PULIKE(SH:603566) Minsheng Securities·2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company [2][10]. Core Insights - The company achieved a revenue of 1.25 billion yuan in 2023, representing a year-on-year growth of 1.8%, and a net profit attributable to shareholders of 170 million yuan, up 4.0% year-on-year [16]. - The pet medicine segment showed remarkable growth, with revenue from pet functional health products reaching 8.04 million yuan, a year-on-year increase of 272.3% [2]. - The company is actively advancing major product research and development, with a research investment of 100 million yuan in 2023, an increase of 9.1% year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved a record high revenue of 1.25 billion yuan, marking six consecutive years of positive growth. The revenue from pig vaccines was 430 million yuan, down 5.9% year-on-year, while poultry vaccines and antibodies generated 420 million yuan, up 10.2% year-on-year [9][16]. - The overall gross margin was 61.0%, a decrease of 2.8 percentage points year-on-year, primarily due to rising raw material prices for poultry vaccines [9]. Product Development - The company received three new veterinary drug registration certificates, including a pig parvovirus inactivated vaccine, which fills a gap in the domestic market [2]. - The company is also developing several new vaccines, including a cat trivalent inactivated vaccine and a dog distemper and parvovirus bivalent live vaccine, which are in various stages of clinical trials and registration [2]. Market Outlook - The company forecasts net profits attributable to shareholders of 227 million yuan, 271 million yuan, and 313 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.66 yuan, 0.78 yuan, and 0.91 yuan [2][17]. - The report anticipates a significant reversal in the pig cycle in the second half of 2024, which may boost demand in the animal health industry [2].