JINYU(600201) 开源证券·2024-04-27 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][28] Core Views - The company focuses on non-oral strategic new products, with non-oral product revenue accounting for over 50% in 2023, indicating a successful diversification strategy [3][14] - The company has a robust gross margin of 59.19%, which has increased by 4.02 percentage points [14] - The company is expected to benefit from the gradual reversal of the pig cycle and the launch of new products, leading to further growth in performance [16] Financial Summary - In 2023, the company reported revenue of 1.598 billion yuan (+4.55%) and a net profit attributable to shareholders of 284 million yuan (+34.64%) [16] - The projected revenue for 2024 is 1.882 billion yuan, with a year-on-year growth of 17.8% [15] - The projected net profit for 2024 is 392 million yuan, with a year-on-year growth of 38.2% [15] - The company maintains a high R&D investment of 230 million yuan, accounting for 14.39% of revenue, with plans to develop over 40 new vaccine products in the next five years [17] Product Segmentation - The revenue from pig vaccines accounts for approximately 50%, with a focus on optimizing product structure and launching new vaccines for pig diarrhea, blue ear disease, and bacterial vaccines in 2024 [14] - Revenue from ruminant vaccines reached 30%, with rapid growth expected from the dual vaccine for cattle and several brucellosis vaccines [14] - Revenue from poultry vaccines is about 14%, with expectations for recovery in growth following business restructuring [14] Market Performance - The current stock price is 8.91 yuan, with a market capitalization of 9.982 billion yuan [6] - The stock has a P/E ratio projected to decrease from 35.2 in 2023 to 25.5 in 2024, indicating potential for value appreciation [15]