RINGPU(300119) 光大证券·2025-04-10 05:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, while the net profit attributable to shareholders decreased by 33.61% to 301 million yuan [1][4]. - The revenue growth is primarily driven by the veterinary biological products and pet supply chain, which grew by 23.4% and 37.66% respectively [1]. - The overall gross margin decreased from 49.69% in 2023 to 41.38% in 2024 due to market price fluctuations and rising raw material costs [1]. Revenue and Profitability - The company's revenue for 2024 is projected to be 3.07 billion yuan, with a growth rate of 36.5% compared to 2023 [4]. - The net profit for 2024 is forecasted at 301 million yuan, reflecting a decline of 33.61% from the previous year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with projections for 2025 and 2026 at 0.86 yuan and 1.08 yuan respectively [4][10]. R&D and Strategic Developments - The company maintained a high level of R&D investment in 2024, with R&D expenses amounting to 197 million yuan, representing a rate of 6.4% of revenue [2]. - The acquisition of 100% equity in Baoding Shoujun extends the company's business into foot-and-mouth disease vaccines, enhancing its strategic industry structure [2]. Pet Medical Sector - The pet segment generated 690 million yuan in revenue in 2024, accounting for 22.47% of total revenue, with significant contributions from pet biological products [2]. - The pet biological products revenue surged by 849% year-on-year, driven by the successful launch of the "Rui Miao Shu" cat trivalent vaccine [2]. Financial Forecasts - The company’s revenue is expected to grow to 3.23 billion yuan in 2025, with a projected growth rate of 5.14% [4]. - The net profit is anticipated to recover to 401 million yuan in 2025, reflecting a growth of 33.27% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21, 17, and 14 respectively [4][10].