金河生物：金霉素龙头主业稳健，疫苗业务再添增量

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is a leading player in the veterinary antibiotic market, particularly known for its production of chlortetracycline, which holds a significant global market share. The company has diversified its business into vaccines, with a strong market position in blue ear disease vaccines and promising developments in brucellosis vaccines and African swine fever vaccines [6][50][55]. Financial Performance - The company's revenue has shown steady growth, increasing from 1.458 billion to 2.174 billion yuan from 2017 to 2023, with a compound annual growth rate (CAGR) of 6.18%. In Q1 2024, the revenue was 519 million yuan, slightly down by 1.49% year-on-year due to a high base in Q1 2023. The net profit attributable to shareholders was 86 million yuan in 2023, up 13.16% year-on-year, and 45 million yuan in Q1 2024, up 21.88% year-on-year [7][31]. Market Dynamics - The veterinary drug industry in China faced a slight decline in market size, with sales of 67.345 billion yuan in 2022, down 1.86% year-on-year. The industry is entering a phase of standardized development, with a notable increase in the concentration of large and medium-sized enterprises [12][14]. The introduction of antibiotic bans has reduced the use of feed antibiotics, creating a favorable environment for the growth of chlortetracycline, which remains approved for therapeutic use [15][41]. Vaccine Business - The company has made significant strides in its vaccine business, particularly with the blue ear disease vaccine, which has the highest market share in the industry. The development of the African swine fever vaccine is expected to create a substantial market opportunity, potentially exceeding 10 billion yuan in market size by 2025 [58][42]. Production Capacity - The company holds a dominant position in the global chlortetracycline market, with a production capacity accounting for 50% of the global total. The company is set to double its chemical production capacity with the completion of its sixth-phase project in 2024, which will significantly enhance its market position [50][37]. Management and Governance - The company's management structure is stable, with a core management team that has extensive experience. The controlling shareholder, Inner Mongolia Jinhai Holdings Co., Ltd., holds 30.98% of the shares, and the actual controllers have a combined stake of 34.31% [28][29].