瑞普生物：疫苗板块稳健增长，宠物布局多维-20250403

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.08 RMB [6][4]. Core Views - The company achieved a revenue of 3.07 billion RMB in 2024, representing a year-on-year increase of 13.32%, but the net profit attributable to the parent company decreased by 33.70% to 301 million RMB [1][2]. - The vaccine segment showed steady growth, while the pet sector is diversifying, with a significant increase in revenue from pet products [3][4]. - The company is expected to recover its performance in 2025, with a projected net profit of 400 million RMB [4]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 3.07 billion RMB, up 13% year-on-year. The revenue breakdown shows that the formulation and raw materials segment generated 1.02 billion RMB, down 5.8% year-on-year, while the pig vaccines segment grew by 50% to 210 million RMB, and the poultry vaccines segment increased by 16% to 1.08 billion RMB [2][3]. Pet Sector Development - The pet segment achieved a revenue of 690 million RMB in 2024, a 41% increase year-on-year, with pet vaccines alone generating 37.44 million RMB, up 849% [3][4]. Financial Forecast and Valuation - The net profit forecast for 2025-2026 has been revised down to 400 million and 510 million RMB, respectively, with an EPS of 0.86 and 1.10 RMB. The target price is set at 24.08 RMB, based on a PE ratio of 28 times for 2025 [4][7].