Core Insights - The "High-Yield Calcidiol Cell Factory Synthesis" application scenario has broken through traditional production bottlenecks, offering advantages such as shorter production cycles, lower costs, reduced energy consumption, and no pollution (no heavy metal catalysts required) compared to traditional chemical synthesis and biological fermentation methods [1] - This green bio-manufacturing method integrates industrial and innovative resources from Ruipu Biology and the Tianjin Institute of Industrial Biotechnology, Chinese Academy of Sciences, forming a service platform capable of providing process amplification and rapid product development for calcidiol and other raw material production companies [1] - The project is expected to set a benchmark in Tianjin and nationwide, driving the transformation of bio-manufacturing processes and green manufacturing upgrades in the Binhai New Area and across the country, significantly promoting the development of a bio-manufacturing industrial cluster in the Binhai New Area [1] Industry Impact - The application of this scenario will lead to a shift in the bio-manufacturing industry towards more sustainable and efficient production methods, reducing reliance on high-cost, high-energy, and high-pollution practices [1] - The collaboration between Ruipu Biology and the Tianjin Institute of Industrial Biotechnology highlights the importance of integrating industrial and academic resources to drive innovation in the bio-manufacturing sector [1] Regional Development - The project is poised to have a significant impact on the Binhai New Area, fostering the growth of a bio-manufacturing industrial cluster and setting a model for other regions to follow [1] - The widespread adoption of this technology could lead to a nationwide transformation in bio-manufacturing practices, enhancing the competitiveness of the industry in China [1]

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company achieved operating revenue of 648 million yuan in Q3 2024, a year-on-year increase of 9.22% [1] - For the first three quarters of 2024, the company reported operating revenue of 1.75 billion yuan, up 10.1% year-on-year, and a net profit attributable to shareholders of 245 million yuan, down 10.6% year-on-year [1] - The poultry segment showed significant growth, with revenue of 1.2 billion yuan in the first three quarters of 2024, a 19% increase year-on-year, driven by strengthened cooperation with major clients and market share gains in high-pathogenic avian influenza vaccines [1] - The livestock segment's revenue improved by over 20% quarter-on-quarter in Q3 2024, supported by a recovery in the breeding industry [1] - The pet segment has expanded, with nearly 100 core distributors and over 6,000 stores nationwide since the launch of the cat trivalent vaccine in January [1] Financial Performance Summary - Q3 2024 gross profit margin was 49.39%, a decrease of 1.56 percentage points year-on-year, while net profit margin was 15.12%, down 3.46 percentage points year-on-year [1] - The gross margin for the first three quarters of 2024 showed a continuous improvement trend, with figures of 47.7%, 49.3%, and 50.9% respectively [1] - The company expects operating revenue to reach 2.71 billion yuan, 3.12 billion yuan, and 3.51 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.4%, 15.0%, and 12.5% [2][3]

证券代码：300119 证券简称：瑞普生物 公告编号：2024-053 第五届董事会第十八次（临时）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"）第五届董事会第十八 次（临时）会议于 2024 年 11 月 1 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 10 月 29 日以书面及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（其中董事杨鶄，独立董事郭春林、才学鹏、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、逐项审议通过了《关于回购公司股份方案的议案》 1.1 回购股份的目的及用途 天津瑞普生物技术股份有限公司 基于对公司未来发展前景的信心以及对公司价值的高度认可，为维护广大投 资者的利益，增强投资者信心，同时完善公司长效激励机制，充分调动公司管理 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2024-054 天津瑞普生物技术股份有限公司 关于回购公司股份方案 暨与金融机构签订股票回购借款合同的公告 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。 重要内容提示： 6、回购期限：回购股份的实施期限为自董事会审议通过回购股份方案之日 起 6 个月内。 7、回购股份的数量占公司总股本的比例： 按照本次回购金额上限不超过人民币 16,000.00 万元，回购价格上限不超过 人民币 19.50 元/股进行测算，回购数量约为 820.51 万股，回购股份比例约占公 司总股本的 1.76%。按照本次回购金额下限不低于人民币 10,000.00 万元，回购 价格上限不超过人民币 19.50 元/股进行测算，回购数量约为 512.82 万股，回购 股份比例约占公司总股本的 1.10%。 8、相关股东是否存在减持计划： 1 天津瑞普生物技术股份有限公司（以下简称"公司"）拟以集中竞价交易方 式回购公司股份，主要内容如下： 1、回购股份的种类：无限售条件的 A 股流通股。 2、回购股份的用途：用于股权激励或员工持股计 ...

Investment Rating - The report maintains a "Buy" rating for Ruipu Biology (300119) [2] Core Views - Ruipu Biology's operating performance has shown sequential improvement, with a positive long-term development outlook [2] - The company's revenue in Q3 2024 increased by 9.22% YoY to 648 million RMB, while net profit attributable to the parent company decreased by 10.30% YoY to 86 million RMB [3] - Gross margin in Q3 2024 increased by 1.66 percentage points YoY, and operating cash flow has shown a quarter-over-quarter growth trend [3] - The company's new product pipeline is robust, supporting its medium to long-term development [3] Financial Performance - For the first three quarters of 2024, Ruipu Biology achieved revenue of 1.747 billion RMB, a 10.06% YoY increase, and net profit attributable to the parent company of 245 million RMB, a 10.58% YoY decrease [3] - The company's sales expense ratio decreased by 0.32 percentage points YoY, and management expense ratio decreased by 0.13 percentage points YoY [3] - The company's total market capitalization is 8.474 billion RMB, with a circulating market capitalization of 6.093 billion RMB [1][3] New Product Development - Ruipu Biology's self-developed cat triple vaccine became the first domestically produced cat triple vaccine to be marketed, filling a domestic product gap [3] - In the first half of 2024, the company shipped 1 million doses of the cat triple vaccine, making it another blockbuster product in the pet product cluster [3] - The company is advancing the launch of new products including porcine circovirus subunit vaccine and porcine infectious pleuropneumonia gene-engineered subunit vaccine [3] - Research and development progress is being accelerated for core products such as cat quadruple mRNA vaccine and feline infectious peritonitis virus vaccine [3] Market Performance - Ruipu Biology's stock price has shown strong performance, with a 20.6% increase over the past month and a 35.0% increase over the past three months, outperforming the CSI 300 index [3] - The current stock price is 18.19 RMB, within the 52-week range of 11.25-19.30 RMB [3] Financial Forecasts - Revenue for 2024-2026 is forecasted to be 2.628 billion, 2.882 billion, and 3.108 billion RMB, representing YoY growth rates of 16.86%, 9.66%, and 7.83% respectively [3] - Net profit attributable to the parent company for 2024-2026 is projected to be 390 million, 471 million, and 553 million RMB, with YoY growth rates of -13.97%, 20.96%, and 17.32% respectively [3] - The company's P/E ratio for 2024-2026 is estimated at 22x, 18x, and 15x respectively [3] Valuation Metrics - The company's ROE is expected to be 8%, 9%, and 10% for 2024-2026 [6] - P/B ratio is forecasted at 1.81, 1.70, and 1.59 for 2024-2026 [6] - P/S ratio is projected to be 3.22, 2.94, and 2.73 for 2024-2026 [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected benefits from industry recovery and market expansion opportunities in the pet medicine sector [3][5]. Core Insights - The company reported a revenue of 1.747 billion yuan for the first three quarters of 2024, a year-on-year increase of 10.06%, while the net profit attributable to shareholders decreased by 10.58% to 245 million yuan [1]. - In Q3 2024, the company achieved a revenue of 648 million yuan, reflecting a year-on-year growth of 9.22% and a quarter-on-quarter increase of 14.48%. The net profit for Q3 was 86 million yuan, down 10.30% year-on-year but up 19.60% quarter-on-quarter [1]. - The company is experiencing improved profitability in the livestock sector, particularly in pig and poultry farming, due to rising prices and effective product promotion strategies [1][2]. - The company has significantly increased its R&D investment, with the R&D expense ratio rising from 5.9% in 2021 to 7.7% in Q3 2024, leading to product innovation and market expansion [2]. - The acquisition of a controlling stake in Biwei Antai enhances the company's portfolio in the foot-and-mouth disease vaccine market, which is crucial for livestock health and has high market demand [2]. Financial Summary - The projected net profits for the company from 2024 to 2026 are estimated at 352 million, 461 million, and 532 million yuan, respectively, with corresponding EPS of 0.76, 0.99, and 1.14 yuan [3][4]. - The company is expected to maintain a PE ratio of 24, 18, and 16 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation trend [4][3]. - Revenue forecasts for the years 2024 to 2026 are projected at 2.571 billion, 2.987 billion, and 3.358 billion yuan, with growth rates of 14.3%, 16.2%, and 12.4% [4][7].

证券代码：300119 证券简称：瑞普生物 天津瑞普生物技术股份有限公司投资者关系活动记录表 编号：2024-008 | --- | --- | --- | |---------------------------|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | √ 分析师会议 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系活动 类别 | □ 新闻发布会 | √ 路演活动 | | | □ 现场参观 □ 其他 | 中信证券、中金公司、长江证券、天风证券、中信建投证券、 浙商证券、 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [4]. Core Views - The company has a comprehensive layout in poultry products, with ongoing efforts in vaccine linkage and large customer development to enhance market share. The acquisition of Betway Antai in March 2024 has strengthened its capabilities in livestock services [2][6]. - The company has developed a complete pet health care system, covering disease prevention, health diagnosis, and treatment, with over 20 pet products. The self-developed cat trivalent vaccine, Rui Miao Shu, has achieved impressive sales, becoming a significant product in the pet product cluster [2][6]. - The demand for animal health products is expected to recover, with a promising outlook for the pet health market in China, driven by the increasing number of pet owners and rising health awareness [6][23]. Summary by Sections 1. Poultry and Livestock Health Demand Recovery - The animal health industry has a significant market size but low concentration. The total sales of China's veterinary drug industry reached 67.345 billion yuan, with a compound annual growth rate of 5.91% over the past decade [15]. - The recovery of livestock inventory is anticipated to boost the demand for animal health products, particularly in the pig and poultry sectors, as prices and profits improve [22][20]. 2. Steady Development of Poultry Sector - The company has a robust product lineup in poultry vaccines, including high pathogenic avian influenza vaccines, which are in high demand. The acquisition of Betway Antai has enhanced the company's ability to provide comprehensive disease solutions for livestock [7][9]. - The poultry vaccine segment is expected to maintain steady growth, supported by ongoing customer development and product sales [9][10]. 3. Strong Competitiveness in Pet Health - The company has established a complete pet health care system, with significant advancements in pet deworming products. The self-developed cat trivalent vaccine has seen substantial sales, indicating strong market competitiveness [6][9]. - The pet health market in China is experiencing rapid growth, with domestic brands gaining momentum against imported products. The market is projected to continue expanding due to increasing pet ownership and health awareness [25][23]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.685 billion yuan, 2.968 billion yuan, and 3.340 billion yuan from 2024 to 2026, with a compound annual growth rate of 11.62%. The projected net profit for the same period is 523 million yuan, 598 million yuan, and 652 million yuan [11][8]. - The report suggests a target price of 19.04 yuan based on a 17x price-to-earnings ratio for 2024, reflecting a potential recovery in valuation as market sentiment improves [11][8].

Revenue and Profitability - Revenue for Q3 2024 reached ¥647,768,241.19, an increase of 9.22% year-over-year, while year-to-date revenue was ¥1,746,806,365.21, up 10.06% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥85,597,145.56, a decrease of 10.30% year-over-year, with year-to-date net profit at ¥244,736,518.03, down 10.58%[2] - Basic earnings per share for Q3 2024 was ¥0.1857, reflecting a decline of 9.72% compared to the same period last year[2] - The net profit for Q3 2024 was CNY 264.18 million, a decrease of 10.5% compared to CNY 294.90 million in Q3 2023[17] - The total comprehensive income for the period was CNY 264.18 million, compared to CNY 294.90 million in the same quarter last year, indicating a decline of 10.5%[18] - Basic and diluted earnings per share were both CNY 0.5313, down from CNY 0.5900 in Q3 2023[18] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥7,435,784,609.90, representing a 12.73% increase from the end of the previous year[2] - The total liabilities rose to CNY 2,477,936,933.07, compared to CNY 1,791,055,573.41, marking a significant increase of 38.34%[15] - The non-current assets totaled CNY 4,087,412,944.91, which is an increase of 22.66% from CNY 3,332,613,794.00[14] - The company's equity attributable to shareholders increased to CNY 4,549,883,109.64 from CNY 4,496,304,113.26, a rise of 1.19%[15] Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥356,123,557.72 for the year-to-date, which is an increase of 80.80% compared to the same period last year[6] - The cash flow from operating activities generated a net amount of CNY 356.12 million, compared to CNY 196.97 million in Q3 2023, reflecting a significant increase of 80.7%[19] - The total cash inflow from investment activities was CNY 2.60 billion, while cash outflow was CNY 2.84 billion, resulting in a net cash outflow of CNY 231.23 million[19] - Cash used for debt repayment in Q3 2024 was approximately ¥289.33 million, compared to ¥638.99 million in Q3 2023, indicating a decrease of about 54.7%[20] - Cash flow from financing activities showed a net outflow of ¥110.40 million in Q3 2024, an improvement from a net outflow of ¥350.70 million in Q3 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 18,417[7] - The largest shareholder, Li Shoujun, holds 35.95% of shares, totaling 167,474,479 shares, with 125,605,859 shares pledged[7] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Liang Wu, owning 5.09% or 23,716,898 shares[7] - The company completed the repurchase and cancellation of 428,280 restricted stock units from the 2022 incentive plan, reducing the total share capital to 465,847,906 shares[11] - The company has not reported any changes in the number of preferred shareholders or their holdings[9] Operational Performance - The total operating revenue for the third quarter of 2024 reached CNY 1,746,806,365.21, an increase of 10.04% compared to CNY 1,587,164,776.49 in the same period last year[16] - The total operating costs amounted to CNY 1,466,821,630.31, reflecting a year-over-year increase of 11.59% from CNY 1,314,397,482.78[16] - The company's operating profit decreased to CNY 304.08 million, down 6.9% from CNY 326.72 million in the previous year[17] - Research and development expenses rose to CNY 135.16 million, an increase of 8.4% from CNY 124.18 million in Q3 2023[17] - The company reported an increase in sales expenses to CNY 287.79 million, up from CNY 266.62 million in the previous year, marking a rise of 7.9%[17] - The financial expenses increased to CNY 18.12 million, compared to CNY 14.34 million in Q3 2023, reflecting a rise of 26.5%[17] Changes and Future Outlook - The company has a strategy to expand its market presence, as indicated by the ongoing development of new products and technologies[8] - The report indicates that there are no significant changes in the participation of major shareholders in margin trading activities[8] - The company is committed to maintaining transparency regarding shareholder equity and incentive plans[11] - The company has not yet audited the Q3 2024 report, which may affect the reliability of the financial data presented[21] - The company implemented new accounting standards starting in 2024, which may impact the financial reporting and analysis moving forward[20]

证券代码：300119 证券简称：瑞普生物 公告编号：2024-050 天津瑞普生物技术股份有限公司 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。 天津瑞普生物技术股份有限公司（以下简称"公司"）于 2024 年 6 月 27 日 召开 2024 年第一次临时股东大会，审议通过了《关于回购注销 2022 年限制性股 票激励计划部分限制性股票的议案》《关于修改公司章程的议案》，回购注销公 司 2022 年限制性股票激励计划部分限制性股票 428,280 股，注销完成后，公司 总股本由 466,276,186 股减至 465,847,906 股，注册资本由 466,276,186 元减至 465,847,906 元。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。 近日，公司完成了上述事宜的工商变更登记手续，并取得了由中国（天津） 自由贸易试验区市场监督管理局换发的《营业执照》。公司本次变更仅涉及注册 资本减少，其他事项不变，营业执照情况如下： 名称：天 ...