PULIKE(SH:603566) Zhongyuan Securities·2024-05-03 04:30Investment Rating - The report maintains an "Accumulate" rating for the company, considering the cyclical fluctuations in the downstream industry and the growth potential of the company's products [6][7]. Core Insights - The company's revenue and net profit both increased in 2023, despite short-term performance pressure due to the ongoing downturn in the pig farming industry and credit impairment provisions [6][7]. - The "Big Product + Big Client" strategy has shown significant effectiveness, leading to improved management efficiency and revenue growth [6][7]. - The company is actively enhancing its product development capabilities, having invested 101 million yuan in R&D in 2023, which is 8.07% of its revenue [6][7]. Financial Performance Summary - Revenue Forecast: - 2022A: 1,230 million yuan - 2023A: 1,253 million yuan (1.84% YoY) - 2024E: 1,453 million yuan (15.96% YoY) - 2025E: 1,671 million yuan (15.02% YoY) - 2026E: 1,825 million yuan (9.23% YoY) [4][22] - Net Profit Forecast: - 2022A: 168 million yuan - 2023A: 175 million yuan (3.99% YoY) - 2024E: 243 million yuan (39.33% YoY) - 2025E: 279 million yuan (14.87% YoY) - 2026E: 311 million yuan (11.40% YoY) [4][22] - Earnings Per Share (EPS): - 2022A: 0.48 yuan - 2023A: 0.50 yuan - 2024E: 0.70 yuan - 2025E: 0.81 yuan - 2026E: 0.90 yuan [4][22] - Price-to-Earnings Ratio (PE): - 2023A: 34.56 - 2024E: 24.81 - 2025E: 21.59 - 2026E: 19.38 [4][22] Market Data Summary - The closing price of the company's stock is 17.43 yuan, with a market capitalization of 60.32 billion yuan [6][8]. - The company has a price-to-book ratio of 2.21 [6]. Strategic Initiatives - The company is focusing on product innovation and has received three national new veterinary drug registration certificates and 23 invention patents in 2023 [6][7]. - The company is expanding its product offerings in the pet market, with over 90 products planned, including vaccines and other medications [6][7].