PULIKE(SH:603566) Xin Lang Cai Jing·2025-05-12 06:31Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, particularly in the pet business, indicating a potential recovery and diversification strategy [1][2]. Financial Performance - For 2024, the company achieved revenue of 1.043 billion, a year-on-year decrease of 16.77%, and a net profit of 92.81 million, down 46.82% [1]. - In Q1 2025, revenue reached 279 million, a year-on-year increase of 18.32%, with a net profit of 52.91 million, up 93.75% [1]. Segment Analysis - In 2024, revenue from pig vaccines was 336 million, down 22.58%, while poultry vaccines generated 429 million, up 3.31% [2]. - The pet business showed significant growth, with total revenue of 46.21 million in 2024, up 125.16%, driven by strong performance in pet healthcare products [2]. Cost Management - The company maintained a gross margin of 61.09% in 2024, with a slight increase year-on-year, while Q1 2025 saw a gross margin of 59.71%, reflecting effective cost control despite challenges in the pig vaccine segment [3]. - In Q1 2025, the company reported a net profit margin of 18.99%, an increase of 7.39 percentage points year-on-year, indicating improved profitability [3]. R&D and Innovation - The company has been focusing on R&D, obtaining new veterinary drug certificates for several important products, which may help counteract industry competition [4]. - Ongoing product development includes vaccines for various diseases, positioning the company to enhance its market presence and support the livestock sector [4]. Investment Outlook - The company is expected to gradually recover in its core business while the pet segment continues to grow, with projected net profits of 177 million in 2025 and 211 million in 2026 [4].