Jinhe Biotechnology(002688) 华西证券·2025-04-26 06:45Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company benefits from growth in the chemical pharmaceutical business and cost optimization, leading to a steady improvement in performance [2][5] - The veterinary pharmaceutical segment shows significant growth, with a revenue increase of 21.47% year-on-year, driven by expanded market demand and cost reductions [3] - The vaccine segment is progressing steadily, with a revenue increase of 2.58% year-on-year, supported by strong core products and ongoing research and development [4] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 2.371 billion yuan, a year-on-year increase of 9.04%, and a net profit attributable to shareholders of 100 million yuan, up 15.90% [2] - For Q1 2025, the company reported operating revenue of 625 million yuan, a year-on-year increase of 20.35%, and a net profit of 51 million yuan, up 13.23% [2] Chemical Pharmaceutical Segment - The veterinary chemical pharmaceutical segment generated 1.234 billion yuan in revenue, accounting for 52.06% of total revenue, with a gross margin of 40.17%, up 7.40 percentage points year-on-year [3] - Key drivers include increased sales of the antibiotic product, Jinmison, and a significant rise in demand in overseas markets, particularly in the U.S. [3] - The company has optimized costs through a decrease in raw material prices and improvements in production processes, contributing to enhanced profitability [3] Vaccine Segment - The veterinary biological products (vaccines) segment achieved revenue of 344 million yuan, representing 14.50% of total revenue [4] - Core products maintain strong market positions, with the blue ear disease inactivated vaccine leading in market share [4] - The company is actively promoting new products and investing in R&D, with several vaccines in various stages of development and approval [4] Investment Recommendations - The company is positioned as a leader in the Jinmison industry, benefiting from domestic and international market demand growth, cost optimization, and price increases [5] - The completion of the sixth phase project further consolidates the company's scale and cost advantages, while the vaccine segment, despite short-term pressures, has a robust product pipeline and strategic expansions [5] - The projected revenues for 2025-2026 have been adjusted to 2.835 billion yuan and 3.030 billion yuan, respectively, with net profits forecasted at 197 million yuan and 326 million yuan [5][8]