RINGPU(SZ:300119) Guoxin Securities·2024-08-28 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][7] Core Views - The pharmaceutical segment is under short-term pressure, with a 30% year-on-year decline in net profit attributable to the parent company in Q2. The company achieved a total revenue of 1.099 billion yuan in H1 2024, representing a year-on-year increase of 10.56%, while Q2 revenue was 566 million yuan, up 2.63% year-on-year. The net profit attributable to the parent company for H1 2024 was 159 million yuan, down 10.73% year-on-year, with Q2 net profit at 72 million yuan, down 26.56% year-on-year [2][5][6] - The company maintains high R&D investment, with a total of 96.71 million yuan in R&D expenses in H1 2024, accounting for 8.80% of revenue. New vaccines have received registration certificates, and the company plans to continue launching new products in the second half of the year [2][5] - The acquisition of Baoding Shoujun enhances the company's product matrix in foot-and-mouth disease vaccines, which is the largest single product in the pig vaccine market. This acquisition is expected to strengthen the company's competitive position in direct sales channels and contribute significant revenue growth [2][5] - The company has successfully launched its self-developed cat trivalent vaccine, "Ruimao Shu," with a cumulative shipment of over 1 million doses in H1 2024. The company is also actively preparing for the launch of other new pet medications [2][5] Financial Summary - For H1 2024, the company reported a gross margin of 48.52%, down 3.46 percentage points year-on-year, and a net profit margin of 15.27%, down 4.19 percentage points year-on-year. The decline in profitability is attributed to the low prices of raw materials and the sluggish downstream farming market [6][7] - The company forecasts net profits of 530 million yuan, 630 million yuan, and 650 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.1 yuan, 1.3 yuan, and 1.4 yuan. The current PE ratios are projected to be 11.0, 9.2, and 8.9 for the same years [2][7]