跨越，营收再创历史新高。分业务来看，公司通过聚焦国内家畜 TOP100 养殖 集团，提供综合疫病健康解决方案，与德康农牧等头部客户建立战略合作，并 积极完善营销网络布局等一系列举措，家畜板块实现收入 5.1 亿，逆势同比高 增 28%，其中，畜苗收入 1.4 亿，同比增长 ...

[ T able_StockInfo] 2024 年 04 月 01 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：14.43 元 瑞普生物（300119）农林牧渔 目标价：20.90 元（6 个月） 主要业务板块稳健增长，宠物板块布局推进 [Table_Summary 业绩总结：公司]发布 2023年年度报告，公司 2023年实现营收 22.5亿元，同比 +7.9%，实现归母净利润 4.5 亿元，同比+30.6%。其中，2023Q4 实现营收实 现营收 6.6 亿元，同比+8.9%；实现归母净利润 1.8 亿元，同比+57.7%，扣非 归母净利润 0.85 亿元，同比+4.44%。 点评：主要业务板块稳健增长，宠物板块布局推进。2023年，公司制剂及原料 药业务实现销售收入 10.84亿元，同比增长 11.20%。禽用生物制品业务实现销 售收入 9.28 亿元，同比增长 3.64%，畜用生物制品业务实现销售收入 1.41 亿 元，同比增长 8.47%。持续建立与大型养殖集团战略合作，畜禽板块步入告诉 增长期。宠物板块，猫三联疫苗上市，犬四联疫苗已完成临床试验。 研发投入连续增长，注重研发驱 ...

《【兴证农业】瑞普生物 2023Q3 业绩点评：三季度稳中向好，股 权激励目标或能达成》 《【兴证农业】瑞普生物 2023H1 业绩点评：化药板块盈利能力修 复，宠物板块打造新增长曲线》 2023-09-06 《【兴证农业】瑞普生物 2022 年 年报点评：22Q4 业绩环比提升， 未来盈利空间持续释放》2023- 04-02 公司点评报告(带市场行情) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|---------------------|---------------------|-------|---------------|---------------------------------------------|--------|------------------------|--------|-------------| | 附表 ＄ 资产负债表 ...

瑞普生物（ [Table_StockNameRptType] 300119） 公司研究/公司点评 敬请参阅末页重要声明及评级说明 证券研究报告 | --- | --- | --- | --- | --- | |-------------------|-------|------------------------|-------|-------| | 主要财务指标 | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 2249 2640 3128 3659 | | | | 收入同比（ % ） | 7.9% | 17.4% | 18.5% | 17.0% | | 归属母公司净利润 | | 453 502 664 853 | | | | 净利润同比（ % ） | 30.6% | 10.7% | 32.5% | 28.5% | | 毛利率（ % ） | 49.7% | 52.3% | 52.3% | 52.4% | | ROE （ % ） | 10.1% | 10.1% | 11.8% | 13.1% | | 每股收益（元） | | 0.98 1.08 1.42 1.83 | | ...

研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 熊子兴 S0350522100002 xiongzx@ghzq.com.cn [Table_Title] 经营业绩稳步增长，收购必威安泰进军口蹄疫疫 苗市场 事件: 2024 年 3 月 29 日，瑞普生物发布 2023 年年报：2023 年公司实现营业 收入 22.49 亿元，同比+7.90%，归母净利润 4.53 亿元，同比+30.64%， 扣非归母净利润 3.18 亿元，同比+13.43%。2023Q4 公司实现营业收入 6.62 亿元，同比+8.94%，实现归母净利润 1.79 亿元，同比+57.68%， 扣非归母净利润 0.85 亿元，同比+4.44%。 投资要点: 当前价格（元） 14.43 研发投入步入收获期，多个新产品取得进展。2023 年公司研发投入 2.33 亿元，占营业收入比重达到 10.35%，多年持续高饱和的研发投入逐步进 入收获期：公司自主研发的猫三联疫苗，填补了国内该疫苗的产品空白， 未来将逐步实现进口替代；自主研发的犬四联疫苗和犬传染性喉气管炎 （犬腺病毒 2 ...

Financial Performance - The company's operating revenue for 2023 was ¥2,248,962,053.98, representing a 7.90% increase compared to ¥2,084,250,399.00 in 2022[23]. - Net profit attributable to shareholders for 2023 was ¥452,942,064.27, a 30.64% increase from ¥346,698,684.97 in 2022[23]. - The net profit after deducting non-recurring gains and losses was ¥318,420,957.50, up 13.43% from ¥280,715,394.08 in 2022[23]. - The total assets at the end of 2023 reached ¥6,595,941,501.08, an 8.02% increase from ¥6,106,273,672.25 at the end of 2022[23]. - The basic earnings per share for 2023 was ¥0.9772, a 30.50% increase compared to ¥0.7488 in 2022[23]. - The company reported a net cash flow from operating activities of ¥378,196,328.60, a slight decrease of 2.90% from ¥389,486,980.07 in 2022[23]. - The company achieved a revenue of 2.249 billion yuan in 2023, representing a year-on-year growth of 7.90%[88]. - The net profit attributable to the parent company was 453 million yuan, an increase of 30.64% compared to the previous year[88]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 318 million yuan, up 13.43% year-on-year[88]. Market Position and Strategy - The company has a strategic focus on expanding its market presence and enhancing its product development capabilities[4]. - The company aims to strengthen its market position through strategic expansions and potential acquisitions in the veterinary medicine industry[50]. - The company is focusing on the pet health market, with plans to establish itself as a leading domestic brand, leveraging the growing pet population and market potential[73]. - The company is actively pursuing research and development of innovative veterinary products to meet the growing market demand and enhance its competitive edge in the industry[122]. - The company is committed to enhancing its supply chain advantages and improving production processes to reduce costs across all supply chain nodes[153]. - The company intends to deepen its poultry business and increase vaccine sales to further improve market share[153]. - The company is focusing on the pet industry, aiming to become a globally recognized brand by enriching its industry chain layout and building a channel ecosystem[153]. Research and Development - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[4]. - The company has a strong R&D team, including 8 national-level talents and 23 provincial-level experts, enhancing its innovation capabilities across various scientific fields[74]. - R&D investment increased from 15.16 million in 2021 (7.55% of revenue) to 23.28 million in 2023 (10.35% of revenue), driving product innovation and market expansion[71]. - The company has developed multiple key technology platforms for drug research, including new drug design and screening, which have led to dozens of innovative inventions in new drug crystal forms and compound structures[80]. - The company has established long-term cooperative relationships with over 30 renowned research institutions, enhancing its innovation capabilities[76]. - The company has made significant advancements in mRNA vaccine development, with multiple products in strategic planning, enhancing its competitive edge in the market[78]. - The company is advancing its IPD R&D system transformation, focusing on product competitiveness and optimizing product launch processes for new products such as cat vaccines and antibiotics[155]. Product Development and Innovation - The company has obtained 15 new veterinary drug registration certificates for pets, including the first domestic cat trivalent vaccine, "Rui Miao Shu," which broke the reliance on imported vaccines[47]. - The company has developed a new generation of high-temperature resistant β-mannanase enzyme, enhancing gut health and nutrient utilization[54]. - The company’s new feed additive enzyme can improve nutrient absorption efficiency and save over 50 kcal/kg of feed energy[54]. - The company has successfully developed the "Porcine Circovirus Type 2 Genetic Engineering Subunit Vaccine," which is the first of its kind for the company and is currently in the new veterinary drug product approval stage[119]. - The company has developed a dual live vaccine for the prevention of Newcastle disease and infectious bronchitis, which can be stored at 2-8°C for up to 24 months, addressing significant challenges in poultry farming[121]. - The company has developed a bivalent yolk antibody for the emergency prevention of duck viral hepatitis, enhancing its therapeutic antibody offerings for waterfowl[121]. - The company has successfully developed a new canine parvovirus serum, which induces endogenous interferon production and promotes antibody formation, filling a gap in the pet product line and addressing market needs[122]. Risks and Challenges - The company faces risks including animal epidemic risks, market competition risks, talent loss risks, and product development risks[4]. - The company is facing risks from animal epidemics, market competition, and potential talent loss, which could impact its operational performance[161][162][164]. - The company emphasizes the importance of a stable R&D team, as high-end talent is crucial for maintaining competitive advantages in the veterinary vaccine market[164]. - The company has implemented a cautious customer credit policy and established a bad debt provision policy based on industry comparisons and historical sales recovery data[167]. Governance and Management - The company maintains an independent business operation, with its board of directors, supervisory board, and internal institutions operating independently from the controlling shareholder[176]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[176]. - The company has established a performance evaluation and incentive system for its directors and senior management, ensuring transparency and compliance with regulations[183]. - The company has strengthened investor relations management and communication to protect the rights of investors, especially minority shareholders[173]. - The company has a structured approach to shareholder meetings, ensuring adequate time for shareholders to express their opinions and separate voting for minority shareholders on significant matters[174]. Awards and Recognition - The company has received multiple awards for its research and development efforts, including two National Science and Technology Progress Awards (second class) and several local awards[196]. - The company has been recognized as a leader in the industry, receiving accolades for its contributions to agricultural biotechnology and veterinary medicine[196]. - The company participated in the 17th China Listed Company Value Evaluation Activity and was recognized as one of the "Top 50 Value Companies on the Growth Enterprise Market"[173].

[盈利预测与财务指标 Table_Forcast] 推荐 维持评级 当前价格： 14.43 元 1.瑞普生物（300119.SZ）2023 年三季报点 评：2023Q3 盈利能力逐步修复，猫三联上市 有序推进-2023/10/26 2.瑞普生物（300119.SZ）事件点评：应急评 价正式通过，公司有望成为猫三联国产化先锋 -2023/08/24 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 2 瑞普生物（300119.SZ）2023 年年度报告点评 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------------------------|------------|-------| | 项目 /年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 2,249 2,752 3,115 3,518 | | | | 增长率（%） | | 7.9 22.4 13.2 13.0 | | | | ...

天津瑞普生物技术股份有限公司 审计报告及财务报表 二○二三年度 信会师报字[2024]第 ZG10531 号 天津瑞普生物技术股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | | 表 | | | | 财务报表附注 | 1-148 | 审计报告 信会师报字[2024]第 ZG10531 号 天津瑞普生物技术股份有限公司全体股东： 一、 审计意见 我们审计了天津瑞普生物技术股份有限公司（以下简称瑞普生 物）财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债 表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司所有者权益变动表以及相关财务 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2024-013 天津瑞普生物技术股份有限公司 第五届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 天津瑞普生物技术股份有限公司（以下简称"公司"）第五届董事会第十三次 会议于 2024 年 3 月 28 日在公司会议室以现场结合通讯表决方式召开。会议通知 于 2024 年 3 月 18 日以电子邮件等网络方式送达全体董事。公司应出席董事 9 人，实际出席董事 9 人（其中董事刘爱玲、杨鶄，独立董事才学鹏、郭春林、周 睿以通讯方式参会），参与表决董事 9 人。本次会议由董事长李守军先生主持， 公司高级管理人员列席了会议。本次会议的召集、召开和表决程序符合《公司法》 《证券法》等法律法规和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过了《关于 2023 年度董事会工作报告的议案》 经审议，董事会同意《2023 年度董事会工作报告》，公司独立董事向董事会 递交了《2023 年度独立董事述职报告》，并将在公司 2023 年年度股东大会上述 职。 具 ...