RINGPU(SZ:300119) Guoxin Securities·2025-10-28 15:22Investment Rating - The investment rating for the company is "Outperform the Market" [5][8]. Core Insights - The company has optimized its product structure and improved operational efficiency, resulting in a 23% year-on-year increase in net profit attributable to the parent company for Q3 [1][9]. - For the first three quarters of 2025, the company achieved a revenue of 2.544 billion yuan, a year-on-year increase of 13.5%, with Q3 revenue at 837 million yuan, showing a slight year-on-year growth of 1.44% [1][9]. - The overall gross margin for the first three quarters of 2025 was 41.99%, a decrease of 7.40 percentage points year-on-year, while the net profit margin improved by 0.24 percentage points to 15.36% due to enhanced operational efficiency [2][12]. - The company is expanding into the microbial protein industry, with a total investment of 679 million yuan for a project expected to generate over 1 billion yuan in annual revenue once fully operational [3][16]. Financial Performance Summary - For 2025, the company forecasts net profits of 450 million yuan, 504 million yuan, and 517 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.0, 1.1, and 1.1 yuan [4][16]. - The company’s revenue is projected to grow from 3.534 billion yuan in 2025 to 4.176 billion yuan in 2027, reflecting a compound annual growth rate [4][19]. - The company maintains a strong position in the veterinary medicine sector, with steady growth in livestock protection and ongoing expansion in pet healthcare [3][16].