RINGPU(SZ:300119) ZHESHANG SECURITIES·2024-06-30 02:02Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has successfully launched its self-developed "Rui Miao Shu" cat trivalent vaccine, breaking the long-standing reliance on imported vaccines in the companion animal vaccine market. The vaccine has achieved significant sales and market penetration since its launch [12]. - The company is expected to achieve a net profit attributable to shareholders of 5.19 billion, 6.11 billion, and 7.40 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 14.6%, 17.7%, and 21.2%, respectively [5]. - The company is building a comprehensive pet industry ecosystem and aims to establish itself as a new industry benchmark [4]. Financial Forecasts - Revenue is projected to grow from 2,249 million yuan in 2023 to 3,364 million yuan in 2026, with annual growth rates of 7.90%, 23.45%, 11.43%, and 8.75% for the respective years [7]. - The company's net profit is forecasted to increase from 511 million yuan in 2023 to 835 million yuan in 2026, with growth rates of 30.64%, 14.59%, 17.67%, and 21.21% [7]. - Earnings per share (EPS) are expected to rise from 0.97 yuan in 2023 to 1.59 yuan in 2026 [7]. Strategic Initiatives - The company is implementing a strategy to capture opportunities in the pet market, aiming to release product value and establish itself as the leading domestic brand. It has set up a subsidiary, Lan Rui Biological, to independently operate its pet business [13]. - The company plans to launch several new products in 2024, including a compound dichlorobenzene pyrethroid dip solution and an upgraded rabies inactivated vaccine, to continue driving growth in its pet business [13].