RINGPU(300119) 民生证券·2025-05-02 02:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company reported a revenue of 3.07 billion yuan for 2024, a year-on-year increase of 36.5%, while the net profit attributable to shareholders decreased by 33.6% to 300 million yuan [1]. - In Q1 2025, the company achieved a revenue of 820 million yuan, reflecting a year-on-year growth of 54.1%, although it showed a quarter-on-quarter decline of 37.9% [1]. - The veterinary biological products segment saw significant growth, with revenues from veterinary biological products increasing by 23.4% to 1.32 billion yuan, while the pet supply chain grew by 37.7% to 630 million yuan [2]. - The company is focusing on enhancing its research and development efforts, with R&D expenditure as a percentage of revenue rising from 5.9% in 2021 to 6.4% in 2024 [3]. - The strategic acquisition of a 56.3% stake in Zhongrui Supply Chain is aimed at strengthening the company's position in the pet health market and enhancing distribution channels [4]. Summary by Sections Financial Performance - For 2024, the company expects total revenue to reach 3.07 billion yuan, with a growth rate of 13.3% [5]. - The projected net profit for 2025 is 493 million yuan, representing a significant recovery with a growth rate of 63.9% [5]. - Earnings per share (EPS) are forecasted to be 1.06 yuan in 2025, with a price-to-earnings (PE) ratio of 19 [5]. Business Segments - The veterinary formulation and raw materials segment experienced a revenue decline of 6.4%, totaling 1.04 billion yuan [2]. - The company is actively launching new products, including a combination vaccine for cats and various core products for pets, to enhance market competitiveness [3]. Strategic Initiatives - The company is committed to increasing its R&D investments and has successfully launched domestically developed vaccines, breaking foreign monopolies [3]. - The share buyback program, which has repurchased 6.4 million shares (1.4% of total shares) for 120 million yuan, aims to boost investor confidence [4].