本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 04 月 09 日 科前生物(688526.SH) 农林牧渔 升幅% 1M 3M 12M 绝对收益 24.3 2.1 -23.9 下游行情导致业绩承压，生猪景气回暖 预期盈利改善 公司发布 2023 年年度报告：2023 年公司实现营业收入 10.64 亿元， 同比+6.27%，实现归母净利润 3.96 亿元，同比-3.32%。其中 2023 年 Q4 实现营业收入 2.37 亿元，同比-24.82%，实现归母净利润 0.39 亿 元，同比-69.46%。2023 年公司利润分配方案为每 10 股派发现金红 利 4.3 元（含税），合计派发现金红利总额 199.81 万元（含税），占 本年度归母净利润的比例为 50.47%。 由于 Q4 下游养殖端疫病频发，造成生猪存栏量下降，且猪价持续低 位，影响养户用苗情绪，导致公司疫苗销量下滑。受此影响，2023 年 公司信用减值损失 8037 万元，同比+242%，主要由于应收账款坏账损 失增加。资产减值损失 1579 万元，同比+114%。大部分减值在 Q4 计 提，对于 Q4 利润影响较大。 猪苗 ...

交易数据 资料来源：恒生聚源、东兴证券研究所 52 周股价走势图 资料来源：恒生聚源、东兴证券研究所 公司是一家专注于兽用生物制品研发、生 产、销售及动物防疫技术服务的生物医药企 业。构建了兽用生物制品的完整产业链，完 成了涵盖畜用疫苗、禽用疫苗、宠物疫苗等 产品布局。 资料来源：公司公告、恒生聚源 未来 3-6 个月重大事项提示： 2024-04-22 年度股东大会 2024-04-30 一季报披露 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 周股价区间（元） | 28.32-14.37 | | 总市值（亿元） | 91.56 | | 流通市值（亿元） | 91.55 | | 总股本 / 流通 A 股（万股） | 46,617/46,617 | | 流通 B 股 /H 股（万股） | -/- | | 52 周日均换手率 | 1.7 | -57.0% -43.9% -30.8% -17.7% -4.5% 8.6% 4/3 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 25.5 CNY [9][10]. Core Insights - The company has shown stable performance in its core business of pig vaccines, achieving a revenue of 974 million CNY in 2023, a year-on-year increase of 3.9%. Other segments, such as poultry vaccines and pet vaccines, have demonstrated significant growth, with revenues increasing by 44.2% and 74.3% respectively [9]. - The company is expected to benefit from a potential recovery in the pig farming cycle, which could enhance demand for its animal health products in the latter half of 2024 [9]. - The report highlights the company's ongoing investment in research and development, with over 270 million CNY spent in the past three years, and the introduction of new products expected to drive revenue growth [9]. Financial Performance Summary - Total revenue for 2023 was 1,064 million CNY, with a year-on-year growth rate of 6.3%. The net profit attributable to the parent company was 396 million CNY, reflecting a decline of 3.3% year-on-year [9]. - The earnings per share (EPS) for 2023 was 0.85 CNY, with projected EPS of 1.02 CNY for 2024, indicating a growth trajectory [9]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 23 in 2023 to 20 in 2024, and further to 15 in 2025, suggesting an improving valuation as earnings grow [9]. Revenue and Profit Forecast - The forecast for total revenue is expected to reach 1,257 million CNY in 2024, 1,533 million CNY in 2025, and 1,783 million CNY in 2026, with respective growth rates of 18.1%, 22.0%, and 16.3% [9]. - The net profit attributable to the parent company is projected to increase to 474 million CNY in 2024, 600 million CNY in 2025, and 706 million CNY in 2026, with growth rates of 19.8%, 26.5%, and 17.8% respectively [9].

证券研究报告 | 2024年04月08日 科前生物（688526.SH） 买入 2023 年报点评：信用减值拖累，Q4 归母净利润同比减少约 70% 主业毛利率承压，大额信用减值确认，公司 2023 年归母净利润同比减少 3%。 公司 2023 年实现营业收入 10.64 亿元，同比+6.27%，主要系公司加强市场 开拓，产品销量维持增长；实现归母净利润 3.96 亿元，同比-3.32%，一是 因为下游养殖行情低迷，猪用疫苗毛利率承压，二是因为养殖链资金紧张， 公司确认信用减值约8000 万元。分季度来看，2023Q4 公司实现营业收入2.37 亿元，同比-24.76%，环比-19.93%；实现归母净利润 0.39 亿元，同比-69.05%， 环比+66.95%，主要系毛利率下滑且确认信用减值约 5600 万元。 猪用疫苗毛利率承压，宠物疫苗量利齐增。分业务来看，公司猪用疫苗 2023 年实现营业收入 9.74 亿元，同比+3.9%，毛利率为 73.98%，同比-1.33pct， 主要受下游养殖行情低迷影响；除猪用疫苗以外的其他业务实现营业收入 0.90 亿元，同比+41.24%，毛利率为 51.70%，同比 ...

公 司 研 究 投资评级：买入（维持） 公司发布 2023 年年报，2023 年实现营收 10.64 亿元，yoy+6.27%，归母净利润 3.96 亿元，yoy-3.32%，其中 2023Q4 实现营收 2.37 亿元，yoy-24.82%，归母净 利润 0.39 亿元，yoy-69.46%。2024 年，公司猪、禽、宠物多款新品兑现在即， 受益于猪周期反转及非瘟疫苗研发推进，公司利润有望进一步增长，我们上调公 司 2024-2025 年盈利预测，新增 2026 年盈利预测，预计公司 2024-2026 年归母 净利润分别为 5.99/7.77/8.49（2024-2025 年原预测分别为 5.83/7.57）亿元，对应 EPS 分别为 1.28/1.67/1.82 元，当前股价对应 PE 为 15.5/11.9/10.9 倍。公司多款 新品兑现在即，猪周期反转受益，维持"买入"评级。 2023 年公司研发投入 0.89 亿元，研发投入占营收比重 8.32%，全年开展研发项 目 78 个，研发实力行业前列。截至报告期末，公司已获得 43 项新兽药注册证书。 公司持续加大 CHO、杆状病毒载体和大肠杆菌高效表 ...

2024 年 04 月 03 日 评级：买入(维持) [Table_Title] 减值拖累业绩，研发创新步入收获期 ——科前生物（688526）2023 年年报点评 最近一年走势 相关报告 《科前生物（688526）2023 年半年报点评：业绩 高速增长，重磅在研产品取得新进展（买入）*动 物保健Ⅱ*程一胜，熊子兴》——2023-08-29 《科前生物(688526.SH)深度报告：动保行业扩容 在即，公司积极打造新增长点（买入）*动物保健 Ⅱ*熊子兴，程一胜》——2023-05-21 盈利预测和投资评级：2024 年猪价中枢有望上移，我们调整公司 2024-2026 年营业收入至 11.57、13.18、15.45 亿元，同比增长 8.74%、13.94%、17.18%；归母净利润 4.63、5.80、6.79 亿元， 同比增长 16.94%、25.18%、17.24%；对应当前股价 PE 分别为 20 倍、16 倍、13 倍。基于公司猪用疫苗和宠物疫苗产品矩阵不断完善， 2024 年 4 月 1 日，科前生物发布 2023 年年报：2023 年公司实现营业收 入 10.64 亿元，同比+6.27%，归母净 ...

Financial Performance - The company's operating revenue for 2023 was CNY 1,064,074,588.89, representing a 6.27% increase compared to CNY 1,001,267,679.90 in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 395,934,947.68, a decrease of 3.32% from CNY 409,518,439.60 in 2022[19]. - The net cash flow from operating activities increased by 26.98% to CNY 538,033,929.89 in 2023, compared to CNY 423,708,722.97 in 2022[19]. - The total assets at the end of 2023 were CNY 4,671,249,471.01, reflecting a 6.39% increase from CNY 4,390,641,791.92 at the end of 2022[19]. - The basic earnings per share for 2023 was CNY 0.85, down 3.41% from CNY 0.88 in 2022[20]. - The company's operating costs increased by 12.38% year-on-year, primarily due to increased sales volume and fixed costs[101]. - The total revenue for the main business reached ¥1,026,938,173.56, with a gross margin of 72.79%, reflecting a year-over-year decrease of 1.18 percentage points[104]. - The revenue from pig vaccines was ¥973,895,683.92, with a gross margin of 73.98%, showing a decrease of 1.33 percentage points compared to the previous year[104]. Research and Development - The company invested CNY 88.51 million in R&D, supporting the development of new vaccines and production technology innovations[31]. - The total R&D expenditure for 2023 was approximately 88.51 million yuan, a decrease of 13.86% compared to the previous year, with R&D expenditure accounting for 8.32% of operating income[66]. - The company has applied for a total of 149 national invention patents, with 86 granted, including 23 granted in 2023[63]. - The company has established various advanced technology platforms, including gene editing and mRNA vaccine development, to enhance its innovative product development capabilities[57]. - The company has developed a recombinant protein high-efficiency expression technology platform, resulting in the approval of several new veterinary drugs, including a dual-subunit vaccine for Streptococcus suis and Actinobacillus pleuropneumonia[58]. - The company is actively involved in the development of inactivated vaccines for swine and canine diseases[145][146]. Product Development and Innovation - The company is focusing on expanding its product line, with several vaccines in various stages of review and clinical trials, including for pigs and poultry[32][33]. - The company has developed a strong leading advantage in the industrial application of epidemic prevention biological products, producing 58 veterinary biological products, making it one of the most diverse companies in China's veterinary biological product industry[37]. - The company has launched innovative vaccines, including the pig pseudorabies live vaccine (HB-98 strain) and the heat-resistant live vaccine (HB2000 strain), which are more suitable for local pig farming[83]. - The company is developing a gene-engineered vaccine for swine fever, classified as a Category III product, aimed at controlling swine fever virus disease[142]. - The company is advancing a vaccine for porcine pseudorabies, classified as a Category III product, intended for the control of pseudorabies in pigs[144]. Market Position and Strategy - The company ranks second in the domestic non-national compulsory immunization veterinary biological products market and first in the non-national compulsory immunization pig biological products market from 2018 to 2022[52]. - The company aims to strengthen its market position through strategic partnerships and collaborations in the veterinary biological product sector[37]. - The company is focusing on the development of modern biotechnology vaccines as a key component of its future growth strategy[164]. - The company is enhancing internal management by adopting advanced practices in R&D, production, logistics, and cost accounting, aiming to improve operational efficiency and employee satisfaction[168]. - The company is implementing precise marketing strategies to strengthen market presence, focusing on the sales of top diagnostic reagents and expanding the market share of poultry and pet vaccines[169]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with laws and regulations, and maintaining effective oversight through its board of directors and supervisory board[172]. - The board consists of 9 members, including 3 independent directors, who fulfill their duties diligently and ensure the company's strategic decisions are well-supported[172]. - The company has a robust information disclosure system, ensuring timely and accurate communication with investors through various channels[174]. - The company reported no penalties from securities regulatory authorities in the past three years, indicating compliance with regulations[194]. Risks and Challenges - The company faces risks related to technological innovation, including long development cycles and high investment costs, which may lead to losing market opportunities[89]. - The company is at risk of losing core technical personnel, which could adversely affect its research and development capabilities and market competitiveness[89]. - The fluctuation in the pig farming industry may lead to performance volatility, as the company’s revenue is closely tied to the pig farming sector[94]. - The company must ensure compliance with regulatory requirements for veterinary drug production licenses, as failure to renew these licenses could impact its operations[90].

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武汉科前生物股份有限公司 关于 2024 年度"提质增效重回报"行动方案的议案 基于对公司未来发展前景的信心，为践行"科技创造价值、科前 回报社会"发展理念，维护公司全体股东的利益，树立公司良好的市 场形象，强化市值管理和实践，充分发挥上市公司平台作用，引导公 司价值合理回归，与股东共享发展红利，促进公司高质量发展，主要 措施如下： 行业共性关键技术更大范围的应用，不断提高产品安全性、有效性、 稳定性及生产效率。 在强化自主研发的基础上，进一步开展与各高等院校、科研机构 及大型养殖企业的合作，推进产学研用深度融合，充分整合内外部资 源，抢占行业创新高地，不断筑牢科技创新优势及产品与技术的先发 优势。2023 年，公司新申报新兽药注册证书 11 项，获得新兽药证书 2 项，猫三联灭活疫苗通过应急评审；申请 13 项临床试验，获得临 床批件 7 项；获得转基因安全证书 2 个，生产性试验批件 1 个，环境 释放批件 18 个；申请发明专利 17 件，授权发明专利 22 件，其中 17 件专利公司为唯一专利权人。公司获评 2023 武汉民营企业科技创新 50 强、武汉市科技领军企业。 二、坚持系统规范治理，不断提高 ...