RINGPU(300119) 银河证券·2025-04-03 12:19Investment Rating - The report gives a "Buy" rating for the company, Ruipubio (stock code: 300119.SZ) [1] Core Views - The company has shown steady growth in the poultry sector and significant growth in the pet sector, which is seen as a new growth engine [3][5] - The company is expected to have a promising growth potential due to its competitive advantages in poultry vaccines and pharmaceuticals, along with the early advantages and channel barriers in the pet sector [52] Financial Performance - In 2024, the company achieved a revenue of 3.07 billion yuan, a year-on-year increase of 13.32% [3][5] - The net profit attributable to shareholders was 301 million yuan, a decrease of 33.7% year-on-year [3][5] - The company’s comprehensive gross margin was 41.38%, down 8.31 percentage points year-on-year [3] - The company’s R&D expenses were 197 million yuan, an increase of 13.64% year-on-year, representing 6.4% of revenue [3][14] Business Segments - The revenue from poultry biological products was 1.08 billion yuan, up 15.9% year-on-year, while the revenue from pet products saw a significant increase of 849.09% [3][7] - The company’s pet pharmaceutical products achieved revenue of 19.02 million yuan, while the pet biological products generated 37.44 million yuan [3][7] - The company’s livestock vaccine business generated 211 million yuan, a year-on-year increase of 49.78% [3][27] Future Projections - The company is projected to have revenues of 3.33 billion yuan in 2025 and 3.74 billion yuan in 2026, with growth rates of 8.54% and 12.30% respectively [4][53] - The net profit attributable to shareholders is expected to reach 415 million yuan in 2025 and 538 million yuan in 2026, with growth rates of 38.12% and 29.59% respectively [4][53] - The expected EPS for 2025 and 2026 is 0.89 yuan and 1.16 yuan, respectively, with corresponding PE ratios of 20 times and 16 times [52][53] Strategic Initiatives - The company is actively expanding its strategic partnerships with major breeding groups to enhance its market presence and product offerings [3][35] - The company has successfully launched the first domestic cat trivalent vaccine, filling a gap in the market [46] - The company is focusing on international expansion, with product registrations completed in countries like Indonesia and Sri Lanka [15]