JINYU(600201) 开源证券·2024-06-24 23:00Investment 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]