RINGPU(300119) 新浪财经·2025-04-04 00:45Core 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]