RINGPU(300119) 国信证券·2025-04-07 05:42Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's chemical medicine business is under short-term pressure, with a non-recurring net profit down 12% year-on-year. In 2024, the company achieved operating revenue of 3.07 billion yuan, up 13.32% year-on-year, but the net profit attributable to the parent company decreased by 33.70% to 301 million yuan. The revenue growth was mainly driven by the increase in income from poultry biological products and the pet supply chain, while the decline in profitability was attributed to a decrease in the gross margin of the animal health business and a reduction in asset disposal income by approximately 100 million yuan [1][9] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year increase of 13.32%. The net profit attributable to the parent company was 301 million yuan, down 33.70% year-on-year. The non-recurring net profit decreased by 11.84% to 281 million yuan [1][9] - The fourth quarter saw an operating revenue of 1.32 billion yuan, a quarter-on-quarter increase of 104.26% and a year-on-year increase of 17.93%. However, the net profit attributable to the parent company was 56 million yuan, down 34.59% quarter-on-quarter and 68.88% year-on-year [1][9] Business Segments - The veterinary vaccine business continued to deepen its "big customer strategy" and expand into the pet market. In 2024, the veterinary biological products segment achieved total revenue of 1.32 billion yuan, up 23.40% year-on-year, with a gross profit of 831 million yuan and a gross margin of 62.77% [2] - The poultry biological products revenue increased by 15.90% to 1.08 billion yuan, while the gross profit rose by 13.74% to 680 million yuan. The pet biological products segment saw a significant increase of 849% in revenue to 37.44 million yuan, driven by the launch of the cat trivalent vaccine "Rui Miao Shu" [2] Strategic Developments - The company consolidated its position in the pet healthcare sector by increasing its stake in Rui Pai Pet Hospital to 11.56% and consolidating Zhongrui Supply Chain, which achieved operating revenue of 633 million yuan, up 37.66% year-on-year [3] - The company aims to enhance its pet health strategy and broaden its product promotion channels, benefiting from the growth of the domestic pet economy [3] Financial Forecasts - Due to short-term pressures from the raw material and formulation businesses, the company has revised its net profit forecasts for 2025-2026 to 450 million and 500 million yuan, respectively, down from previous estimates of 630 million and 650 million yuan. The forecast for 2027 is set at 520 million yuan, with corresponding EPS estimates of 1.0, 1.1, and 1.1 yuan for 2025-2027 [4][14]