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中牧股份(600195):化药业务放量较快增长,生物制品业绩修复
CAITONG SECURITIES· 2025-08-28 08:18
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue increase of 12.63% year-on-year in the first half of 2025, achieving a total revenue of 2.793 billion yuan and a net profit of 82 million yuan, reflecting a 30.19% increase year-on-year [7] - The performance of the biological products segment is recovering, while the chemical medicine segment is experiencing rapid growth [7] - The company is expected to achieve revenues of 6.443 billion yuan, 6.834 billion yuan, and 7.264 billion yuan from 2025 to 2027, with net profits of 194 million yuan, 242 million yuan, and 317 million yuan respectively [7] Financial Performance Summary - Revenue (in million yuan): 2023A: 5,406, 2024A: 6,017, 2025E: 6,443, 2026E: 6,834, 2027E: 7,264 [6] - Net profit (in million yuan): 2023A: 403, 2024A: 71, 2025E: 194, 2026E: 242, 2027E: 317 [6] - EPS (in yuan): 2023A: 0.39, 2024A: 0.07, 2025E: 0.19, 2026E: 0.24, 2027E: 0.31 [6] - PE ratios: 2025E: 39.8, 2026E: 32.0, 2027E: 24.4 [6] Business Segment Performance - The biological products segment saw a revenue decline of 7.86% to 450 million yuan in the first half of 2025, while the chemical medicine segment's revenue increased by 57.36% to 999 million yuan [7] - The company launched six new products in the pet business during the first half of 2025 [7] - Export revenue increased by 24.5% to 195 million yuan in the first half of 2025 [7] Profitability Metrics - Gross margin for the first half of 2025 was 17.20%, with a net margin of 3.19% [7] - The company expects to improve its profitability with projected net profit margins of 2.6%, 3.1%, and 3.8% from 2025 to 2027 [8]