金河生物（002688）：兽用金霉素龙头，疫苗助力新风起

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is a leading player in veterinary antibiotics, specifically in the production of veterinary gentamicin, and is expanding its vaccine business to drive new growth [6][17]. - The company has shown steady revenue growth with a CAGR of 6.45% from 2018 to 2024, and a significant increase in Q1 2025 revenue driven by new production capacity and improved market conditions [6][25]. - The report highlights the potential for increased demand for veterinary drugs and vaccines due to improved profitability in the livestock sector, which is expected to drive recovery in the market [6][33]. Summary by Sections 1. Company Overview - The company, established in 1990, has become a global leader in veterinary gentamicin and has diversified into veterinary vaccines and other related fields [6][17]. - The company has a strong market position with nearly 70% market share in gentamicin production and is expanding its production capacity [6][25]. 2. Animal Health - The report emphasizes the recovery of vaccine and veterinary drug demand driven by improved profitability in the livestock sector [6][33]. - The veterinary pharmaceutical market is characterized by intense competition and product homogeneity, but leading companies are expected to gain market share through innovation and improved service [6][9]. 3. "Veterinary Drugs + Vaccines" Strategy - The company is expanding its vaccine portfolio, with significant products in the pipeline, including swine and ruminant vaccines [6][33]. - The report notes the strategic partnerships with universities to enhance research and development capabilities [6][33]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 27.22 billion, 31.37 billion, and 36.28 billion yuan from 2025 to 2027, with corresponding net profits of 1.78 billion, 2.63 billion, and 3.41 billion yuan [7][8]. - The current stock price corresponds to a PE ratio of 27X for 2025, which is below the average of comparable companies [7][8]. 5. Key Assumptions - The report assumes a 20% revenue growth for veterinary pharmaceuticals and biological products from 2025 to 2027, with higher margins expected for vaccine products [8][9].