近期天康生物（002100）发布2025年一季报，证券之星财报模型分析如下： 天康生物在2025年一季度实现了营业总收入41.8亿元，同比上升了10.68%；归母净利润达到了1.48亿 元，同比大幅增长174.02%；扣非净利润为1.28亿元，同比增长126.59%。这表明公司在该季度内盈利能 力显著增强。 从毛利率来看，虽然有所下降至11.82%，同比下降4.54%，但净利率却从去年同期的较低水平增至 4.1%，同比增长157.4%。这说明尽管产品或服务的附加值不高，但公司通过有效的成本控制提高了整 体盈利水平。 此外，公司的三费(销售费用、管理费用、财务费用)总计为2.64亿元，占营业收入的比例降至6.31%，较 上年同期减少了18.57个百分点，显示出公司在费用管理方面取得了一定成效。 每股指标方面，每股净资产达到5.22元，同比增长11.09%；每股收益为0.11元，同比增幅高达 175.00%；每股经营性现金流也由负转正，从-0.24元升至0.09元，增幅为137.16%，反映了公司在经营活 动中的现金流量状况得到明显改善。 然而，需要注意的是，天康生物的应收账款规模较大，占最新年报归母净利润比例高 ...

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 4.18 billion CNY, a year-on-year increase of 10.68% [2] - The net profit attributable to shareholders was 148 million CNY, up 174.02% compared to the same period last year [2] - Basic earnings per share rose to 0.11 CNY, reflecting a growth of 175% year-on-year [2] - The weighted average return on equity was 2.1%, an increase of 1.26% from the previous year [2] - As of the end of Q1, total assets reached 17.799 billion CNY, a growth of 1.34% from the end of the previous year [2] - Shareholders' equity amounted to 7.123 billion CNY, up 1.52% from the end of the previous year [2] Group 2: Cost Management and Production - The total cost of pig farming in Q1 was 13.01 CNY/kg, with January costs dropping below 13 CNY/kg [3] - The company implemented cost reduction measures by diversifying raw material procurement, leveraging lower prices of barley and wheat flour [3] - The average pigs per sow (PSY) reached 27.3 in 2024, indicating improved production efficiency [3] - The average weight of pigs at market in Q1 was 121 kg [6] Group 3: Capital Expenditure and Sales - The main capital expenditure is focused on pig farming and minor technical upgrades in the feed business [4] - In Q1, the company sold 648,400 tons of feed, with 402,400 tons exported [5] Group 4: Industry Response and Strategy - The company is transitioning from a single product marketing approach to an integrated "product + service" model to adapt to market changes [7] - Plans to achieve a sales target of 2.9 million tons this year, with a long-term goal of reaching 5 million tons in 3-5 years [7] - The animal vaccine business is shifting towards a "vaccine + prevention service" model to address competitive pressures [7]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].

Investment Rating - The investment rating for TianKang Biological is maintained as "Buy" [1] Core Views - The company has shown a steady decline in breeding costs and stable operations in animal health feed, with expectations to navigate through the cycle profitably [4][5] - In 2024, the company reported revenue of 17.176 billion yuan, a decrease of 9.72%, while the net profit attributable to shareholders was 605 million yuan, an increase of 144.38% [4] - For Q1 2025, the revenue was 4.180 billion yuan, an increase of 10.68%, and the net profit attributable to shareholders was 148 million yuan, an increase of 174.02% [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 969 million yuan, 933 million yuan, and 1.611 billion yuan respectively [4] Summary by Sections Breeding and Cost Performance - In 2024, the company sold 3.0285 million pigs, an increase of 7.55%, with an average selling price of 15.66 yuan per kilogram [5] - The complete cost of breeding in 2024 was 14.73 yuan per kilogram, which is expected to decrease to below 13 yuan per kilogram by Q3 2025 [5] - The company aims to achieve a breeding target of 3.5 to 4 million pigs in 2025 [5] Feed and Animal Health Business - In 2024, the feed sales volume was 2.8283 million tons, a slight increase of 0.86%, with pig feed contributing significantly to the growth [6] - The animal health business generated revenue of 999 million yuan in 2024, a growth of 0.22%, with vaccine sales increasing by 18.44% [6] - The company expects feed sales to reach 2.9 million tons in 2025, primarily driven by pig feed [6] Financial Performance and Projections - The company’s total market capitalization is 8.519 billion yuan, with a current stock price of 6.24 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.71 yuan, 0.68 yuan, and 1.18 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.8, 9.1, and 5.3 [4][7] - The company’s asset-liability ratio is 51.40%, indicating a stable financial position with sufficient liquidity for expansion [6]

Investment Rating - The report maintains a "Recommended" rating for the company TianKang Biological (stock code: 002100.SZ) [1] Core Views - The company has shown significant improvement in its financial performance for 2024, with revenue of 17.176 billion yuan, a year-on-year decrease of 9.72%, but a return to profitability with a net profit of 605 million yuan, compared to a loss of 1.363 billion yuan in 2023 [3] - The company aims to achieve a pig output target of 3.5 to 4 million heads in 2025, representing a year-on-year increase of 15.57% to 32.08% [3] - The improvement in profitability is attributed to reduced breeding costs and fluctuating pig prices, leading to enhanced breeding profits [3] Financial Performance Summary - For 2024, the company reported a comprehensive gross margin of 12.14%, up 9.22 percentage points year-on-year, and a net profit margin of 3.52% [3] - In Q1 2025, the company achieved a revenue of 4.180 billion yuan, a year-on-year increase of 10.68%, and a net profit of 148 million yuan, up 174.02% year-on-year [3] - The company’s vaccine sales increased by 18% in 2024, with a gross margin of 63.07% [3] Financial Forecasts - The projected revenue for 2025 is 19.096 billion yuan, with a growth rate of 11.18%, and a net profit of 741.89 million yuan, reflecting a growth rate of 22.62% [5] - The expected EPS for 2025 is 0.54 yuan, with a PE ratio of 11 times [3][5] - The company’s total assets are projected to decrease from 17.562 billion yuan in 2024 to 15.685 billion yuan in 2025 [6] Operational Metrics - The company’s asset-liability ratio is expected to improve from 51.49% in 2024 to 41.96% in 2025 [7] - The company aims for a total vaccine sales target of 2.4 billion milliliters (doses) in 2025, a year-on-year increase of 16.28% [3]

Core Viewpoint - TianKang Biological has reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the agricultural biotechnology sector [1][3]. Financial Performance - The company achieved a total revenue of 17.176 billion yuan and a net profit attributable to shareholders of 605 million yuan, marking a year-on-year increase of 144.38% [1]. - The basic earnings per share stood at 0.44 yuan [1]. - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, totaling 300 million yuan [2]. Business Operations - TianKang Biological aims to become a leading health farming service provider and safe food supplier in China, covering the entire industry chain from breeding to processing [2]. - The company operates over 30 feed production enterprises nationwide and ranks among the top 20 in China's feed industry [2]. - In the veterinary biological products sector, it is recognized as a key production enterprise for various vaccines, including foot-and-mouth disease and avian influenza [2]. Research and Development - The company has increased its R&D investment, with over 15% of its biological pharmaceutical sales revenue allocated to product development and technological innovation [3]. - It has developed significant vaccines, including a pioneering swine fever vaccine and a brucellosis vaccine, contributing to disease control in livestock [3]. Segment Performance - In the swine breeding segment, the company reported an output of 3.0285 million pigs, a year-on-year increase of 7.55%, with sales revenue of 6.157 billion yuan [3]. - The feed segment saw a slight increase in sales volume to 2.8283 million tons, but revenue decreased by 17.67% [4]. - The veterinary medicine segment generated 999 million yuan in revenue, with vaccine sales increasing by 18.44% [4]. Future Goals - For 2025, TianKang Biological targets a revenue of 21 billion yuan, with specific goals for feed production, animal vaccines, and pig output [4]. - The company aims to enhance its core competencies in the livestock industry, providing comprehensive solutions to improve farming efficiency and achieve mutual growth with clients [4].

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

Financial Performance - In 2024, the company achieved a revenue of 17.176 billion CNY, a decrease of 9.72% compared to the previous year, primarily due to a decline in feed raw material prices [2] - The net profit attributable to shareholders was 605 million CNY, an increase of 144.38% year-on-year [2] - Basic earnings per share for 2024 were 0.44 CNY, up 143.56% from the previous year [2] - Total assets reached 17.563 billion CNY, a growth of 4.84% year-on-year [2] - Net assets attributable to shareholders increased by 9.44% to 7.016 billion CNY [2] Business Segment Performance - Feed business revenue was 5.345 billion CNY, down 17.67% year-on-year, with sales volume of 2.8283 million tons, a slight increase of 0.86% [2] - Pharmaceutical business revenue was 999 million CNY, a growth of 0.22% [3] - Animal vaccine sales volume reached 2.064 billion doses/ml, an increase of 18.44% [3] - Sales revenue from pig farming and food processing was 6.157 billion CNY, up 11.11% year-on-year, with a total of 3.0285 million pigs sold, a growth of 7.55% [3] - Plant protein and oil processing revenue was 1.671 billion CNY, down 23.43% [3] - Corn storage business revenue was 2.143 billion CNY, down 29.06% [3] Sales and Production Goals - The sales target for feed in 2025 is set at 2.9 million tons, an increase of approximately 80,000 tons from the previous year [4] - The company plans to sell between 3.5 million to 4 million pigs in 2025, with an increase expected from a new pig farming project [5] - The company aims to maintain a stable breeding sow count of around 140,000, increasing to 150,000 by the end of the year [8] Cost Management and Strategy - The target for the complete cost of pigs is set below 13 CNY/kg, including costs from self-breeding and farming [6] - Cost reduction measures include diversified raw material procurement and improved production efficiency, with an average piglet production efficiency (psy) of 27.3 in 2024 [6] - The company is exploring the pet feed market, which requires different production and sales strategies compared to traditional livestock feed [4] Market Outlook - The company anticipates that pig prices will fluctuate around 14 CNY, influenced by market supply and demand dynamics [10] - The overall performance in the pig market remains uncertain, but the company aims to enhance cost control and technological upgrades to improve results [11]

Core Viewpoint - In 2024, the company achieved a turnaround in its financial performance, reporting a net profit of 605 million yuan, compared to a loss in the previous year, driven by improved production metrics in its food farming business and favorable market conditions [2][3]. Financial Performance - The company's 2024 revenue reached 17.176 billion yuan, slightly down from the previous year but marking the second-highest revenue in the past 20 years [3]. - The net profit for 2024 was 605 million yuan, successfully reversing a loss of 1.38 billion yuan in the previous year [3]. - The company's gross profit margin for 2024 reached 12.14%, an increase of over 9 percentage points from the previous year, indicating improved profitability [7]. Business Segments - The pig farming segment generated revenue of 6.157 billion yuan in 2024, accounting for 35.84% of total revenue, achieving a historical high in both revenue and proportion [5]. - The company reported a pig output of 3.0285 million heads in 2024, a year-on-year increase of 7.55%, with a target of 3.5 to 4 million heads for 2025 [5]. Research and Development - The company has been increasing its R&D investment, exceeding 200 million yuan in both 2023 and 2024, and has established a national-level enterprise technology center [2]. Dividend Policy - The company announced a cash dividend of 2.20 yuan per 10 shares for 2024, totaling 300 million yuan, which represents 25.32% of the distributable profit [10]. - The dividend payout ratio is close to 50%, reflecting the company's strong profitability and commitment to shareholder returns [10].

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,180,253,944.24, representing a 10.68% increase compared to ¥3,776,851,559.41 in the same period last year[5] - Net profit attributable to shareholders increased by 174.02% to ¥148,142,983.18 from ¥54,063,760.85 year-on-year[5] - Basic and diluted earnings per share rose by 175.00% to ¥0.11 from ¥0.04 in the same quarter last year[5] - Net profit for the current period was ¥171,441,542.03, a significant increase of 184.36% compared to ¥60,176,209.17 in the previous period[18] - Earnings per share (EPS) for the current period was ¥0.11, compared to ¥0.04 in the previous period, reflecting a 175% increase[19] Cash Flow - The net cash flow from operating activities improved significantly to ¥124,044,426.30, a 137.16% increase from a negative cash flow of ¥333,850,669.38 in the previous year[5] - Cash flow from operating activities generated a net cash inflow of ¥124,044,426.30, a recovery from a net outflow of ¥333,850,669.38 in the previous period[20] - Net cash flow from investing activities was -$72,139,359.20, compared to -$187,478,990.29 in the previous period, indicating a decrease in cash outflow[21] - Cash inflow from financing activities totaled $1,180,253,285.90, slightly down from $1,251,700,000.00 in the prior period[21] - The net cash flow from financing activities was $72,786,775.88, down from $397,019,291.42 in the previous period[21] - The net increase in cash and cash equivalents was $124,691,842.98, compared to a decrease of $124,310,368.25 in the prior period[21] - The ending balance of cash and cash equivalents was $3,078,254,392.88, up from $2,548,274,731.17 in the previous period[21] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥17,798,535,319.33, up 1.34% from ¥17,562,512,271.12 at the end of the previous year[5] - Total current assets increased to ¥10,244,239,958.97 from ¥9,847,752,197.03, reflecting a growth of approximately 4.02%[14] - Total non-current assets decreased to ¥7,554,295,360.36 from ¥7,714,760,074.09, a decline of approximately 2.08%[15] - Total liabilities increased to ¥9,148,712,017.42 from ¥9,042,959,631.29, reflecting a growth of about 1.17%[15] - Total assets increased to ¥17,798,535,319.33 from ¥17,562,512,271.12, indicating a growth of about 1.35%[15] Income and Expenses - Total operating costs increased to ¥4,012,088,136.80, up 9.06% from ¥3,678,286,988.75 in the previous period[17] - The company reported a significant increase in other income to ¥17,449,920.54, compared to ¥10,963,408.01 in the previous period, indicating improved operational efficiency[17] - The company reported a decrease in research and development expenses to ¥50,150,345.89, down from ¥66,463,953.07 in the previous period, indicating a focus on cost management[17] Other Financial Metrics - The weighted average return on equity improved to 2.10%, up from 0.84% in the previous year[5] - The company experienced a 7820.55% increase in non-operating income, reaching ¥25,508,794.10, driven by contract changes[9] - The company’s financial assets increased by 180.40% to ¥15,488,965.94, mainly due to the addition of structured deposits[9] - The company reported a significant increase in contract liabilities, which rose by 34.12% to ¥892,793,544.26, attributed to an increase in customer prepayments[9] Corporate Governance - The company’s first quarter report was not audited[22] - The new accounting standards will be implemented starting in 2025[22] - The company’s board of directors meeting was held on April 30, 2025[23]