RINGPU(SZ:300119) EBSCN·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock based on expected benefits from the upcoming market conditions in the livestock sector [2][3]. Core Insights - The livestock segment of the company experienced rapid growth in 2023, with revenues reaching 508 million yuan, a year-on-year increase of 28%. The company has established strategic partnerships with major livestock farming groups and is expanding its marketing network in the dairy cow market [1]. - The company has also made significant strides in the pet health sector, launching a joint venture to capitalize on the growing pet market and aiming to create a leading domestic brand [1]. - The overall revenue for 2023 was 2.249 billion yuan, reflecting a 7.9% increase year-on-year, with a net profit of 453 million yuan, up 30.64% from the previous year [5]. Summary by Sections Livestock Business Performance - The livestock segment's revenue growth is attributed to a diverse product portfolio in vaccines, pharmaceuticals, and feed additives, with competitive advantages in the industry [1]. - The company is actively expanding its presence in the dairy cow market and enhancing its marketing strategies [1]. Pet Health Sector Development - The establishment of a joint venture with Ruiyi Biotechnology aims to leverage opportunities in the pet health market, with plans for independent operations to accelerate growth [1]. - The company has launched new products, including a cat trivalent vaccine, which has received positive market feedback, and is developing a quadrivalent vaccine in collaboration with another technology firm [14]. Financial Projections - The net profit forecasts for 2024 and 2025 have been slightly adjusted to 549 million yuan and 674 million yuan, respectively, reflecting a decrease of 5.34% and 1.32% from previous estimates. The forecast for 2026 is set at 817 million yuan [2]. - The earnings per share (EPS) are projected to be 1.18, 1.45, and 1.75 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 9 [2].