PULIKE(SH:603566) KAIYUAN SECURITIES·2025-10-31 08:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady growth in revenue and net profit, with Q1-Q3 2025 revenue at 823 million yuan (up 8.04% year-on-year) and net profit at 157 million yuan (up 47.86% year-on-year). The Q3 revenue was 264 million yuan (down 5.39% year-on-year), while net profit was 41 million yuan (up 26.69% year-on-year). The forecast for net profit from 2025 to 2027 is 205 million, 233 million, and 281 million yuan respectively, with corresponding EPS of 0.59, 0.67, and 0.81 yuan, leading to a PE ratio of 23.3, 20.5, and 17.0 times [3][4][5] Financial Performance Summary - For Q1-Q3 2025, the company's revenue from biological products was 589 million yuan (up 3.88% year-on-year), with pig-related revenue at 203 million yuan (down 19.67% year-on-year) and poultry-related revenue at 369 million yuan (up 22.71% year-on-year). The pharmaceutical segment generated 188 million yuan (up 19.91% year-on-year), with pet-related revenue at 15 million yuan (up 39.73% year-on-year) [4] - The gross margin for Q1-Q3 2025 was 60.46% (down 2.69 percentage points year-on-year), while the net margin improved to 19.09% (up 5.14 percentage points year-on-year). The expense ratio decreased to 31.24% (down 7.16 percentage points), with sales, management, and financial expense ratios at 22.39%, 8.92%, and -0.07% respectively [5] - R&D expenses for Q1-Q3 2025 reached 67 million yuan, with new veterinary drug registrations continuing to support innovation [5] Valuation Metrics - The company's total market capitalization is 4.776 billion yuan, with a current stock price of 13.80 yuan. The stock has a 52-week high of 15.79 yuan and a low of 11.28 yuan [1] - The projected revenue for 2025 is 1.216 billion yuan, with a year-on-year growth of 16.7%. The net profit for 2025 is expected to be 205 million yuan, reflecting a significant recovery from the previous year's decline [7][9]