普莱柯拟控股持续亏损的中普生物 猪用疫苗连续下滑之下何时迎来拐点？

Core Viewpoint - The company, Pulaike, plans to acquire a 4.04% stake in Zhongpu Biological from CITIC Agriculture, which will make Pulaike the controlling shareholder of Zhongpu Biological, a company currently facing continuous losses in the production of foot-and-mouth disease vaccines [1][9]. Company Overview - Zhongpu Biological, formerly known as Baoshan Biological Pharmaceutical Factory, specializes in the research, production, and technical services of foot-and-mouth disease vaccines. It has been in a loss-making state due to declining industry conditions and overcapacity [1][10]. - Pulaike currently holds a 46.97% stake in Zhongpu Biological, while CITIC Agriculture holds 4.04%. After the acquisition, Pulaike's stake will increase to 51.01%, surpassing the current largest shareholder, Zhongmu Co., Ltd. [1][10]. Financial Performance - Zhongpu Biological is projected to generate revenue of 37.01 million yuan in 2024, with a loss of 26.21 million yuan. In the first half of 2025, it is expected to achieve revenue of 18.85 million yuan, with a loss of 18.24 million yuan [2][10]. - Pulaike's revenue for 2024 is expected to decline by 16.77% to 1.043 billion yuan, with a net profit drop of 46.82% to 92.81 million yuan. The gross margin has decreased by 4.32 percentage points, and the net margin has fallen by 13.32 percentage points to 8.9% [4][13]. Industry Challenges - The animal health industry is facing challenges due to a decline in market conditions and overcapacity, with the number of manufacturers producing foot-and-mouth disease vaccines increasing from 7 to 10, leading to an estimated total capacity exceeding 13 billion milliliters per year [2][11]. - The utilization rate of vaccine manufacturers is low, with some companies reporting as low as 20.83% utilization [2][11]. Operational Issues - Pulaike's core business of pig vaccines has been under pressure, with revenue from this segment declining by 22.6% to 336 million yuan in 2024, despite having a gross margin of 83.89% [4][13]. - The company has invested heavily in new production facilities, resulting in a significant increase in depreciation expenses, which rose by 20.65% in 2024 [5][14]. Recent Developments - In the first three quarters of the year, Pulaike's revenue grew by 8.04% to 823 million yuan, and net profit increased by 47.86% to 157 million yuan. However, the growth in net profit is attributed to cost-cutting measures rather than revenue growth [6][15]. - Despite some recovery in new business segments, the overall revenue has started to decline, with a 5.39% drop in the third quarter [7][16]. Accounts Receivable Concerns - As of the end of the third quarter, Pulaike's accounts receivable reached 335 million yuan, accounting for 41% of its revenue, indicating potential cash flow issues [7][16].