JINYU(SH:600201) ZHESHANG SECURITIES·2026-01-11 23:30Group 1: Company Overview - The report focuses on Bio Co., Ltd. (600201), highlighting its potential breakthrough with the African Swine Fever vaccine, which is expected to reshape its competitive advantage and growth momentum [3][4]. - The recommendation logic emphasizes the company's strong R&D barriers, rich product pipeline, and the recent clinical approval of the ASF vaccine, which could become the main growth driver over the next 3-5 years [3][4]. Group 2: Financial Projections - Projected revenues for Bio Co., Ltd. from 2025 to 2027 are estimated at 1,603.76 million, 2,035.36 million, and 2,520.85 million yuan, with year-on-year growth rates of 27.74%, 26.91%, and 24.85% respectively [4]. - The net profit attributable to the parent company is forecasted to be 303.45 million, 397.65 million, and 491.31 million yuan for the same period, with growth rates of 178.44%, 31.04%, and 23.55% respectively [4]. Group 3: Catalysts and Drivers - Key catalysts include breakthroughs in the ASF vaccine development and advancements in the mRNA vaccine for feline infectious peritonitis [4]. - The driving factors for growth are the leading progress in ASF vaccine development, a solid position in foot-and-mouth disease, rapid expansion in the pet sector, and ongoing overseas market development [3][4]. Group 4: Market Position and Strategy - The company is expected to exceed performance expectations due to the clinical approval of the ASF vaccine, diversified product launches, and rapid overseas market expansion [3]. - The strategy includes leveraging marketing support, online channel development, and international market penetration to drive revenue growth [3].