RINGPU(SZ:300119) Guohai Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company achieved a revenue of 2.249 billion yuan in 2023, representing a year-on-year increase of 7.90%, and a net profit attributable to shareholders of 453 million yuan, up 30.64% year-on-year [1]. - The company is entering a harvest period for its R&D investments, with multiple new products making progress, including a self-developed cat trivalent vaccine and a dog quadrivalent vaccine [1]. - The acquisition of 100% equity in Baoding Shoujun for 230 million yuan will allow the company to indirectly hold 55.20% of the domestic foot-and-mouth disease vaccine producer, Betway Antai, enhancing its livestock business [1]. Financial Performance - In Q4 2023, the company reported a revenue of 662 million yuan, a year-on-year increase of 8.94%, and a net profit of 179 million yuan, up 57.68% year-on-year [1]. - The company’s sales revenue from formulations and raw materials reached 1.084 billion yuan, growing by 11.20% year-on-year, while the revenue from poultry biological products was 928 million yuan, up 3.64% [4]. - The gross profit margin improved by 1.25 percentage points year-on-year, and the net profit margin after deducting non-recurring items increased by 0.69 percentage points year-on-year [4]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 2.772 billion yuan, 3.113 billion yuan, and 3.531 billion yuan, respectively, with growth rates of 23.24%, 12.33%, and 13.41% [3][7]. - The forecasted net profits for the same years are 516 million yuan, 617 million yuan, and 722 million yuan, with year-on-year growth rates of 13.90%, 19.53%, and 17.08% [3][7]. Market Data - The current stock price is 14.43 yuan, with a market capitalization of approximately 6.73 billion yuan [1][12]. - The stock has a 52-week price range of 11.55 to 22.95 yuan [1].