Investment Rating - The report maintains a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within six months [38] Core Views - The company is a leader in China's animal health industry, with a diversified business portfolio and strong growth in revenue and net profit [39][40] - The company's pet business, particularly its cat triple vaccine, has entered a harvest period, breaking the long-term reliance on imported vaccines [3][5][159] - The company's synthetic biology business is expected to benefit from policy support and technological advancements, with significant growth potential [186][187] Business Segments Animal Health Products - The company's animal health products, including vaccines and pharmaceuticals, are the main revenue drivers, with a stable market share in the poultry sector [148][149] - The company has signed strategic agreements with major poultry farming companies, ensuring stable sales and market expansion [154][155] - The company's pig vaccine business is expected to benefit from the recovery of pig prices and increased demand due to industry consolidation [134][156] Pet Business - The company's pet business has seen significant growth, particularly with the launch of its cat triple vaccine, which has achieved rapid market penetration [5][159][170] - The cat triple vaccine market in China is expected to grow significantly, with the company well-positioned to capture market share due to its early entry and competitive pricing [7][164] Synthetic Biology - The company has entered the synthetic biology sector, leveraging its partnerships with research institutions and policy support to develop new products in animal health and feed additives [186][187] - The synthetic biology market is expected to grow rapidly, with the company focusing on cost-effective protein production and other innovative applications [11][120] Market Outlook - The pet vaccine market in China is expected to grow significantly, driven by increasing pet ownership and higher vaccination rates [7][164] - The synthetic biology sector is poised for rapid growth, with the company well-positioned to benefit from technological advancements and policy support [11][120] - The animal health industry is expected to see increased consolidation, with the company likely to benefit from its strong market position and diversified product portfolio [79][92]

Investment Rating - The report assigns a rating of "Accumulate" for the company, with a target price based on expected performance relative to the market index [16]. Core Insights - The company is positioned in the synthetic biology sector, which is currently experiencing favorable policy support and is expected to grow significantly due to advancements in technology and applications across various fields [17]. - The company's main business remains stable, with a strong product matrix, and it is actively investing in synthetic biology to create a second growth curve [18]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 26.07 billion, 30.61 billion, and 36.49 billion for 2024, 2025, and 2026 respectively [22]. Financial Summary - The company achieved a revenue of 22.49 billion in 2023, reflecting a year-on-year growth of 7.90%, and a net profit of 4.53 billion, which is a 30.64% increase compared to the previous year [18]. - For the first quarter of 2024, the company reported a revenue of 5.33 billion, up 20.42% year-on-year, and a net profit of 0.88 billion, an increase of 8.35% [18]. - The earnings per share (EPS) are projected to be 1.08, 1.30, and 1.55 for the years 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [22]. Business Development - The company has established a joint venture with the Tianjin Institute of Industrial Biotechnology to focus on synthetic biology innovations, particularly in the development of veterinary vaccines and feed additives [18]. - The strategic collaboration aims to leverage advancements in microbial protein production, which is expected to address the challenges of protein sourcing in animal feed and reduce costs [18][21]. - The company is also expanding its production capacity with the establishment of new manufacturing bases, which are expected to contribute to revenue growth in the coming years [21].

证券代码：300119 证券简称：瑞普生物 公告编号：2024-028 天津瑞普生物技术股份有限公司 2023 年度权益分派实施公告 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。 特别提示： 1、天津瑞普生物技术股份有限公司（以下简称"公司"、"本公司"）通 过回购专用证券账户持有的公司股份 3,689,608 股不享有利润分配权利。因此， 本次实际现金分红总额=实际参与现金分红的股本×分配比例=462,586,578 股× 0.4000000 元/股=185,034,631.20 元。 2、本次权益分派实施后计算除权除息价格时，按公司总股本（含回购股份） 折算每股现金分红（含税）=本次实际现金分红总额/公司总股本=185,034,631.20 元/466,276,186 股=0.3968348 元/股。本次权益分派实施后的除权除息参考价=除 权除息前一交易日收盘价-按公司总股本折算每股现金分红=除权除息日前一交 易日收盘价-0.3968348 元/股。 公司 2023 年度权益分派方案已经 2024 年 4 月 19 日召开的 2023 年年度股 东大会审 ...

深圳 邮箱：yanjiusuo@cnpsec.com 地址：深圳市福田区滨河大道 9023 号国通大厦二楼 邮编：518048 -41% -37% -33% -29% -25% -21% -17% -13% -9% -5% -1% 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 瑞普生物 农林牧渔 个股表现 2024 年 5 月 6 日 证券研究报告：农林牧渔 | 公司点评报告 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 股票投资评级 买入|首次覆盖 资料来源：聚源，中邮证券研究所 | --- | --- | |-----------------------------------------------------|---------------------| | | | | 公司基本情况 | | | 最新收盘价（元） | 16.39 | | 总股本 / 流通股本（亿股） 总市值 / 流通市值（亿元） | 4.66 / 3.34 76 / 55 | | 52 周内最高 / 最低价 | 21.28 / ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong start in Q1 2024 with revenue of 533 million yuan, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 88 million yuan, up 8.35% year-on-year [1] - The introduction of the self-developed cat trivalent vaccine "Rui Miao Shu" contributed significantly to revenue, generating 12 million yuan in sales and breaking the monopoly of imported products in China [1] - The company is actively expanding its strategic partnerships with large breeding groups, leading to accelerated growth in the livestock sector [1] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating income of 533 million yuan, a 20.42% increase year-on-year, and a net profit of 88 million yuan, an 8.35% increase year-on-year [1] - The revenue from the preparation and raw material drug business reached 1.084 billion yuan, up 11.20% year-on-year [1] - The poultry biological products business generated 928 million yuan in revenue, a 3.64% increase, while the livestock biological products business achieved 141 million yuan, an 8.47% increase [1] Research and Development - The company invested 233 million yuan in R&D in 2023, accounting for 10.35% of its operating income, focusing on developing cutting-edge pet products [1] - The self-developed dog quadrivalent vaccine has completed clinical trials and is undergoing new veterinary drug registration [1] - The company has obtained registration certificates for three new veterinary drugs, enhancing its product portfolio [1] Strategic Initiatives - The company is actively developing a vaccine for African swine fever and enhancing its competitiveness in the foot-and-mouth disease vaccine market [1] - A strategic acquisition of 100% equity in Baoding Shoujun for 230 million yuan is planned, which will provide the company with production qualifications for foot-and-mouth disease vaccines [1] Earnings Forecast - The company is expected to achieve EPS of 1.1, 1.35, and 1.61 yuan for 2024 to 2026, corresponding to dynamic PE ratios of 14, 11, and 10 times [1]

证券代码：300119 证券简称：瑞普生物 公告编号：2024-027 天津瑞普生物技术股份有限公司 统一社会信用代码：91130600MA0E80B2X5 住所：河北省保定市莲池区百楼镇锦湖北大街京东(保定)数字产业园 2 号楼 316 室商用 法定代表人：姚丽丽 关于收购保定市收骏科技有限公司100%股权进展暨 完成工商变更登记的公告 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。 一、交易概述 天津瑞普生物技术股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日 召开第五届董事会第十三次会议、第五届监事会第十次会议，审议通过了《关于 收购保定市收骏科技有限公司 100%股权暨关联交易的议案》，同意公司以自有资 金或自筹资金 2.30 亿元收购保定市收骏科技有限公司（以下简称"保定收骏"） 100%股权。本议案已经 2024 年 4 月 19 日召开的 2023 年年度股东大会审议通过。 具体内容详见公司在巨潮资讯网披露的《关于收购保定市收骏科技有限公司 100% 股权暨关联交易的公告》《2023 年年度股东大会决议公告》（公告编号：2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [17][18]. Core Insights - The company has shown resilient growth in its operating performance despite challenges in the breeding industry, with Q1 2024 revenue reaching 533 million yuan, a year-on-year increase of 20.42%, and net profit attributable to shareholders at 88 million yuan, up 8.35% [4][5]. - The acquisition of Betway Antai is expected to significantly boost the company's livestock vaccine business, enhancing its ability to provide comprehensive disease solutions to livestock clients [6][17]. - The successful launch of a cat trivalent vaccine is anticipated to replace imported products, marking a significant advancement in the company's product offerings [19]. Financial Performance - For 2024, the company forecasts revenue of 2.832 billion yuan, representing a growth rate of 26%, and net profit of 527 million yuan, with a growth rate of 16% [8][18]. - The company's earnings per share (EPS) is projected to increase from 0.97 yuan in 2023 to 1.13 yuan in 2024, reflecting a positive trend in profitability [10][18]. - The report highlights a decrease in non-recurring gains and losses, indicating improved profit quality with a 20.84% growth in net profit after excluding these items [5][10]. Market Performance - The company's stock has outperformed the CSI 300 index, with a 12.7% increase over the past month compared to a 0.1% increase in the index [18]. - The current stock price is 15.90 yuan, with a market capitalization of approximately 7.41 billion yuan [18]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.181 billion yuan and 3.608 billion yuan for 2025 and 2026, respectively, indicating sustained growth in the coming years [8][18]. - The report emphasizes the ongoing improvement of the company's product matrix and operational stability as key factors supporting the "Buy" rating [18].

Financial Performance - The company's revenue for Q1 2024 was ¥533,199,134.68, representing a 20.42% increase compared to ¥442,780,482.14 in the same period last year[5] - Net profit attributable to shareholders was ¥87,571,107.92, an increase of 8.35% from ¥80,823,461.46 in the previous year[5] - The basic earnings per share increased by 9.13% to ¥0.1901 from ¥0.1742 year-on-year[5] - Net profit for Q1 2024 was ¥93,504,682.67, representing a 6.4% increase from ¥87,502,825.62 in Q1 2023[30] - Earnings per share (EPS) for Q1 2024 was ¥0.1901, compared to ¥0.1742 in the previous year, reflecting a growth of 14.0%[31] - The company reported a total comprehensive income of ¥93,504,682.67 for Q1 2024, compared to ¥87,502,825.62 in the same period last year[31] Cash Flow - The net cash flow from operating activities surged by 205.13%, reaching ¥89,135,929.23 compared to ¥29,212,171.85 in the prior year[5] - Cash inflow from operating activities totaled ¥547,363,142.82, an increase from ¥489,240,423.96 in the same quarter last year[33] - The net cash flow from operating activities for Q1 2024 was ¥89,135,929.23, a significant increase from ¥29,212,171.85 in Q1 2023, reflecting a growth of approximately 205%[34] - The company reported a net increase in cash and cash equivalents of ¥279,916,691.96 for Q1 2024, contrasting with a net decrease of ¥54,701,596.71 in Q1 2023[35] - The cash inflow from borrowing activities was ¥204,000,000.00, an increase from ¥125,600,000.00 in the previous year, marking a growth of approximately 62%[34] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,664,480,174.79, a 1.04% increase from ¥6,595,941,501.08 at the end of the previous year[5] - The company's total current assets reached RMB 3.379 billion, compared to RMB 3.263 billion at the beginning of the period, reflecting a growth of approximately 3.54%[25] - The company's total liabilities decreased from RMB 1.791 billion to RMB 1.780 billion, indicating a reduction of about 0.62%[26] - The company's cash and cash equivalents increased to RMB 617.35 million from RMB 335.40 million, representing a growth of approximately 84.06%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,265[12] - The largest shareholder, Li Shoujun, holds 35.92% of the shares, totaling 167,474,479 shares, with 125,605,859 shares pledged[12] - The percentage of shares held by the top ten shareholders accounts for a significant portion of the company's equity, indicating concentrated ownership[12] Research and Development - The company continues to focus on research and development to enhance its product offerings and market position[15] - Research and development expenses amounted to ¥36,418,931.94, up 13.8% from ¥32,060,179.48 in Q1 2023[28] - The company obtained four new veterinary drug registration certificates during the reporting period, enhancing its capabilities in livestock and pet health[15] - The company successfully launched the cat trivalent vaccine "Rui Miao Shu," which is the first domestic vaccine to pass emergency evaluation and obtain a temporary approval number from the Ministry of Agriculture and Rural Affairs[17] - The company signed a cooperation development agreement for the cat HCPC quadrivalent mRNA vaccine with Jiangsu Shenji Biotechnology Co., focusing on developing vaccines for multiple feline diseases[18] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[5] - The company aims to create maximum value for customers through competitive products and services, reflecting its global vision and industry perspective[15] Financial Adjustments and Compliance - The company announced delays in certain fundraising projects, adjusting the expected completion dates for two projects to December 31, 2024, and December 31, 2026, respectively[21] - The company did not undergo an audit for the Q1 2024 report, as indicated in the financial statements[36] - The company has adopted new accounting standards starting from 2024, which may impact future financial reporting[36]

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：2024-003 | | 分析师会议 □ 特定对象调研 □ | | --- | --- | | 投资者关系活动 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | 类别 | □ 现场参观 | | | 其他 □ | | | 中金公司、国联证券、华泰证券、天风证券、中信证券、太平洋 证券、中国人民养老保险、新华养老保险、建信基金、华夏基金、 | | 参与单位名称 | | | | 中邮基金、天治基金、英大保险资管、上汽颀臻资管、华能贵诚 | | | 信托及线上投资者。 | | 时间 | 2024 年 4 月 23 日 (周二) 15:00-17:00 | | 地点 | 中国证券报·中证网路演中心 | | | 董事长 李守军 | | | 独立董事 周睿 | | 上市公司接待人 | 保荐代表人 银河证券 郭玉良 | | 员姓名 | 财经负责人 吴艳敏 | | | 董事会秘书 谢刚 | | | 一、董事长致辞及 2023 年度业绩介绍 | | | 2023 年养殖行业遭遇了低价亏损寒潮的袭击 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2024-024 天津瑞普生物技术股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无变更、否决议案的情况； 2、本次股东大会以现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 天津瑞普生物技术股份有限公司（以下简称"公司"）2024年3月30日以董事会 公告方式向全体股东发出召开2023年年度股东大会的通知。（公告编号：2024-022）。 本次股东大会采取现场投票、网络投票相结合的方式召开。其中现场会议于2024 年4月19日下午14:30在公司会议室召开，会议由董事长李守军先生主持；通过深圳 证券交易所系统进行网络投票的时间为2024年4月19日09:15-09:25，09:30-11:30， 13:00-15:00；通过深圳证券交易所互联网系统投票的具体时间为2024年4月19日 09:15-15:00期间的任意时间。 公司总股本466,276,186股，扣除公司股份回购专户的股份数后，公司有表决权 股份总数为46 ...