2025 年 10 月 12 日 禽畜药苗擎旗固本，宠物板块振翼拓新 买入(首次) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn | 基本数据 | 2025-10-12 | | --- | --- | | 当前股价（元） | 21.87 | | 总市值（亿元） | 101.6 | | 总股本（百万股） | 464.8 | | 流通股本（百万股） | 335.0 | | 52 周价格范围（元） | 13.2-28.9 | | 日均成交额（百万元） | 214.8 | 市场表现 —瑞普生物（300119.SZ）公司深度报告 ▌ 兽药主业：国内第一梯队，国际化突破在即 瑞普生物 2025Q1 归母净利润达 1.16 亿元（同比+32.45%）。 其中，公司兽药主业韧性凸显，传统兽药（化药、生物制 剂）业务维持稳健增长，毛利率超过 2023 年行业均值。此 外，兽药终端价格保持温和上行，叠加公司产品结构优化 （如高端制剂占比提升），毛利率有望持续改善。长期看点 在于兽药业务的全球化布局,公司坚定推进出海战略落地，正 加大海外产品注册步伐，推进生产工厂通过海外 GMP 认 ...

Investment Rating - The report does not explicitly state an investment rating for the pet deworming drug industry Core Insights - The pet deworming drug market is expected to expand due to the continuous increase in pet ownership and the growing health management awareness among pet owners [5] - Technological innovation and product upgrades are identified as the core drivers for the development of the pet deworming drug industry, with a focus on high efficiency, safety, and convenience [6] - The diversification and online shift of sales channels are significant trends, with e-commerce platforms and online consultations providing new growth opportunities [7] Summary by Sections Market Trends - The number of urban pets in China is projected to reach approximately 124 million by 2024, with a corresponding increase in demand for pet deworming drugs [5][7] - The market penetration of pet deworming drugs is high and continues to rise, driven by increased emotional investment in pets [5] Competitive Landscape - Major players like Boehringer Ingelheim and Merck dominate the market, leveraging substantial R&D investments to maintain technological leadership [8] - Boehringer Ingelheim's NexGard brand is expected to achieve global annual sales of approximately $1.46 billion in 2024, while Merck's Simparica follows closely with $1.25 billion [10][13] Product Development - The industry is moving towards high-efficiency, convenient, and safe products, with innovations such as sustained-release technology and natural ingredients gaining traction [28][29] - The report highlights the importance of developing oral medications that are easy to administer and cost-effective, as well as injectable drugs that offer long-lasting effects [27] Regulatory Environment - The report outlines various policies that have been implemented to strengthen the management of veterinary drugs, encouraging innovation and compliance in the pet pharmaceutical sector [21][22] Emerging Opportunities - Domestic brands are gradually gaining market share through price advantages and localization strategies, with a focus on international collaboration to enhance competitiveness [18][20] - The report emphasizes the potential for domestic companies to penetrate emerging markets like Southeast Asia by leveraging local partnerships and understanding regional needs [20]

Financial Performance - In Q1 2025, the company achieved a revenue of 8.22 billion yuan, representing a year-on-year growth of 20% [3] - The net profit attributable to shareholders was 1.16 billion yuan, with a year-on-year increase of 28.45% [3] - The non-recurring net profit reached 9.35 million yuan, showing a growth of 19.65% year-on-year [3] Business Strategy - The company is focusing on international brand strategy, marking its transition from a regional to a global brand [3] - A 56% stake acquisition in Zhongrui Supply Chain was completed, enhancing collaboration across core business segments [3] - The company is implementing a share repurchase plan, with a total repurchase amount of 120 million yuan as of March 31, 2025 [3] Product Development - The high pathogenic avian influenza vaccine generated 87 million yuan in revenue, a 16% increase year-on-year, while the Marek's vaccine revenue reached 26 million yuan, up 59% [4] - The company plans to launch new products, including a cat oral dewormer and various mRNA vaccines for pets, to enrich its product matrix [4][5] Market Expansion - The company has nearly 100% coverage of its top 100 customers in the traditional livestock sector and aims to deepen strategic cooperation with major clients [6][7] - The international strategy includes a dual circulation approach for product and technology, focusing on overseas market expansion and enhancing service capabilities [7] Impact of Tariffs - Export business accounts for approximately 3% of total revenue, indicating minimal direct impact from US-China tariffs [7] - The company is monitoring tariff policy changes to adjust its business layout and product strategies accordingly [7]