瑞普生物：营收增长宠物发力，兽药利润承压

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 11.85 yuan and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of 1.099 billion yuan for H1 2024, representing a year-on-year increase of 10.56%. However, the net profit attributable to shareholders decreased by 10.73% to 159 million yuan [1]. - The company is facing challenges due to rising costs in the breeding sector and competitive pressures in the animal health products market, leading to a decline in gross margin by 3.46 percentage points [1]. - The pet segment is showing strong growth, with revenue exceeding 34 million yuan, a growth rate of over 100% year-on-year, driven by new product launches and expanded distribution channels [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 1.099 billion yuan, up 10.56% year-on-year, while the net profit attributable to shareholders was 159 million yuan, down 10.73% [1]. - In Q2 2024, revenue was 566 million yuan, a 2.63% increase year-on-year, but net profit fell by 26.56% to 72 million yuan [1]. - The gross margin decreased due to competitive pressures and cost management issues in the breeding sector [1]. Research and Development - R&D investment reached 96.71 million yuan in H1 2024, accounting for 8.80% of revenue. The company obtained eight new veterinary drug registration certificates [1]. - Continuous high R&D investment is expected to drive product upgrades and innovation, enhancing the company's competitive edge [1]. Pet Segment Growth - The pet segment's revenue grew over 100% year-on-year, with the newly launched cat trivalent vaccine achieving sales of over one million doses [2]. - The company is expanding its distribution network, covering over 5,700 hospital stores and more than 500 pet hospitals [2]. - Future product launches in the pet segment are anticipated to further enhance competitiveness and drive revenue growth [2]. Earnings Forecast - The company is projected to have an EPS of 1.1, 1.35, and 1.61 yuan for 2024, 2025, and 2026, respectively, with corresponding dynamic PE ratios of 11, 9, and 7 times [2].