PULIKE(SH:603566) Huachuang Securities·2025-05-12 10:45Investment Rating - The report adjusts the investment rating to "Recommendation" for the company, with a target price of 15.3 CNY, reflecting a 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 - In 2024, the company achieved a revenue of 1,043 million CNY, a year-on-year decrease of 16.77%, and a net profit of 93 million CNY, down 46.82%. In Q1 2025, revenue was 279 million CNY, up 18.32%, with a net profit of 53 million CNY, up 93.75% [1][3]. - The company’s revenue breakdown for 2024 shows a decline in pig vaccines by 22.58% to 336 million CNY, while poultry vaccines increased by 3.31% to 429 million CNY. The pet business saw a remarkable growth of 125.16%, totaling 46.21 million CNY [1][7]. - The gross margin for 2024 was 61.09%, with a slight increase in poultry vaccines' margin, while the net profit margin in Q1 2025 improved to 18.99%, up 7.39 percentage points year-on-year [1][7]. Business Segment Analysis - The report highlights that the pig vaccine segment is under pressure, but the poultry vaccine segment is accelerating. The pet business is performing exceptionally well, with significant contributions from new products like the cat trivalent vaccine [1][7]. - The company has maintained effective cost control, with a reduction in sales, management, and R&D expense ratios in Q1 2025 compared to the previous year [1][7]. Research and Development - The company continues to invest in R&D, enhancing its product matrix with new vaccines and medications, which are expected to help combat industry competition and drive growth [1][7].