RINGPU(SZ:300119) Guohai Securities·2024-04-26 06:30Investment Rating - The report maintains a "Buy" rating for the company [17][18]. Core Insights - The company has shown resilient growth in its operating performance despite challenges in the breeding industry, with Q1 2024 revenue reaching 533 million yuan, a year-on-year increase of 20.42%, and net profit attributable to shareholders at 88 million yuan, up 8.35% [4][5]. - The acquisition of Betway Antai is expected to significantly boost the company's livestock vaccine business, enhancing its ability to provide comprehensive disease solutions to livestock clients [6][17]. - The successful launch of a cat trivalent vaccine is anticipated to replace imported products, marking a significant advancement in the company's product offerings [19]. Financial Performance - For 2024, the company forecasts revenue of 2.832 billion yuan, representing a growth rate of 26%, and net profit of 527 million yuan, with a growth rate of 16% [8][18]. - The company's earnings per share (EPS) is projected to increase from 0.97 yuan in 2023 to 1.13 yuan in 2024, reflecting a positive trend in profitability [10][18]. - The report highlights a decrease in non-recurring gains and losses, indicating improved profit quality with a 20.84% growth in net profit after excluding these items [5][10]. Market Performance - The company's stock has outperformed the CSI 300 index, with a 12.7% increase over the past month compared to a 0.1% increase in the index [18]. - The current stock price is 15.90 yuan, with a market capitalization of approximately 7.41 billion yuan [18]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.181 billion yuan and 3.608 billion yuan for 2025 and 2026, respectively, indicating sustained growth in the coming years [8][18]. - The report emphasizes the ongoing improvement of the company's product matrix and operational stability as key factors supporting the "Buy" rating [18].