Investment Rating - The report maintains a "Buy" rating for the company, based on the recovery of industry sentiment and the improvement in the company's product structure, with new products gradually coming to market [5] Core Views - The company's pig vaccine business has seen structural optimization, with profitability rebounding from a low point The pig vaccine segment, which accounts for 57 8% of revenue in 2022, experienced a decline in gross margin from 2020 to 2022 due to intensified competition in the foot-and-mouth disease vaccine market However, with the improvement in product structure, especially the increased proportion of high-margin products such as the PCV series vaccines, the gross margin rebounded to 59 2% in 2023, with further upside potential expected [3] - The company has a rich product portfolio in the animal vaccine sector, focusing on the prevention of key animal diseases such as foot-and-mouth disease, PCV, PRRS, highly pathogenic avian influenza, and brucellosis, meeting the epidemic prevention needs of most domestic farms [7][12] - The company's performance has bottomed out, with profitability gradually recovering In 2023, the company's gross margin rebounded to 59 2%, an increase of 4 0 percentage points year-on-year, and the net profit margin rose to 17 3%, an increase of 4 2 percentage points [126] Pig Vaccine Business - The pig vaccine business has seen structural optimization, with the proportion of high-margin products such as PCV vaccines increasing, leading to a recovery in gross margin to 63 5% in H1 2023 [150] - The company's foot-and-mouth disease vaccine remains its largest pig vaccine product, accounting for 64 1% of pig vaccine revenue in 2022, while PCV vaccines (including PCV-M hyo combination vaccines) accounted for 12 6% [149] - The company's PCV vaccine revenue has grown rapidly, with sales increasing from 93 million yuan in 2020 to 161 million yuan in 2022, a compound annual growth rate of 31 8% [156] Ruminant Vaccine Business - The ruminant vaccine market has significant growth potential, with the domestic market size reaching 1 9 billion yuan in 2022 The company's ruminant vaccine revenue accounted for 25 7% of total revenue in 2022, increasing to 30 8% in H1 2023 [114][181] - The company has a strong competitive advantage in the brucellosis vaccine market, with its brucellosis vaccine batch approvals ranking among the top three in the country from 2020 to 2022 [240] - The company's new brucellosis vaccine products, such as the Brucella gene-deleted live vaccine (M5-90Δ26 strain), have been launched, and the revenue from brucellosis vaccines is expected to grow rapidly [240] Poultry Vaccine Business - The poultry vaccine business has been under pressure, with revenue from avian influenza vaccines and gross margins declining The company is focusing on improving the quality and efficiency of key products [176] - In 2022, the company's poultry vaccine revenue was 204 million yuan, with avian influenza vaccines accounting for 62 6% and non-avian influenza vaccines accounting for 37 4% [207] R&D and Innovation - The company has made significant investments in R&D, with R&D expenditures exceeding 200 million yuan for four consecutive years from 2020 to 2023, accounting for more than 13% of revenue [188] - The company has made breakthroughs in mRNA vaccine technology, with its mRNA vaccine production line passing static acceptance in March 2024 [65] - The company has a strong R&D team, with 362 R&D personnel, accounting for 22 0% of the total workforce, and 35 6% of R&D personnel holding master's degrees or higher [202] Financial Projections - The report forecasts that the company's revenue will reach 1 829 billion yuan, 2 067 billion yuan, and 2 356 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14 43%, 12 99%, and 13 99% [5] - Net profit attributable to the parent company is expected to be 355 million yuan, 477 million yuan, and 585 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25 09%, 34 52%, and 22 55% [5] - The corresponding P/E ratios are 21 1x, 15 7x, and 12 8x for 2024, 2025, and 2026, respectively [5]

生物股份(600201) 报告日期：2024 年 06 月 26 日 定增获交易所审核通过，蓄力长期高质量发展 2024 年 6 月 24 日，公司收到上海证券交易所关于公司向特定对象发行股票申请的审 核意见，审核结果为通过。本次向特定对象发行股票的发行对象为生物控股、张翀宇 先生和张竞女士，发行 A 股股票数量为 0.35 亿股，不超过发行前总股本的 30%，发 行价格为 8.23 元/股，拟募集资金总额为不超过人民币 2.9 亿元，扣除发行费用后募集 资金净额将全部用于补充流动资金。 ❑ 优化股东结构，奠定公司持续稳定发展的良好基础 ❑ 提高公司资金实力，保障未来发展所需的资金 证券研究报告 | 公司点评 | 动物保健Ⅱ 分析师：钟凯锋 执业证书号：S1230524050002 zhongkaifeng@stocke.com.cn 分析师：张心怡 执业证书号：S1230524020002 zhangxinyi@stocke.com.cn jianglu@stocke.com.cn 股票走势图 -21% -13% -5% 3% 11% 19% 23/0623/0723/0823/1023/1123/1224 ...

农林牧渔/动物保健Ⅱ 公 司 研 生物股份（600201.SH） 定增落地在即，新品多点开花持续成长 究 2024年06月24日 ——公司信息更新报告 投资评级：买入（维持） 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn wanggaozhan@kysec.cn 日期 2024/6/24 证 书编号：S0790520030001 证书编号：S0790123060055 当前股价(元) 7.28  定增落地在即，新品多点开花持续成长，维持“买入”评级 公 2024年6月24日公司发布《关于向特定对象发行股票申请获得上海证券交易所 一年最高最低(元) 11.03/6.94 司 审核通过的公告》，公告显示上交所已审核通过公司定增申请，后续待证监会同 信 总市值(亿元) 81.56 息 流通市值(亿元) 81.56 意注册后方可实施。公司本轮定增面向大股东募资不超过 2.89 亿元，所募全部 更 用于补充流动资金以满足公司日常经营需求，进一步提高公司研发、服务客户能 总股本(亿股) 11.20 新 报 流通股本(亿股) 11.20 力。定增充分彰显大股东经营信心，伴随2024H2猪周期反 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][14] Core Views - The company's private placement has been approved by the Shanghai Stock Exchange, with plans to raise up to 289 million yuan to supplement working capital and enhance R&D capabilities [2] - The private placement demonstrates strong confidence from major shareholders, and the company's performance is expected to grow further with the reversal of the pig cycle in H2 2024 [2] - The company is expected to achieve net profits of 392 million yuan, 510 million yuan, and 607 million yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.35 yuan, 0.46 yuan, and 0.54 yuan [2] - The current stock price corresponds to a PE ratio of 20.8x, 16.0x, and 13.4x for 2024, 2025, and 2026, respectively [2] - The company's new products are expected to drive growth, with multiple vaccines already approved and more in the pipeline [5][27] Financial Summary Balance Sheet - Total assets are projected to increase from 6,873 million yuan in 2023 to 10,061 million yuan in 2026 [3] - Current assets are expected to grow from 3,016 million yuan in 2023 to 5,214 million yuan in 2026 [3] - Cash holdings are forecasted to rise from 1,712 million yuan in 2023 to 2,842 million yuan in 2026 [3] Income Statement - Revenue is expected to grow from 1,598 million yuan in 2023 to 2,974 million yuan in 2026, with a CAGR of 23.1% [3][22] - Net profit attributable to the parent company is projected to increase from 284 million yuan in 2023 to 607 million yuan in 2026 [3][22] - Gross margin is expected to remain strong, ranging from 60.7% to 61.4% between 2024 and 2026 [3][22] Cash Flow Statement - Operating cash flow is forecasted to be 1,577 million yuan in 2025, a significant improvement from -331 million yuan in 2024 [3] - Capital expenditures are expected to increase from 273 million yuan in 2023 to 690 million yuan in 2026 [3] Key Financial Ratios - ROE is projected to increase from 4.9% in 2023 to 8.4% in 2026 [3][22] - The P/E ratio is expected to decline from 28.8x in 2023 to 13.4x in 2026, indicating improving valuation [3][22] Company Developments - The private placement will result in Zhang Chongyu and his daughter Zhang Jing becoming the actual controllers of the company, holding a combined 15.86% of the shares [5][27] - The company has multiple new vaccines in the pipeline, including a swine fever subunit vaccine and a bovine nodular dermatitis inactivated vaccine, which are expected to contribute to future growth [5][27] Industry and Market Context - The company operates in the animal health sector, with a focus on vaccines for livestock and pets [7] - The report highlights the company's strong R&D capabilities and its focus on non-oral vaccines, which are expected to drive future growth [5][27]

各位投资者朋友好欢迎大家参加生物股份2023年度及2024年第一季度业绩说明会本次业绩说明会出席的公司领导有董事长张冲宇先生非独立董事副董事长兼总裁张静女士非独立董事财务总监兼董事会秘书彭敏先生独立董事吴政平先生本次说明会我们会分为两个部分第一部分为生物股份2023年度及2024年 第一级度报告解读第二部分我们就投资者关心的问题进行文字回答首先我们通过视频解读公司报告主要从公司概况经营情况战略规划三个方面进行解读首先是公司概况第一部分关于公司的发展历程 30年以来生物股份始终以坚韧不拔的意志开拓创新的精神以及前瞻性的战略定位紧跟时代步伐推动行业发展集团发展历程中几个重要的实现节点第一上市经理生物鱼1993年成立是内蒙古自治区首批股份制试点改革企业1998年公司股票在上海证券交易所上市订购 2007年并购杨州优邦,2017年收购梁林一康红富乐公司动物疫苗产品管线,2019年与日本公立合作成立合资公司进军宠物疫苗药品领域。 口蹄疫的发展2009年国内首条口蹄疫疫苗全服纯化生产线投产引领产业升级2011年开拓创新口蹄疫疫苗市场化营销新模式经与生物成长为行业龙头企业建立实验室公司2008年荣获受荣疫苗国家工程实验室之 ...

各位投资者朋友好欢迎大家参加生物股份2023年度及2024年第一季度业绩说明会本次业绩说明会出席的公司领导有董事长张冲宇先生非独立董事副董事长兼总裁张静女士非独立董事财务总监兼董事会秘书彭敏先生独立董事吴正平先生本次说明会我们会分为两个部分第一部分为生物股份2023年度及2024年 第一季度报告解读第二部分我们就投资者关心的问题进行文字回答首先我们通过视频解读公司报告主要从公司概况经营情况战略规划三个方面进行解读首先是公司概况第一部分关于公司的发展历程 30年以来生物股份始终以坚韧不拔的意志开拓创新的精神以及前瞻性的战略定位紧跟时代步伐推动行业发展集团发展历程中几个重要的实现节点第一上市金与生物于1993年成立是内蒙古自治区首批股份制试点改革企业1998年公司股票在上海证券交易所上市订购 2007年并购杨州优邦,2017年收购梁林一康、红富乐公司动物疫苗产品管线,2019年与日本公立合作成立合资公司进军宠物疫苗药品领域。 口蹄疫的发展2009年国内首条口蹄疫疫苗全服纯化生产线投产引领产业升级2011年开拓创新口蹄疫疫苗市场化营销新模式经与生物成长为行业龙头企业建立实验室公司2008年荣获受荣疫苗国家工程实验室 ...

证 券 研 究 报 告 非口产品继续发力，盈利持续改善 目标价：11.22 元 当前价：9.28 元 公司发布 2023 年报和 2024 年一季报：23 年实现营收 15.98 亿，yoy+4.55%， 归母净利 2.84 亿，yoy+34.64%，扣非归母 2.54 亿，yoy+29.74%。24Q1 实现 营收 3.48 亿，yoy-4.42%，归母净利 1.06 亿，yoy-1.05%，扣非归母 9532 万， yoy-5.32%。 评论： 口蹄疫疫苗有所承压，非口产品表现优异。23 年公司疫苗主业实现收入 14.71 亿元，同比略增 1.35%。分产品来看，其中口蹄疫疫苗在面临"先打后补"政 策调整、政府采购规模萎缩以及行业竞争激烈的局面下，销量同比下降 11.52%；非口产品方面，受益于新产品的助力和营销策略的调整，整体表现较 为突出，其中猪用疫苗方面，圆环系列疫苗 23 年销量同比增长 24.57%，核心 单品圆支二联自 2022H1 上市后持续放量，23 年销量增幅高达 109.25%，反刍 疫苗方面，牛二联疫苗销量同比增长 22.89%，布病疫苗则受益于 M5-90 产品 上市，销量同比增长 ...

[ T able_StockInfo] 2024 年 05 月 02 日 证券研究报告•2023 年报点评 持有 （维持） 当前价：9.14 元 生物股份（600201）农林牧渔 目标价：——元（6 个月） [Table_Summary] 业绩总结：2023年公司实现营业收入 15.98亿元，同比+4.55%，归母净利润为 2.84 亿元，同比+34.64%，扣非后归母净利润为 2.54亿元，同比+29.74%。单 四季度实现营收 3.79亿元，同比减少 9.76%，归母净利润为-500万元，同比由 盈转亏。24 年一季度公司实现营收 3.48 亿元，同比增长-4.42%，归母净利润 为 1.06 亿元，同比增长-1.05%。 养殖业周期反转或带动动保板块量价齐升。近年来下游养殖行业持续亏损，市 场需求低迷，客户价格敏感，对公司开拓市场造成一定影响。国家统计局数据 显示，2024 年一季度末，全国生猪存栏 40850 万头，对比去年同期减少 2244 万头，同比下降 5.2%，创造 4 年来新低；从生猪存栏量来看，从 2023 年第三 季度开始，已经连续 2个季度出现下降，且降幅在快速拉大。2024年一季度末 ...

生物股份（600201）2023 年报点评 强于大市：未来 6 个月内，行业整体回报高于同期相关证券市场代表性指数 5%以上 逆境中稳健成长，研发投入收获回报 困境中坚持科技创新，为业绩增长提供支撑。2023 年，公司研发投入 2.30 亿 元，占到营业收入的 14.39%。未来五年布局研发管线新苗 40多个。报告期内， 公司获得布鲁氏菌病活疫苗（Rev.1 株）、猪支原体肺炎灭活疫苗（ZY 株）2 项新兽药注册证书。预计 2024年-2025 年，小反刍兽疫、牛结节性皮肤病、牛 支原体、布病 S19、猪瘟 E2蛋白亚单位、犬二联、猫三联等疫苗将获批上市， 确保公司未来两年的业绩可持续增长。 [Table_Author] 分析师：徐卿 执业证号：S1250518120001 电话：021-68415832 邮箱：xuq@swsc.com.cn 联系人：赵磐 电话：010-57758503 邮箱：zhaopan@swsc.com.cn | --- | --- | --- | |-----------------------|---------------------------|------------| | ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司是动保行业龙头企业，主要从事兽用生 物制品的研发、生产与销售，产品种类涵盖 猪、禽、宠物和反刍类四大系列 100 余种动 物疫苗。公司拥有口蹄疫和高致病性禽流感 两大强制免疫疫苗农业部的定点生产资质， 工艺技术和产品质量国内领先。 资料来源：公司公告、恒生聚源 未来 3-6 个月重大事项提示： 无 资料来源：公司公告、恒生聚源 发债及交叉持股介绍： 无 资料来源：公司公告、恒生聚源 52 周股价走势图 指标 2022A 2023A 2024E 2025E 2026E 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 | --- | --- | --- | |--------------|----------------------------------------------------------------------------------|------------| | 报告类型 | 标题 | 日期 | | 行业普通报告 | 农林牧渔行业：情绪推升猪价上行，产能有望波动去化—生猪养殖行业月度跟踪 | 2024-03- ...