RINGPU(300119) 国海证券·2024-11-01 13:51Investment Rating - The report maintains a "Buy" rating for Ruipu Biology (300119) [2] Core Views - Ruipu Biology's operating performance has shown sequential improvement, with a positive long-term development outlook [2] - The company's revenue in Q3 2024 increased by 9.22% YoY to 648 million RMB, while net profit attributable to the parent company decreased by 10.30% YoY to 86 million RMB [3] - Gross margin in Q3 2024 increased by 1.66 percentage points YoY, and operating cash flow has shown a quarter-over-quarter growth trend [3] - The company's new product pipeline is robust, supporting its medium to long-term development [3] Financial Performance - For the first three quarters of 2024, Ruipu Biology achieved revenue of 1.747 billion RMB, a 10.06% YoY increase, and net profit attributable to the parent company of 245 million RMB, a 10.58% YoY decrease [3] - The company's sales expense ratio decreased by 0.32 percentage points YoY, and management expense ratio decreased by 0.13 percentage points YoY [3] - The company's total market capitalization is 8.474 billion RMB, with a circulating market capitalization of 6.093 billion RMB [1][3] New Product Development - Ruipu Biology's self-developed cat triple vaccine became the first domestically produced cat triple vaccine to be marketed, filling a domestic product gap [3] - In the first half of 2024, the company shipped 1 million doses of the cat triple vaccine, making it another blockbuster product in the pet product cluster [3] - The company is advancing the launch of new products including porcine circovirus subunit vaccine and porcine infectious pleuropneumonia gene-engineered subunit vaccine [3] - Research and development progress is being accelerated for core products such as cat quadruple mRNA vaccine and feline infectious peritonitis virus vaccine [3] Market Performance - Ruipu Biology's stock price has shown strong performance, with a 20.6% increase over the past month and a 35.0% increase over the past three months, outperforming the CSI 300 index [3] - The current stock price is 18.19 RMB, within the 52-week range of 11.25-19.30 RMB [3] Financial Forecasts - Revenue for 2024-2026 is forecasted to be 2.628 billion, 2.882 billion, and 3.108 billion RMB, representing YoY growth rates of 16.86%, 9.66%, and 7.83% respectively [3] - Net profit attributable to the parent company for 2024-2026 is projected to be 390 million, 471 million, and 553 million RMB, with YoY growth rates of -13.97%, 20.96%, and 17.32% respectively [3] - The company's P/E ratio for 2024-2026 is estimated at 22x, 18x, and 15x respectively [3] Valuation Metrics - The company's ROE is expected to be 8%, 9%, and 10% for 2024-2026 [6] - P/B ratio is forecasted at 1.81, 1.70, and 1.59 for 2024-2026 [6] - P/S ratio is projected to be 3.22, 2.94, and 2.73 for 2024-2026 [6]