TECON(SZ:002100) Yin He Zheng Quan·2025-04-30 07:05Investment 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]