PULIKE(SH:603566) Zhongyuan Securities·2024-11-01 10:35Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure, but the decline in revenue is narrowing year-on-year. The total revenue for the first three quarters of 2024 is 762 million yuan, a year-on-year decrease of 17.96% [1] - The pet segment is expected to gradually release performance, with significant growth in pet-related products [1] - The company is facing challenges in the swine biological products segment due to reduced sales orders influenced by downstream market conditions [1] Financial Performance Summary - Total revenue for Q3 2024 is 279 million yuan, down 10.30% year-on-year, with a net profit attributable to the parent company of 32 million yuan, down 48.74% year-on-year [1] - The gross margin for Q3 2024 is 63.15%, reflecting an increase compared to previous periods [1] - The company’s operating cash flow for the first three quarters is 126 million yuan, a decrease of 33.24% year-on-year [1] Product Segment Performance - Revenue from biological products is 253 million yuan, down 23.75% year-on-year, with swine-related income decreasing by 9.68% [1] - Revenue from pet pharmaceuticals is 106.43 million yuan, up 4.39% year-on-year, while revenue from functional health products for pets is 116.50 million yuan, up 82.02% year-on-year [1] - The company’s new cat vaccine product has been well received in the market, covering over 3,000 pet hospitals since its launch [1] Future Outlook - The company is expected to achieve net profits of 160 million yuan, 218 million yuan, and 231 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.46 yuan, 0.63 yuan, and 0.67 yuan [1][2] - The current stock price corresponds to a PE ratio of 27.80 for 2024, indicating that the company is within a reasonable valuation range [1][2]