RINGPU(SZ:300119) Minsheng Securities·2024-03-29 16:00Investment Rating - The report maintains a "Recommend" rating for the company [1][13]. Core Insights - The company achieved a revenue of 2.25 billion yuan in 2023, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 450 million yuan, up 30.6% year-on-year [13]. - The livestock segment is experiencing rapid growth, while the pet segment faced some pressure due to weak downstream demand [13]. - The company has increased its R&D investment, with the R&D ratio rising from 7.6% in 2021 to 10.4% in 2023, driving continuous product iteration [13]. - The successful approval of the cat trivalent vaccine "Rui Miao Shu" marks a significant milestone, filling a gap in the domestic market [13]. - The acquisition of Biwei Antai extends the company's business coverage into the foot-and-mouth disease vaccine market, enhancing its overall solution capabilities for livestock enterprises [13]. - Future profit forecasts for 2024 to 2026 are 549 million, 639 million, and 737 million yuan respectively, with corresponding EPS of 1.18, 1.37, and 1.58 yuan, indicating a favorable outlook for the company [13]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 2.25 billion, 2.75 billion, and 3.11 billion yuan respectively, with growth rates of 7.9%, 22.4%, and 13.2% [4][10]. - The net profit attributable to shareholders is projected to be 549 million, 639 million, and 737 million yuan for the same years, with growth rates of 21.2%, 16.3%, and 15.5% [4][10]. - The company’s PE ratios are expected to decrease from 15 in 2024 to 9 in 2026, indicating improving valuation metrics [4][10].