RINGPU(300119) 华泰证券·2025-04-30 08:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.80 RMB [7][8]. Core Views - The company reported a revenue of 822 million RMB in Q1 2025, representing a year-over-year growth of 20%, and a net profit attributable to shareholders of 116 million RMB, up 28.45% year-over-year [1][2]. - The poultry and livestock sectors are performing steadily, with the pet vaccine segment showing significant growth, supported by international expansion efforts [1][3]. - The company is expected to achieve its annual growth targets in the pet segment, driven by strong sales of key products and ongoing product development [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 822 million RMB, with a year-over-year increase of 20%. The poultry segment is estimated to have grown by 13% to 18%, while the livestock segment benefited from the consolidation of a subsidiary and recovering demand [2]. - The gross margin improved to 41%, an increase of 0.30 percentage points year-over-year, primarily due to an optimized product mix with a higher proportion of high-margin vaccine products [2]. Growth Prospects - The pet business continues to grow, with strong sales of the cat trivalent vaccine "Rui Miao Shu" and new product approvals expected to drive further growth [3]. - The company is accelerating its international market expansion, with expectations for significant growth in overseas revenue by 2025 [3][4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 400 million RMB, 510 million RMB, and 610 million RMB for 2025, 2026, and 2027, respectively [4]. - The report assigns a price-to-earnings (PE) ratio of 30 for 2025, reflecting the company's leading position in the pet segment and positive performance in the livestock sector [4].