RINGPU(300119) 国海证券·2025-04-27 11:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance showed strong growth, with operating revenue reaching 822 million yuan, a year-on-year increase of 20.00%, and net profit attributable to shareholders of 116 million yuan, up 28.45% year-on-year [4][6] - The company is actively building a pet ecosystem, enhancing its second growth curve through a strategic restructuring of its industrial chain [6] - The company has achieved a gross margin of 41.23% and a net profit margin of 14.62% in Q1 2025, indicating improved profitability [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 822 million yuan, a 20.00% increase year-on-year, and a net profit of 116 million yuan, up 28.45% year-on-year [4][6] - The gross margin improved to 41.23%, an increase of 0.47 percentage points year-on-year, while the net profit margin rose to 14.62%, up 0.13 percentage points year-on-year [6] Business Strategy - The company is implementing a "Three-Rui Synergy" strategy to reconstruct its industrial chain, focusing on deep collaboration among its three core segments: RuiPu Bio, RuiPai Pet Hospital, and ZhongRui Supply Chain [6] - The pet segment achieved sales revenue of 689 million yuan in 2024, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [6] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 3.658 billion, 4.203 billion, and 4.709 billion yuan, representing year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [6][7] - Net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [6][7]