瑞普生物：畜禽板块发展稳健，Q3毛利率环比改善

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company achieved operating revenue of 648 million yuan in Q3 2024, a year-on-year increase of 9.22% [1] - For the first three quarters of 2024, the company reported operating revenue of 1.75 billion yuan, up 10.1% year-on-year, and a net profit attributable to shareholders of 245 million yuan, down 10.6% year-on-year [1] - The poultry segment showed significant growth, with revenue of 1.2 billion yuan in the first three quarters of 2024, a 19% increase year-on-year, driven by strengthened cooperation with major clients and market share gains in high-pathogenic avian influenza vaccines [1] - The livestock segment's revenue improved by over 20% quarter-on-quarter in Q3 2024, supported by a recovery in the breeding industry [1] - The pet segment has expanded, with nearly 100 core distributors and over 6,000 stores nationwide since the launch of the cat trivalent vaccine in January [1] Financial Performance Summary - Q3 2024 gross profit margin was 49.39%, a decrease of 1.56 percentage points year-on-year, while net profit margin was 15.12%, down 3.46 percentage points year-on-year [1] - The gross margin for the first three quarters of 2024 showed a continuous improvement trend, with figures of 47.7%, 49.3%, and 50.9% respectively [1] - The company expects operating revenue to reach 2.71 billion yuan, 3.12 billion yuan, and 3.51 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.4%, 15.0%, and 12.5% [2][3]