公司发布2024 年年报： 2024 年实现营业收入30.7 亿元，同比增长13.32%，实现归母净利润3.01 亿元，同比下降33.70%，实现 扣非归母净利润2.81 亿元，同比下降11.84%。 禽用疫苗产品优势突出。 瑞普生物在禽用生物制品板块保持领先的地位，多款禽用疫苗市场份额位居行业单品排名前列，重点产 品包括"重组禽流感病毒（H5+H7）三价灭活疫苗，鸡新城疫、禽流感（H9 亚型）二联灭活疫苗，鸡新 城疫、传染性法氏囊病、禽流感（H9 亚型）三联灭活疫苗"等生物制品，产品抗原含量高、保护效果 好、副反应小，能够有效预防主流禽疫病的发生。2024 年公司禽用生物制品实现营业收入10.76 亿元， 同比增长15.90%；毛利率为63.17%，同比-1.20pcts。 畜用产品日渐完善，家畜板块高速增长。 瑞普生物经过多年布局，在猪、牛、羊等畜用药苗、药品及饲料添加剂等方面打造丰富的产品群组，积 极改进工艺提升产品质量，猪蓝耳疫苗、乙脑疫苗、奶牛乳房注入剂等产品竞争力位于行业前列。公司 在家畜集团客户深耕多年，与大型家禽养殖集团建立友好合作关系，并拓展奶牛市场，完善营销网络布 局。此外，公司通过并购将 ...

事件：公司发布2024年年度报告，公司 2024年公司实现营收 30.7亿元，同比增长13.32%，实现归母净 利润3.01 亿元，同比减少33.7%。其中，2024Q4实现营收13.23 亿元，同比+17.93%，实现归母净利润 0.56 亿元，同比-68.88%。 点评：化药业务短期承压，宠物板块布局推进。分品类看，公司兽用生物制品、宠物供应链等业务板块 表现突出，分别增长23.40%和37.66%。宠物市场贡献显著，宠物生物制品收入同比增长849.09%。综合 毛利率为41.38%，较去年同期略有下降，主要受原材料成本上涨及低毛利率的宠物供应链业务占比提 升影响。此外，2024 年受主要原料药行情低迷的影响，龙翔药业对库存商品计提了近2000 万减值准 备，影响利润。 公司自主研发的猫三联疫苗"瑞喵舒"打破国外垄断，成为本土首个上市产品。 盈利预测与投资建议。我们预计2025~2027 年公司EPS 为0.88、1.02、1.16元，对应动态PE 20、17、15 倍，维持"买入"评级。 风险提示：养殖端突发疫病、下游需求不及预期、研发进度不及预期等风险。 兽用生物制品业务稳步提升，国际化与大客户战略双 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%. However, the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, with a non-recurring net profit of 281 million yuan, down 11.87% year-on-year [1][3]. - Revenue growth was primarily driven by veterinary biological products and the pet supply chain, which grew by 23.4% and 37.66% respectively. In contrast, revenue from formulations and raw materials declined by 5.83%, and pet medicines saw a decrease of 28.26% [1][3]. - The company is actively enhancing its strategic industrial structure through high-level R&D investments, with R&D expenses amounting to 197 million yuan, representing 6.4% of total revenue. The acquisition of Baoding Shoujun's 100% equity extends its business into foot-and-mouth disease vaccines [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,070 million yuan, with a growth rate of 36.5%. The net profit attributable to shareholders was 301 million yuan, reflecting a decline of 33.61% [4][8]. - The revenue breakdown shows significant increases in pet biological products (849.09%), livestock biological products (49.78%), and the pet supply chain (37.66%), while pet medicines decreased by 28.26% [1][2]. R&D and Strategic Initiatives - The company is focusing on strengthening its industrial structure by maintaining high R&D investments, with a total of 197 million yuan allocated for 2024. Collaborations with research institutions are also underway to accelerate innovation [2][3]. Market Outlook and Profitability - The report anticipates a recovery in the livestock and poultry breeding sector, with gradual improvements in the company's main business. However, profit forecasts for 2025-2026 have been adjusted downward due to anticipated pressures in the veterinary medicine sector [3][4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.86 yuan, 1.08 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, while the net profit attributable to shareholders decreased by 33.61% to 301 million yuan [1][4]. - The revenue growth is primarily driven by the veterinary biological products and pet supply chain, which grew by 23.4% and 37.66% respectively [1]. - The overall gross margin decreased from 49.69% in 2023 to 41.38% in 2024 due to market price fluctuations and rising raw material costs [1]. Revenue and Profitability - The company's revenue for 2024 is projected to be 3.07 billion yuan, with a growth rate of 36.5% compared to 2023 [4]. - The net profit for 2024 is forecasted at 301 million yuan, reflecting a decline of 33.61% from the previous year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with projections for 2025 and 2026 at 0.86 yuan and 1.08 yuan respectively [4][10]. R&D and Strategic Developments - The company maintained a high level of R&D investment in 2024, with R&D expenses amounting to 197 million yuan, representing a rate of 6.4% of revenue [2]. - The acquisition of 100% equity in Baoding Shoujun extends the company's business into foot-and-mouth disease vaccines, enhancing its strategic industry structure [2]. Pet Medical Sector - The pet segment generated 690 million yuan in revenue in 2024, accounting for 22.47% of total revenue, with significant contributions from pet biological products [2]. - The pet biological products revenue surged by 849% year-on-year, driven by the successful launch of the "Rui Miao Shu" cat trivalent vaccine [2]. Financial Forecasts - The company’s revenue is expected to grow to 3.23 billion yuan in 2025, with a projected growth rate of 5.14% [4]. - The net profit is anticipated to recover to 401 million yuan in 2025, reflecting a growth of 33.27% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21, 17, and 14 respectively [4][10].

Group 1 - The company reported an operating income of 3.07 billion yuan, a year-on-year increase of 13.32% [1] - The net profit attributable to shareholders was 301 million yuan, with a proposed cash dividend of 3 yuan per 10 shares (tax included) [1] - Research and development investment reached 238 million yuan, accounting for 7.76% of operating income, with 10 new veterinary drug registration certificates and 29 authorized patents obtained [1] Group 2 - Breakthroughs were achieved in the biopharmaceutical field, including advancements in mRNA technology platforms and recombinant duck plague virus vector vaccines [1] - The self-developed cat trivalent vaccine "Rui Miao Shu" became the first domestically listed product [1] - The developed micro-coated preparation of enrofloxacin hydrochloride reduced medication costs by 25%-50%, receiving high industry recognition [1] Group 3 - The company completed the registration of 35 products, with Tianjin and High-Tech companies passing Indonesia's GMP audit, and Biwei Antai obtaining Thailand's GMP certification [1] - Collaborations were established with over 20 group clients for million-level partnerships, creating 50 million-level flagship products [1] - Strategic partnerships were deepened with leading enterprises such as Dekang Animal Husbandry and Shengnong Development, building an industrial ecosystem [1] Group 4 - Looking ahead, the company will continue to deepen research and development in mRNA, genetic engineering vaccines, and innovative drugs [2] - The company aims to accelerate its layout in the pet and ruminant sectors, constructing a full chain of "research-development-production-service" [2] - Key products, processes, and technologies will be targeted for mergers and acquisitions to enhance product competitiveness and market share [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year increase of 13.32%, while the net profit attributable to shareholders was 301 million yuan, down 33.70% year-on-year [1] - The poultry vaccine segment showed strong growth, with revenues of 1.08 billion yuan for poultry biological products and 211 million yuan for livestock biological products, increasing by 15.90% and 49.78% respectively [2] - The pet segment experienced significant growth, with revenues of 633 million yuan for the pet supply chain, 37 million yuan for pet biological products, and 19 million yuan for pet pharmaceuticals, reflecting increases of 37.66%, 849.09%, and a decrease of 28.26% respectively [4] - The company is actively pursuing international expansion and strategic partnerships, having registered 35 products in seven countries and deepening collaborations with major clients [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 828 million yuan, a year-on-year increase of 25.16%, with a net profit of 52 million yuan, down 71.01% year-on-year [1] - The company expects net profits to grow to 422 million yuan, 536 million yuan, and 690 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.40%, 27.06%, and 28.67% [5] Business Segments - The traditional livestock business remains stable, while the emerging pet business is gaining a competitive edge through product development and market penetration [5] - The company has made significant advancements in pet pharmaceuticals, including the development of a cat trivalent vaccine and a dual-use drug for dogs and cats [4] Market Strategy - The company is focusing on a dual-cycle strategy of product and technology export, enhancing its international presence and quality standards [3] - Collaborations with over 20 major group clients have been established, reinforcing the company's market position [3]

Core Insights - The core viewpoint of the article is that Ruipu Biotech (SZ300119) reported its 2024 annual results, showing a revenue increase but a significant decline in net profit compared to the previous year. Financial Performance - In 2024, Ruipu Biotech achieved operating revenue of 3.07 billion yuan, representing a year-on-year growth of 13.32% [1][2] - The net profit attributable to shareholders was 307 million yuan, a decrease of 33.7% year-on-year [1][2] - The net profit after deducting non-recurring gains and losses was 281 million yuan, down 11.84% from the previous year [1][2] - The net cash flow from operating activities was 736 million yuan, an increase of 79.35% compared to the previous year [2] Earnings Per Share - Basic earnings per share (EPS) for 2024 was 0.6533 yuan, a decline of 33.24% year-on-year [2] - Diluted EPS also stood at 0.6533 yuan, reflecting the same percentage decrease [2] Return on Equity - The weighted average return on equity (ROE) was 6.55%, down 3.68% from the previous year [2] Segment Performance - Revenue from veterinary biological products reached 1.32 billion yuan, up 23.4% year-on-year, with a gross margin of 62.77%, down 2.67% [3] - Revenue from veterinary preparations and raw materials was 1.04 billion yuan, a decrease of 6.37% year-on-year, with a gross margin of 36.67%, down 2.78% [3] - Revenue from the pet supply chain was 633 million yuan, an increase of 37.66% year-on-year, with a gross margin of 14.99%, up 0.89% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company's chemical medicine business is under short-term pressure, with a non-recurring net profit down 12% year-on-year. In 2024, the company achieved operating revenue of 3.07 billion yuan, up 13.32% year-on-year, but the net profit attributable to the parent company decreased by 33.70% to 301 million yuan. The revenue growth was mainly driven by the increase in income from poultry biological products and the pet supply chain, while the decline in profitability was attributed to a decrease in the gross margin of the animal health business and a reduction in asset disposal income by approximately 100 million yuan [1][9]. Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year increase of 13.32%. The net profit attributable to the parent company was 301 million yuan, down 33.70% year-on-year. The non-recurring net profit decreased by 11.84% to 281 million yuan [1][9]. - The fourth quarter saw an operating revenue of 1.32 billion yuan, a quarter-on-quarter increase of 104.26% and a year-on-year increase of 17.93%. However, the net profit for Q4 was 56 million yuan, down 34.59% quarter-on-quarter and down 68.88% year-on-year [1][9]. Business Segments - The veterinary vaccine business continued to deepen its "big customer strategy" and expand into the pet market. The veterinary biological products segment achieved total revenue of 1.32 billion yuan, up 23.40% year-on-year, with a gross profit of 831 million yuan and a gross margin of 62.77% [2]. - The poultry biological products revenue increased by 15.90% to 1.08 billion yuan, while the livestock biological products revenue rose by 49.78% to 211 million yuan due to the consolidation of a subsidiary [2]. - The pet biological products segment saw a significant increase in revenue, up 849% to 37.44 million yuan, driven by the launch of the cat trivalent vaccine [2]. Strategic Developments - The company consolidated its supply chain and increased its stake in a pet hospital, enhancing its position in the pet healthcare sector. The pet supply chain achieved operating revenue of 633 million yuan, up 37.66% year-on-year, with a gross margin of 14.99% [3]. - The company aims to further integrate with pet hospitals and expand its product promotion channels, benefiting from the growth of the domestic pet economy [3]. Financial Forecasts - Due to short-term pressures from the raw material and formulation businesses, the company has revised its net profit forecasts for 2025-2026 to 450 million and 500 million yuan, respectively, down from previous estimates of 630 million and 650 million yuan. The forecast for 2027 is set at 520 million yuan, with corresponding EPS estimates of 1.0, 1.1, and 1.1 yuan for 2025-2027 [14].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's chemical medicine business is under short-term pressure, with a non-recurring net profit down 12% year-on-year. In 2024, the company achieved operating revenue of 3.07 billion yuan, up 13.32% year-on-year, but the net profit attributable to the parent company decreased by 33.70% to 301 million yuan. The revenue growth was mainly driven by the increase in income from poultry biological products and the pet supply chain, while the decline in profitability was attributed to a decrease in the gross margin of the animal health business and a reduction in asset disposal income by approximately 100 million yuan [1][9] Summary by Sections Revenue and Profitability - In 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year increase of 13.32%. The net profit attributable to the parent company was 301 million yuan, down 33.70% year-on-year. The non-recurring net profit decreased by 11.84% to 281 million yuan [1][9] - The fourth quarter saw an operating revenue of 1.32 billion yuan, a quarter-on-quarter increase of 104.26% and a year-on-year increase of 17.93%. However, the net profit attributable to the parent company was 56 million yuan, down 34.59% quarter-on-quarter and 68.88% year-on-year [1][9] Business Segments - The veterinary vaccine business continued to deepen its "big customer strategy" and expand into the pet market. In 2024, the veterinary biological products segment achieved total revenue of 1.32 billion yuan, up 23.40% year-on-year, with a gross profit of 831 million yuan and a gross margin of 62.77% [2] - The poultry biological products revenue increased by 15.90% to 1.08 billion yuan, while the gross profit rose by 13.74% to 680 million yuan. The pet biological products segment saw a significant increase of 849% in revenue to 37.44 million yuan, driven by the launch of the cat trivalent vaccine "Rui Miao Shu" [2] Strategic Developments - The company consolidated its position in the pet healthcare sector by increasing its stake in Rui Pai Pet Hospital to 11.56% and consolidating Zhongrui Supply Chain, which achieved operating revenue of 633 million yuan, up 37.66% year-on-year [3] - The company aims to enhance its pet health strategy and broaden its product promotion channels, benefiting from the growth of the domestic pet economy [3] Financial Forecasts - Due to short-term pressures from the raw material and formulation businesses, the company has revised its net profit forecasts for 2025-2026 to 450 million and 500 million yuan, respectively, down from previous estimates of 630 million and 650 million yuan. The forecast for 2027 is set at 520 million yuan, with corresponding EPS estimates of 1.0, 1.1, and 1.1 yuan for 2025-2027 [4][14]

Core Insights - The company reported a revenue of 3.07 billion yuan, representing a year-on-year growth of 13.32%, and a net profit of 301 million yuan with a basic earnings per share of 0.65 yuan [1] Group 1: Product Development and Innovation - The company has developed a diverse product matrix with 587 products, including 122 biological products, 216 chemical drug formulations, and 102 veterinary medicines, covering major animal diseases in livestock [2] - The company invested 238 million yuan in R&D, accounting for 7.76% of its revenue, focusing on third-generation vaccines and new drug development [2] - The company has received 10 new veterinary drug registration certificates and holds 330 authorized patents, including 226 invention patents [2] Group 2: New Growth Opportunities - The company is expanding into pet medicine, synthetic biology, and international markets, with a product lineup that includes vaccines, drugs, and health products for pets [3] - Collaborations with research institutions are underway to promote the industrialization of synthetic biology projects, contributing to the green development of animal health and farming [3] - The company has been recognized for its synthetic biology project, which aims to transform the veterinary drug industry [3] Group 3: International Expansion - The company is actively pursuing an international strategy, registering 35 products in seven countries, including Indonesia and Sri Lanka [4] - The company’s production facilities have passed GMP certification in Indonesia and Thailand, laying a solid foundation for global expansion and international brand development [4]