瑞普生物：主营业务稳健发展，新业务版图未来可期

Investment Rating - The report maintains a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within six months [38] Core Views - The company is a leader in China's animal health industry, with a diversified business portfolio and strong growth in revenue and net profit [39][40] - The company's pet business, particularly its cat triple vaccine, has entered a harvest period, breaking the long-term reliance on imported vaccines [3][5][159] - The company's synthetic biology business is expected to benefit from policy support and technological advancements, with significant growth potential [186][187] Business Segments Animal Health Products - The company's animal health products, including vaccines and pharmaceuticals, are the main revenue drivers, with a stable market share in the poultry sector [148][149] - The company has signed strategic agreements with major poultry farming companies, ensuring stable sales and market expansion [154][155] - The company's pig vaccine business is expected to benefit from the recovery of pig prices and increased demand due to industry consolidation [134][156] Pet Business - The company's pet business has seen significant growth, particularly with the launch of its cat triple vaccine, which has achieved rapid market penetration [5][159][170] - The cat triple vaccine market in China is expected to grow significantly, with the company well-positioned to capture market share due to its early entry and competitive pricing [7][164] Synthetic Biology - The company has entered the synthetic biology sector, leveraging its partnerships with research institutions and policy support to develop new products in animal health and feed additives [186][187] - The synthetic biology market is expected to grow rapidly, with the company focusing on cost-effective protein production and other innovative applications [11][120] Market Outlook - The pet vaccine market in China is expected to grow significantly, driven by increasing pet ownership and higher vaccination rates [7][164] - The synthetic biology sector is poised for rapid growth, with the company well-positioned to benefit from technological advancements and policy support [11][120] - The animal health industry is expected to see increased consolidation, with the company likely to benefit from its strong market position and diversified product portfolio [79][92]