Jinhe Biotechnology(SZ:002688) China Post Securities·2025-04-30 07:11Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company reported a revenue of 2.371 billion yuan in 2024, representing a year-on-year growth of 9.04%, with a net profit attributable to shareholders of 100 million yuan, up 15.90%. Excluding stock incentive costs and goodwill impairment, the net profit was 157 million yuan, a significant increase of 57.59% [4] - In Q1 2025, the company achieved a revenue of 625 million yuan, a year-on-year increase of 20.35%, with a net profit of 51 million yuan, up 13.23% [4] - The veterinary pharmaceutical segment saw a revenue increase of 21.74% to 1.234 billion yuan in 2024, with a gross margin improvement of 7.4 percentage points to 40.17% [5] - The company is the largest producer of chlortetracycline premix in the world, with a projected EPS of 0.30 yuan for 2025, corresponding to a PE ratio of only 21 times [7] Company Overview - The latest closing price of the company's stock is 6.20 yuan, with a total market capitalization of 4.8 billion yuan [3] - The company has a total share capital of 772 million shares, with 745 million shares in circulation [3] - The company has a debt-to-asset ratio of 55.8% and a current PE ratio of 47.91 [3] Financial Projections - The company expects revenues to grow to 2.726 billion yuan in 2025, with a net profit of 229 million yuan, reflecting a growth rate of 128.52% [10] - The projected EPS for 2026 and 2027 are 0.39 yuan and 0.47 yuan, respectively, with corresponding PE ratios decreasing to 15.89 and 13.41 [10][13]