Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.25 RMB [6][4]. Core Insights - The company reported a revenue of 942 million RMB in 2024, a year-on-year decrease of 11.48%, and a net profit of 382 million RMB, down 3.43% year-on-year. However, Q4 2024 showed a revenue increase of 16.81% year-on-year and a net profit increase of 216.18% year-on-year, indicating a recovery trend [1][2]. - The company is focusing on new product development, having obtained 7 new veterinary drug registration certificates in 2024, including 5 for swine vaccines. This is expected to drive future revenue growth [3][4]. - The company’s earnings are projected to improve, with net profits expected to reach 4.35 billion RMB in 2025, 4.96 billion RMB in 2026, and 5.75 billion RMB in 2027, corresponding to EPS of 0.93, 1.06, and 1.23 RMB respectively [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 245 million RMB, up 19.65% year-on-year, and a net profit of 108 million RMB, up 24.08% year-on-year. The overall trend shows a recovery in performance despite seasonal factors affecting Q1 results [1][2]. Product Development - The company has made significant progress in new product development, with multiple vaccines for swine and other animals in various stages of research and approval. This is expected to enhance the company's competitive position in the veterinary biological products industry [3][4]. Earnings Forecast - The earnings forecast for the company indicates a gradual recovery, with expected revenue growth of 19.86% in 2025 and continued growth in subsequent years. The projected net profit growth rates are 13.86% for 2025 and 15.85% for 2027 [5][4].