RINGPU(300119) 浙商证券·2025-04-07 12:54Investment Rating - The investment rating for the company is "Buy" (maintained) [5] 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 was 301 million yuan, down 33.70% year-on-year [1] - The poultry vaccine segment showed strong growth, with revenues of 1.08 billion yuan for poultry biological products and 211 million yuan for livestock biological products, increasing by 15.90% and 49.78% respectively [2] - The pet segment experienced significant growth, with revenues of 633 million yuan for the pet supply chain, 37 million yuan for pet biological products, and 19 million yuan for pet pharmaceuticals, reflecting increases of 37.66%, 849.09%, and a decrease of 28.26% respectively [4] - The company is actively pursuing international expansion and strategic partnerships, having registered 35 products in seven countries and deepening collaborations with major clients [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 828 million yuan, a year-on-year increase of 25.16%, with a net profit of 52 million yuan, down 71.01% year-on-year [1] - The company expects net profits to grow to 422 million yuan, 536 million yuan, and 690 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.40%, 27.06%, and 28.67% [5] Business Segments - The traditional livestock business remains stable, while the emerging pet business is gaining a competitive edge through product development and market penetration [5] - The company has made significant advancements in pet pharmaceuticals, including the development of a cat trivalent vaccine and a dual-use drug for dogs and cats [4] Market Strategy - The company is focusing on a dual-cycle strategy of product and technology export, enhancing its international presence and quality standards [3] - Collaborations with over 20 major group clients have been established, reinforcing the company's market position [3]