2023年年报点评：猪苗业务短期承压，猪周期反转前途光明

Investment Rating - The report maintains a "Hold" rating for the company, with a target PE of 24 times for 2024, compared to an average PE of 27 times for two comparable companies in the industry [3][28]. Core Insights - The company achieved a revenue of 1.253 billion yuan in 2023, reflecting a year-on-year growth of 1.84%. The net profit attributable to the parent company was 175 million yuan, up 3.99% year-on-year [28]. - The report highlights that the company's performance is supported by its "big client" and "big product" marketing strategies, which have led to significant revenue growth from large breeding group clients [28]. - The report anticipates a recovery in the pig farming industry, which may lead to increased demand for vaccines and other products, as the current low inventory levels of breeding pigs suggest a potential price increase in the future [28]. Financial Projections - Revenue is projected to grow from 1.253 billion yuan in 2023 to 1.588 billion yuan by 2026, with annual growth rates of 1.84%, 2.22%, 11.33%, and 11.38% respectively [29]. - The net profit attributable to the parent company is expected to rise from 175 million yuan in 2024 to 343 million yuan in 2026, with growth rates of 45.34% and 20.80% for the subsequent years [29]. - The company plans to maintain a stable gross margin, with projections of 61.01% in 2023, slightly decreasing to around 60% by 2026 [29]. Business Segment Performance - The report details revenue contributions from various segments, with pig vaccines generating 434 million yuan in 2023, while poultry vaccines and pharmaceuticals contributed 416 million yuan and 379 million yuan respectively [28]. - The pig vaccine segment is expected to see stable growth, with a projected gross margin of 80% to 81% over the next three years [27]. - The poultry vaccine and antibody segment is also expected to grow steadily, with a gross margin forecasted at 54% to 55% [27]. R&D and Product Development - The company invested 101.09 million yuan in R&D, accounting for 8.07% of its revenue, and has received several new veterinary drug registrations [28]. - The report notes that the company is actively expanding its product matrix and has filed numerous patents, indicating a strong commitment to innovation [28].