PULIKE(603566) KAIYUAN SECURITIES·2024-08-31 03:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has a sufficient reserve of new products and continues to grow, with high pig prices awaiting performance recovery [1] - The company reported a revenue of 483 million yuan for H1 2024, a year-on-year decrease of 21.82%, and a net profit of 74 million yuan, down 36.28% year-on-year [1] - Due to intensified competition in the animal health industry, the profit forecast for 2024-2026 has been revised downwards [1] - The company emphasizes research and development, with a strong pipeline of new products and a focus on large clients for sustained growth [1] Financial Performance Summary - For H1 2024, the revenue from biological products was 355 million yuan (down 12.56% year-on-year), with a gross profit of 240 million yuan and a gross margin of 67.72% [2] - Revenue from pig vaccines was 147 million yuan (down 30.17% year-on-year), while revenue from poultry vaccines was 199 million yuan (up 2.79% year-on-year) [2] - The company’s R&D expenses for H1 2024 were 43 million yuan, accounting for 8.89% of revenue, reflecting an increase of 8.27% year-on-year [3] - The company’s net profit for 2024 is projected to be 167 million yuan, with EPS of 0.48 yuan, and the corresponding P/E ratios for 2024-2026 are 25.5, 21.1, and 18.4 respectively [4]