Company Overview - The company,普莱柯, reported a revenue of 1.043 billion yuan in 2024, a decrease of 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year [2] - In Q1 2025, the company achieved a revenue of 279 million yuan, an increase of 18.32% year-on-year, with a net profit of 52.91 million yuan, up 93.75% year-on-year [2] Business Segments - The company's pig vaccine and chemical drug business faced challenges due to downstream breeding structure adjustments and intensified market competition, leading to a decline in revenue and profit [2] - The pet segment showed strong performance, with pet vaccine revenue of 14.42 million yuan, pet chemical drug revenue of 13.14 million yuan (up 5.25% year-on-year), and functional health product revenue of 18.65 million yuan (up 131.93% year-on-year) [2][4] Industry Insights - The pig farming industry is experiencing a recovery in profitability after a downturn in the first half of 2024, which is expected to boost demand for animal health products [3] - The company maintains a leading market share in core products such as the pig roundworm dual vaccine and the pig fever series products [3] - The company invested 106 million yuan in R&D in 2024, accounting for 10.17% of its revenue, and has received multiple new veterinary drug registrations [3] Vaccine Performance - The poultry vaccine and antibody segment achieved a revenue of 429 million yuan in 2024, an increase of 3.31% year-on-year, with high pathogenic avian influenza products growing over 30% [4] - The company’s production base in Nanjing passed GMP certification, supporting the expansion of the high pathogenic avian influenza vaccine market [4] Future Outlook - The company forecasts EPS of 0.54 yuan, 0.62 yuan, and 0.69 yuan for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 25, 22, and 20 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.25 RMB [6][4]. Core Insights - The company reported a revenue of 942 million RMB in 2024, a year-on-year decrease of 11.48%, and a net profit of 382 million RMB, down 3.43% year-on-year. However, Q4 2024 showed a revenue increase of 16.81% year-on-year and a net profit increase of 216.18% year-on-year, indicating a recovery trend [1][2]. - The company is focusing on new product development, having obtained 7 new veterinary drug registration certificates in 2024, including 5 for swine vaccines. This is expected to drive future revenue growth [3][4]. - The company’s earnings are projected to improve, with net profits expected to reach 4.35 billion RMB in 2025, 4.96 billion RMB in 2026, and 5.75 billion RMB in 2027, corresponding to EPS of 0.93, 1.06, and 1.23 RMB respectively [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 245 million RMB, up 19.65% year-on-year, and a net profit of 108 million RMB, up 24.08% year-on-year. The overall trend shows a recovery in performance despite seasonal factors affecting Q1 results [1][2]. Product Development - The company has made significant progress in new product development, with multiple vaccines for swine and other animals in various stages of research and approval. This is expected to enhance the company's competitive position in the veterinary biological products industry [3][4]. Earnings Forecast - The earnings forecast for the company indicates a gradual recovery, with expected revenue growth of 19.86% in 2025 and continued growth in subsequent years. The projected net profit growth rates are 13.86% for 2025 and 15.85% for 2027 [5][4].

Core Viewpoint - The aquaculture sector is experiencing positive momentum, with the introduction of innovative technologies and a potential recovery in consumer demand, which may lead to improved pricing in the medium term [1][3]. Group 1: Market Performance - As of April 29, 2025, the China Livestock Breeding Index (930707) increased by 0.04%, with notable gains from companies such as RuiPu Bio (300119) up 4.81% and PuLaike (603566) up 3.79% [1]. - The Aquaculture ETF (516760) rose by 0.16%, with a recent price of 0.62 yuan, and has seen a cumulative increase of 2.14% over the past month, ranking first among its peers [1]. Group 2: Industry Developments - The world's first large-scale deep-sea aquaculture vessel, "Bay Area Lingding," is expected to be delivered in June 2025, with an annual production capacity of 5,000 tons, equivalent to the output of 5,000 mu of fish ponds [1]. - Huaxi Securities anticipates that while short-term consumer demand is recovering, supply remains ample. However, due to a slow recovery in production capacity in 2024, pig prices may exceed expectations in the second half of 2025 [1]. Group 3: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Aquaculture ETF is 13.13, which is in the 1.18% percentile over the past year, indicating that the valuation is lower than 98.82% of the time in the last year, suggesting historical low valuations [1]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index include HaiDa Group (002311), Wen's Foodstuffs (300498), and MuYuan Food (002714), collectively accounting for 69.05% of the index [3].

注册分类：二类 主要成分：氟雷拉纳 适应症：用于治疗后备鸡、产蛋鸡和种鸡的鸡皮刺螨（红螨）感染。 用法与用量：以本品计。混饮：鸡每 1kg 体重 0.05ml（相当于以氟雷拉纳计 每 1kg 体重 0.5mg），每隔 7 日给药 1 次，连用 2 次。 二、新兽药研究开发情况及相关市场背景情况 证券代码：603566 证券简称：普莱柯 公告编号：2025-020 普莱柯生物工程股份有限公司 关于获得新兽药注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经农业农村部审查，批准 普莱柯生物工程股份有限公司（以下简称"公司"）及其全资子公司洛阳惠中兽 药有限公司（以下简称"惠中兽药"）等单位联合申报的"氟雷拉纳溶液"为新 兽药，并于 2025 年 4 月 27 日公示了核发《新兽药注册证书》（中华人民共和国 农业农村部公告第 901 号）事项。详情如下： 一、新兽药的基本信息 新兽药名称：氟雷拉纳溶液 按照《兽药管理条例》《兽药产品批准文号管理办法》等相关规定，该产品 在上 ...

Investment Rating - The investment rating for the company is "Add" and maintained [1] Core Views - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 1.043 billion yuan, down 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year. However, the first quarter of 2025 showed a recovery with revenue of 279 million yuan, up 18.32% year-on-year, and a net profit of 53 million yuan, up 93.75% year-on-year, driven by growth in poultry vaccines and pharmaceuticals [4][5] - The company is facing pressure in the pig vaccine segment due to increased competition, while the poultry vaccine and pharmaceutical segments are showing growth. The pet vaccine segment is also emerging as a new growth area, with sales exceeding 46 million yuan in 2024 [5] - The company is implementing marketing strategy adjustments and organizational changes to strengthen cost control and core competitiveness, anticipating a recovery in performance as the pig vaccine market stabilizes and new growth opportunities in pet vaccines arise [6] Financial Summary - The company’s financial performance is projected to improve from 2025 to 2027, with expected earnings per share (EPS) of 0.49 yuan, 0.61 yuan, and 0.68 yuan respectively. The revenue is expected to grow from 1.131 billion yuan in 2025 to 1.259 billion yuan in 2027, with net profit projected to increase from 169 million yuan to 237 million yuan over the same period [7][9]

Investment Rating - The investment rating for the company is "Add" and it is maintained [1] Core Views - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 1.043 billion yuan, down 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year. However, in Q1 2025, the company showed signs of recovery with a revenue of 279 million yuan, up 18.32% year-on-year, and a net profit of 53 million yuan, up 93.75% year-on-year, driven by growth in poultry vaccines and pharmaceuticals [4][5] - The performance of different vaccine products varies significantly, with poultry vaccines showing continuous growth, while pig vaccines are under pressure due to increased competition in the swine breeding industry. The company’s revenue from poultry vaccines and antibodies increased by 3.31% and 33.80% respectively in 2024 and Q1 2025, while revenue from pig vaccines decreased by 22.58% and 11.64% respectively [5] - The company is expected to recover as it adjusts its marketing strategy and implements organizational changes, with projected EPS for 2025-2027 being 0.49 yuan, 0.61 yuan, and 0.68 yuan respectively, maintaining an "Add" rating [6] Company Overview - The latest closing price of the company's stock is 13.70 yuan, with a total market capitalization of 4.7 billion yuan. The company has a total share capital of 346 million shares, with a debt-to-asset ratio of 15.2% and a P/E ratio of 50.74 [3][4]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]

证券研究报告|行业研究周报 [Table_Date] 2025 年 04 月 28 日 猪肉3 月能繁去化，屠宰量同环比均大增 [Table_Title2] 农林牧渔行业周报第 15 期 [Table_Summary] 本周观点: 种植产业链：4 月 22 日，农业农村部种业管理司、计划财务司 联合中国农业银行三农对公业务部，通过线上直播方式介绍中 国农业银行支持种业振兴的最新政策与服务举措、融资租赁产 品、投资金融服务模式等内容。国家农作物、畜禽、水产种业 阵型企业、各省优势种业企业和各级种业管理部门、农业银行 系统相关单位线上参加推介会。为落实全国种业企业座谈会有 关部署要求，今年以来农业农村部种业管理司、计划财务司探 索开通"金融惠种直播间"，搭建常态化政银企对接平台，把 重点金融机构最新政策信息第一时间送达种业企业，推动惠企 政策落实落地。此次直播是"金融惠种直播间"第二期，邀请 中国农业银行及子公司通过"政策解读+案例分享"的形式详 细介绍了支持政策措施。截至目前，中国农业银行已出台《支 持种业振兴行动金融服务方案》《支持种业振兴信贷政策》和 《农作物种业行业信贷政策》，启动实施种业振兴服务提升行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.043 billion yuan in 2024, a decrease of 16.77% year-on-year, and a net profit attributable to the parent company of 93 million yuan, down 46.82% [5] - In Q1 2025, the company achieved a revenue of 279 million yuan, an increase of 18.32% year-on-year, and a net profit of 53 million yuan, up 93.75% [5] - The company is facing short-term pressure in its piglet business due to intensified industry competition, but is focusing on growth in poultry vaccines and pharmaceuticals, as well as increasing sales in ruminant and pet vaccines [5][6] - The company has adjusted its profit forecasts for 2025-2026 downwards and added a forecast for 2027, expecting net profits of 171 million, 207 million, and 249 million yuan for 2025-2027 respectively [5] Financial Summary - The company's revenue for 2025 is estimated at 1.211 billion yuan, with a year-on-year growth of 16.1% [9] - The gross margin for Q1 2025 is reported at 59.71%, a decrease of 4.70 percentage points, while the net margin is 18.99%, an increase of 7.39 percentage points [7] - R&D expenses for 2024 amounted to 106 million yuan, representing 10.17% of total revenue [7] - The company’s earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 27.7 [9]