【私募调研记录】明达资产调研瑞普生物、美凯龙

Group 1: Reap Bio - Reap Bio's net cash flow from operating activities for 2024 is projected to be 735 million, representing a 79.35% increase year-on-year, driven by improved conditions in the aquaculture industry and enhanced accounts receivable management [1] - The company plans to launch multiple new products, including multivalent vaccines, genetically engineered vaccines, and mRNA vaccines from 2025 to 2026, and will acquire a 15% stake in Zhongrui Huapu and control of Zhongrui Supply Chain to establish a vertical supply chain [1] - The raw material drug segment is expanding with over ten products, including Florfenicol and Tilmicosin, and the hydrochloride of Woniu Mianlin Dihydrate has obtained a new veterinary drug certificate [1] - Reap Bio has secured partnerships with over 20 group clients, achieving more than 50 significant products with sales exceeding 10 million [1] - The gross margin for 2024 is expected to decline due to the acquisition of Zhongrui Supply Chain, as the pet supply chain has a lower gross margin, leading to a structural decrease in overall gross margin [1] Group 2: Meikailong - Meikailong plans to enhance rental rates through category expansion and optimize rental levels based on dealer profitability and increased traffic, with a reduction in losses expected to manifest in the second half of 2023 [2] - The company will implement an old-for-new policy in 2023, leveraging favorable policies to encourage dealer participation in subsidy activities, aiming to deepen user engagement and boost sales [2] - Following the acquisition by Jianfa, Meikailong will collaborate across real estate, home decoration, and supply chain sectors to promote its internationalization strategy [2]