PULIKE(603566) Huachuang Securities·2025-05-12 06:35Investment Rating - The report adjusts the investment rating to "Recommendation" for the company, with a target price of 15.3 CNY based on a projected 30 times PE for 2025 [1][7]. Core Views - The company's main business is gradually recovering, with significant performance in the pet business. The report predicts a net profit of 177 million CNY for 2025 and 211 million CNY for 2026, with an EPS of 0.51 CNY and 0.61 CNY respectively [1][7]. Financial Performance Summary - For 2024, the company achieved a total revenue of 1,043 million CNY, a year-on-year decrease of 16.77%, and a net profit attributable to the parent company of 93 million CNY, down 46.82%. In Q1 2025, revenue reached 279 million CNY, up 18.32%, with a net profit of 53 million CNY, up 93.75% [1][3]. - The financial indicators forecast total revenue growth of 20.6% in 2025, 16.3% in 2026, and 13.3% in 2027. The net profit is expected to grow by 91.2% in 2025 and 19.1% in 2026 [3][8]. Business Segment Performance - The report highlights that the pig vaccine revenue for 2024 was 336 million CNY, down 22.58% year-on-year, while poultry vaccine revenue was 429 million CNY, up 3.31%. The pet business showed remarkable growth, with total revenue of 46.21 million CNY, up 125.16% [1][7]. - In Q1 2025, the pig vaccine revenue was 66.19 million CNY, down 11.64%, while poultry vaccine revenue increased by 33.80% to 123 million CNY. The pet business continued to perform well, with total revenue of 15.13 million CNY, up 90.58% [1][7]. Cost Control and Profitability - The company demonstrated effective cost control in Q1 2025, with a net profit margin of 18.99%, an increase of 7.39 percentage points year-on-year. The overall gross margin for 2024 was 61.09%, remaining stable despite pressures on pig vaccine margins [1][7]. Research and Innovation - The company continues to invest in research and development, enhancing its product matrix with new vaccines and medications. Recent approvals for important products are expected to open new market opportunities [1][7].