瑞普生物：宠物医疗稀缺标的，低估值价值凸显-20250526

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.16 [6][7]. Core Viewpoints - The company, Ruipuhua, has established a comprehensive layout in pet medicine, including vaccines, supply chains, and hospitals, making it a rare investment target in the domestic pet medical sector [1][2]. - The domestic pet medical market is projected to grow significantly, with a market size of approximately RMB 841 billion by 2024, driven by factors such as pet aging and increasing consumer awareness [2][17]. - The company has shown strong performance in its main business areas, particularly in poultry vaccines and raw materials, leading to an upward revision of profit forecasts [3][4]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for Ruipuhua with an updated target price of RMB 36.16, reflecting a positive outlook on the company's growth potential [6][4]. Company Overview - Ruipuhua is positioned as a leader in the domestic poultry vaccine market and is expanding its footprint in the pet medical sector through strategic acquisitions and product launches [11][36]. - The company has a comprehensive product range in pet medicine, including vaccines and health products, and has made significant investments in supply chain and hospital networks [36][37]. Financial Performance - The company is expected to achieve net profits of RMB 5.26 billion, RMB 6.18 billion, and RMB 7.12 billion for the years 2025, 2026, and 2027, respectively, reflecting significant growth [4][5]. - Revenue growth is anticipated to be driven by the poultry vaccine business and the rapid expansion of the pet medical segment, with a projected revenue of RMB 3.85 billion in 2025 [5][70]. Market Dynamics - The pet medical market is characterized by a fragmented competitive landscape, with opportunities for consolidation and growth as consumer demand increases [2][43]. - The aging pet population and the shift towards domestic products are expected to further enhance market growth, with a compound annual growth rate (CAGR) of approximately 16% for the pet medical sector from 2019 to 2024 [17][23].