TECON(SZ:002100) Xin Lang Zheng Quan·2025-10-30 12:33Core Viewpoint - TianKang Biological is a leading domestic supplier of biological vaccines and feed for livestock and poultry, with significant investment value due to its full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, TianKang Biological achieved operating revenue of 13.61 billion, ranking 4th among 10 companies in the industry, with the top company, HeFeng Co., at 28.07 billion [2] - The net profit for the same period was 505 million, ranking 1st in the industry, with the second being AoNong Biological at 439 million [2] - The revenue composition includes 2.85 billion from the pig breeding industry chain, accounting for 32.20%, and 2.43 billion from feed, accounting for 27.51% [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 47.86%, lower than the previous year's 49.89% and below the industry average of 54.11% [3] - The gross profit margin was 10.88%, down from 11.99% year-on-year but still above the industry average of 9.94% [3] Group 3: Management and Shareholder Structure - The total compensation for General Manager Cheng Hui was 829,500, an increase of 229,500 from the previous year [4] - The largest shareholder is the Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd. [4] Group 4: Shareholder Changes - As of September 30, 2025, the number of A-share shareholders decreased by 3.42% to 60,600 [5] - The average number of circulating A-shares held per household increased by 3.54% to 22,500 [5] Group 5: Future Outlook - According to Citic Securities, revenue is expected to grow by 4.00% year-on-year, while net profit is projected to decline by 27.20% [6] - The company is expected to achieve revenues of 16.79 billion, 17.47 billion, and 18.02 billion from 2025 to 2027, with net profits of 446 million, 723 million, and 928 million respectively [6] - Pacific Securities anticipates a net profit of 777 million and 1.315 billion for 2025 and 2026, respectively [6]