RINGPU(300119) 国海证券·2025-04-03 15:37Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year increase of 13.32%, while the net profit attributable to shareholders decreased by 33.70% to 301 million yuan [4][9]. - The animal health business showed steady growth, with sales revenue from veterinary biological products reaching 1.324 billion yuan, up 23.40% year-on-year, driven by significant growth in livestock vaccines due to the acquisition of Betway Antai [7][8]. - The pet business is rapidly developing, with total sales from the pet segment reaching 689 million yuan, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [7][8]. Financial Performance Summary - The company forecasts revenue growth for 2025-2027 to be 34.32 billion yuan, 38.25 billion yuan, and 42.70 billion yuan, with year-on-year growth rates of 11.78%, 11.45%, and 11.64% respectively [9][10]. - The net profit attributable to shareholders is projected to increase to 412 million yuan, 456 million yuan, and 511 million yuan for the same period, with growth rates of 36.98%, 10.63%, and 12.18% respectively [9][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 21x, 19x, and 17x respectively, indicating a favorable valuation outlook [8][10].