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]

Group 1: Company Research - Ruipu Biological - Ruipu Biological's net cash flow from operating activities for 2024 is projected to be 735 million, representing a 79.35% increase year-on-year, driven by improved conditions in the downstream aquaculture industry and enhanced accounts receivable management [1] - The company plans to launch new products including multi-valent vaccines, genetically engineered vaccines, and mRNA vaccines from 2025 to 2026, and aims to acquire a 15% stake in Zhongrui Huapu and control of Zhongrui Supply Chain to establish a vertical supply chain [1] - The raw material drug segment is expanding with over ten products including florfenicol and tilmicosin, and the hydrochloride of wanilong dihydrate has obtained a new veterinary drug certificate [1] - Ruipu has established partnerships with over 20 group clients, achieving more than 50 significant products with sales exceeding 10 million [1] - The gross margin for 2024 is expected to decline due to the acquisition of Zhongrui Supply Chain, as the pet supply chain has a lower margin, leading to a structural decrease in overall gross margin [1] Group 2: Company Research - Kidswant - Kidswant officially launched its large store franchise business in 2024, successfully opening 30 franchise stores by the end of March 2025, with a target of 500 stores [1] - The company has partnered with Volcano Engine to co-build the BYKIDs I smart hardware incubator, focusing on developing a product matrix that combines smart software and hardware [1] - Kidswant has established a joint venture with Xinxuan to create a well-known MCN organization in the maternal and infant industry, with live streaming operations becoming a regular feature [1] - As a leading enterprise in the maternal and infant industry, Kidswant is committed to providing higher quality maternal and infant products and services through franchise operations, AI technology, and live e-commerce, promoting healthy industry development [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. 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 decreased by 33.70% to 301 million yuan [4][9]. - The animal health business showed steady growth, with sales revenue from veterinary biological products reaching 1.324 billion yuan, up 23.40% year-on-year, driven by significant growth in livestock vaccines due to the acquisition of Betway Antai [7][8]. - The pet business is rapidly developing, with total sales from the pet segment reaching 689 million yuan, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [7][8]. Financial Performance Summary - The company forecasts revenue growth for 2025-2027 to be 34.32 billion yuan, 38.25 billion yuan, and 42.70 billion yuan, with year-on-year growth rates of 11.78%, 11.45%, and 11.64% respectively [9][10]. - The net profit attributable to shareholders is projected to increase to 412 million yuan, 456 million yuan, and 511 million yuan for the same period, with growth rates of 36.98%, 10.63%, and 12.18% respectively [9][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 21x, 19x, and 17x respectively, indicating a favorable valuation outlook [8][10].

Investment Rating - The report gives a "Buy" rating for the company, Ruipubio (stock code: 300119.SZ) [1] Core Views - The company has shown steady growth in the poultry sector and significant growth in the pet sector, which is seen as a new growth engine [3][5] - The company is expected to have a promising growth potential due to its competitive advantages in poultry vaccines and pharmaceuticals, along with the early advantages and channel barriers in the pet sector [52] Financial Performance - In 2024, the company achieved a revenue of 3.07 billion yuan, a year-on-year increase of 13.32% [3][5] - The net profit attributable to shareholders was 301 million yuan, a decrease of 33.7% year-on-year [3][5] - The company’s comprehensive gross margin was 41.38%, down 8.31 percentage points year-on-year [3] - The company’s R&D expenses were 197 million yuan, an increase of 13.64% year-on-year, representing 6.4% of revenue [3][14] Business Segments - The revenue from poultry biological products was 1.08 billion yuan, up 15.9% year-on-year, while the revenue from pet products saw a significant increase of 849.09% [3][7] - The company’s pet pharmaceutical products achieved revenue of 19.02 million yuan, while the pet biological products generated 37.44 million yuan [3][7] - The company’s livestock vaccine business generated 211 million yuan, a year-on-year increase of 49.78% [3][27] Future Projections - The company is projected to have revenues of 3.33 billion yuan in 2025 and 3.74 billion yuan in 2026, with growth rates of 8.54% and 12.30% respectively [4][53] - The net profit attributable to shareholders is expected to reach 415 million yuan in 2025 and 538 million yuan in 2026, with growth rates of 38.12% and 29.59% respectively [4][53] - The expected EPS for 2025 and 2026 is 0.89 yuan and 1.16 yuan, respectively, with corresponding PE ratios of 20 times and 16 times [52][53] Strategic Initiatives - The company is actively expanding its strategic partnerships with major breeding groups to enhance its market presence and product offerings [3][35] - The company has successfully launched the first domestic cat trivalent vaccine, filling a gap in the market [46] - The company is focusing on international expansion, with product registrations completed in countries like Indonesia and Sri Lanka [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.08 RMB [6][4]. Core Views - The company achieved a revenue of 3.07 billion RMB in 2024, representing a year-on-year increase of 13.32%, but the net profit attributable to the parent company decreased by 33.70% to 301 million RMB [1][2]. - The vaccine segment showed steady growth, while the pet sector is diversifying, with a significant increase in revenue from pet products [3][4]. - The company is expected to recover its performance in 2025, with a projected net profit of 400 million RMB [4]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 3.07 billion RMB, up 13% year-on-year. The revenue breakdown shows that the formulation and raw materials segment generated 1.02 billion RMB, down 5.8% year-on-year, while the pig vaccines segment grew by 50% to 210 million RMB, and the poultry vaccines segment increased by 16% to 1.08 billion RMB [2][3]. Pet Sector Development - The pet segment achieved a revenue of 690 million RMB in 2024, a 41% increase year-on-year, with pet vaccines alone generating 37.44 million RMB, up 849% [3][4]. Financial Forecast and Valuation - The net profit forecast for 2025-2026 has been revised down to 400 million and 510 million RMB, respectively, with an EPS of 0.86 and 1.10 RMB. The target price is set at 24.08 RMB, based on a PE ratio of 28 times for 2025 [4][7].