RINGPU(300119) 光大证券·2025-04-10 06:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over 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%. However, the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, with a non-recurring net profit of 281 million yuan, down 11.87% year-on-year [1][3]. - Revenue growth was primarily driven by veterinary biological products and the pet supply chain, which grew by 23.4% and 37.66% respectively. In contrast, revenue from formulations and raw materials declined by 5.83%, and pet medicines saw a decrease of 28.26% [1][3]. - The company is actively enhancing its strategic industrial structure through high-level R&D investments, with R&D expenses amounting to 197 million yuan, representing 6.4% of total revenue. The acquisition of Baoding Shoujun's 100% equity extends its business into foot-and-mouth disease vaccines [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,070 million yuan, with a growth rate of 36.5%. The net profit attributable to shareholders was 301 million yuan, reflecting a decline of 33.61% [4][8]. - The revenue breakdown shows significant increases in pet biological products (849.09%), livestock biological products (49.78%), and the pet supply chain (37.66%), while pet medicines decreased by 28.26% [1][2]. R&D and Strategic Initiatives - The company is focusing on strengthening its industrial structure by maintaining high R&D investments, with a total of 197 million yuan allocated for 2024. Collaborations with research institutions are also underway to accelerate innovation [2][3]. Market Outlook and Profitability - The report anticipates a recovery in the livestock and poultry breeding sector, with gradual improvements in the company's main business. However, profit forecasts for 2025-2026 have been adjusted downward due to anticipated pressures in the veterinary medicine sector [3][4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.86 yuan, 1.08 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14 [4][10].