PULIKE(SH:603566) Southwest Securities·2024-05-05 13:14Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [12][28]. Core Insights - The company achieved a revenue of 1.253 billion yuan in 2023, representing a year-on-year increase of 1.84%. The net profit attributable to shareholders was 175 million yuan, up 3.99% year-on-year [12][22]. - The report highlights that the company's sales strategy focusing on "key customers" and "key products" has led to significant revenue growth despite challenging market conditions [12][22]. - The company is expected to see stable growth in its poultry vaccine and antibody segment, with sales growth projected at 10% for 2024-2026 and a gross margin of 54%-55% [2][28]. - The report anticipates a rebound in the pig farming cycle, which could positively impact the animal health segment, leading to simultaneous increases in both volume and price [12][22]. Financial Summary - In 2023, the company reported a comprehensive gross margin of 61.01%, with a cost-to-revenue ratio of 43.74% [12][22]. - The revenue breakdown for 2023 includes 434 million yuan from pig vaccines, 416 million yuan from poultry vaccines and antibodies, and 379 million yuan from chemical drugs, with respective year-on-year changes of -5.9%, +10%, and +10% [12][22]. - The company’s R&D investment was 101.09 million yuan, accounting for 8.07% of its revenue, with several new vaccine registrations and clinical trial approvals achieved during the period [12][22]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.73 yuan, 0.82 yuan, and 0.99 yuan for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 24, 21, and 18 [12][22][28].