瑞普生物(300119)：一季度业绩向好 宠物生态圈建设日趋完善

Core Viewpoint - In Q1 2025, the company reported strong financial performance with significant growth in revenue and net profit, indicating a positive trend in its business operations [1][2]. Financial Performance - The company achieved a revenue of 822 million yuan in Q1 2025, representing a year-on-year increase of 20.00% [1]. - The net profit attributable to shareholders reached 116 million yuan, up 28.45% year-on-year [1]. - The non-recurring net profit was 93 million yuan, reflecting a year-on-year growth of 19.65% [1]. - The gross profit margin was 41.23%, an increase of 0.47 percentage points compared to the previous year [2]. - The net profit margin was 14.62%, up 0.13 percentage points year-on-year [2]. Business Strategy - The company is enhancing its pet ecosystem and actively developing a second growth curve through the "Three Ruipai Synergy" strategy, which integrates three core segments: Ruipai Biological, Ruipet Hospital, and Zhongrui Supply Chain [2]. - In 2024, the pet segment generated a total sales revenue of 689 million yuan, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [2]. - The company is accelerating the launch of new products, including Milbemycin Oxime Tablets and various vaccines, while advancing the development of core products like mRNA vaccines for cats and dogs [2]. International Expansion - The company is implementing a dual-cycle strategy for product and technology export, having registered and sold products in Southeast Asia, South Asia, the Middle East, Central Asia, and Africa [2]. - It is also developing new product categories and multi-species channels in international markets, alongside providing periodic technical services to enhance its brand differentiation [2]. Earnings Forecast - Based on the positive Q1 2025 performance, the company has revised its revenue forecasts for 2025-2027 to 3.658 billion, 4.203 billion, and 4.709 billion yuan, reflecting year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [3]. - The net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [3]. - The corresponding price-to-earnings ratios at the current stock price are projected to be 18x, 16x, and 14x [3].