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 ...

天津瑞普生物技术股份有限公司 章 程 二〇二四年四月 | 第一章 总则 | 1 | | --- | --- | | 第二章 经营宗旨和范围 | 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 3 | | 第三节 | 股份转让 5 | | 第三章 股东和股东大会 | 5 | | 第一节 | 股东 5 | | 第二节 | 股东大会的一般规定 8 | | 第三节 | 股东大会的召集 12 | | 第四节 | 股东大会的提案与通知 13 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 18 | | 第四章 董事会 | 22 | | 第一节 | 董事 22 | | 第二节 | 董事会 24 | | 第三节 | 董事会专门委员会 30 | | 第五章 总经理及其他高级管理人员 | 31 | | 第六章 监事会 | 33 | | 第一节 | 监事 33 | | 第二节 | 监事会 34 | | 第七章 财务会计制度、利润分配和审计 | 35 | | 第一节 | 财务会计制度 35 | | 第二节 | 内部审计 39 | | 第三节 | 会计师事务所的聘任 39 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.：010-50867666 传真/Fax：010-56916450 网址/Website：www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于天津瑞普生物技术股份有限公司 2023 年年度股东大会的法律意见书 康达股会字[2024]第 0152 号 致：天津瑞普生物技术股份有限公司 北京市康达律师事务所（以下简称"本所"）接受天津瑞普生物技术股份有限 公司（以下简称"公司"）的委托，指派本所律师参加公司 2023 年年度股东大会 （以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规则》（ ...

证券代码：300119 证券简称：瑞普生物 公告编号：2024-023 天津瑞普生物技术股份有限公司 关于举办2023年度业绩说明会的公告 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。 天津瑞普生物技术股份有限公司（以下简称"公司"）《2023年年度报告》 全文及摘要以及其他相关文件已于2024年3月30日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。为 便于广大投资者进一步了解公司2023年年度报告及经营情况，公司拟以直播与网 络远程文字交流相结合的方式举办2023年度业绩说明会。欢迎广大投资者积极参 与。 一、业绩说明会具体安排 1、召开时间：2024年4月23日（星期二）下午15:00-17:00 2、方式：直播与网络远程文字交流相结合。 本次业绩说明会召开后，投资者可以通过"中证网-中证路演中心" （ https://www.cs.com.cn/roadshow/ ） 及 巨 潮 资 讯 网 3 、参与方式： 投资者可登录 " 中证网 - 中 证 路 演 中 心 " ...