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天风证券:给予科前生物买入评级
Zheng Quan Zhi Xing· 2025-08-27 06:13
Core Viewpoint - The report highlights the strong performance of Keqian Bio in the first half of 2025, driven by increased demand in the animal health sector and the introduction of new products, leading to a buy rating for the company. Group 1: Financial Performance - In the first half of 2025, Keqian Bio achieved revenue of 487 million yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 220 million yuan, up 44.1% year-on-year [1] - In Q2 2025, the company reported revenue of 242 million yuan, reflecting a year-on-year growth of 23.8%, and a net profit of 110 million yuan, which is a significant increase of 70.8% year-on-year [1] Group 2: Market Demand and Product Sales - The profitability of downstream farming enterprises has improved, leading to an increase in demand for animal health products, with a 17% year-on-year growth in batch approvals in the first half of 2025 [2] - In the first half of 2025, the company's vaccine issuance volume grew by 43% year-on-year, with significant increases in the sales of swine fever, diarrhea, and circovirus vaccines, reaching growth rates of 50%, 85%, and 153% respectively [3] Group 3: Research and Development - The company has increased its R&D investment, with R&D expenses accounting for 9.34% of total expenses by the end of Q2 2025, up 0.2 percentage points from the end of Q4 2024 [4] - New products launched include a dual vaccine for swine fever and pseudorabies, which aims to reduce immunization frequency while effectively preventing two diseases with one injection [4] Group 4: Investment Outlook - The animal health industry is expected to recover as price wars diminish due to the exit of some companies, supported by favorable policies that help control farming losses [5] - Revenue projections for Keqian Bio are estimated at 1.22 billion yuan, 1.31 billion yuan, and 1.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 450 million yuan, 520 million yuan, and 630 million yuan [5]