Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates strong operational resilience and growth driven by innovation. Despite a competitive industry landscape, the company reported a revenue of 942 million yuan in 2024, a decrease of 11.48% year-on-year, but showed a recovery in Q1 2025 with a revenue of 245 million yuan, an increase of 19.65% year-on-year. The net profit for 2024 was 382 million yuan, down 3.43%, while Q1 2025 net profit rose by 24.08% to 108 million yuan. The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 467 million, 578 million, and 694 million yuan respectively, corresponding to EPS of 1.00, 1.24, and 1.49 yuan [3][4][5]. Financial Performance Summary - In Q1 2025, the company's core products saw significant revenue contributions: pseudorabies vaccine accounted for 25%, diarrhea vaccine 30%, and circovirus vaccine approximately 25%. Direct sales contributed over 60% of revenue, while distribution accounted for over 30%. The gross margin and net margin for Q1 2025 were 65.88% and 43.96%, respectively, with a year-on-year change of -0.76% and +1.47 percentage points. The company has effectively reduced costs, leading to improved net margins [4][5]. - The company maintained a high level of R&D investment, totaling 86 million yuan in 2024, which is 9.14% of revenue, an increase of 0.82 percentage points year-on-year. New vaccine registrations for pigs and poultry have been achieved, and the company is expanding its product line for ruminant vaccines [5][6]. Financial Forecasts - The financial forecasts indicate a recovery trajectory with projected revenues of 1.131 billion yuan in 2025, 1.358 billion yuan in 2026, and 1.567 billion yuan in 2027, reflecting year-on-year growth rates of 20.1%, 20.1%, and 15.4% respectively. The net profit is expected to grow at rates of 22.0%, 23.9%, and 20.0% for the same years [6][8]. - Key financial ratios include a gross margin of 68.0% in 2025, improving to 71.4% by 2027, and a net margin projected to reach 44.3% by 2027 [6][8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 16.2 for 2025, 13.1 for 2026, and 10.9 for 2027, indicating a favorable valuation trend as earnings grow [6][8]. - The price-to-book (P/B) ratios are expected to decline from 1.7 in 2025 to 1.4 in 2027, suggesting an attractive investment opportunity as the company continues to enhance its profitability [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5][6] Financial Performance Summary - In 2024, the company reported revenue of 1.255 billion yuan, a decrease of 21.45% year-on-year, and a net profit attributable to shareholders of 109 million yuan, down 61.58% year-on-year. The decline in net profit is attributed to increased competition in the industry [4][7] - For Q1 2025, the company achieved revenue of 352 million yuan, an increase of 1.06% year-on-year, while the net profit attributable to shareholders was 76 million yuan, a decrease of 27.57% year-on-year [4] - The company has revised its profit forecasts for 2025-2026 downwards and introduced a new forecast for 2027, expecting net profits of 251 million yuan, 348 million yuan, and 448 million yuan for 2025, 2026, and 2027 respectively [4][7] Market Position and Product Pipeline - The company maintains a solid market share for its major products, with a 23% market share for its pig circovirus vaccine and a 40% market share for its brucellosis vaccine. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] - The company has a strong focus on R&D, with 179 million yuan invested in 2024, representing 14.25% of its revenue. It has obtained production licenses for several important vaccines and is progressing with the development of a novel mRNA vaccine for cats [6] Financial Metrics and Valuation - The company's gross margin for 2024 was 53.86%, and the net margin was 8.30%, reflecting a decline of 5.33 percentage points and 9.04 percentage points respectively. For Q1 2025, the gross margin was 54.53% and the net margin was 21.96% [5] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.22 yuan, 0.31 yuan, and 0.40 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 31.4, 22.6, and 17.5 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to intensified industry competition, declining product prices, and reduced gross margins, alongside continued high R&D investment. However, the company has a strong pipeline of new products that are expected to contribute positively to future growth [4][5] - Revenue for 2024 is reported at 1.255 billion yuan, a decrease of 21.45% year-on-year, with a net profit attributable to the parent company of 109 million yuan, down 61.58% year-on-year. For Q1 2025, revenue is 352 million yuan, an increase of 1.06%, while net profit is 76 million yuan, a decrease of 27.57% [4][5] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 251 million, 348 million, and 448 million yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - The company's gross margin and net margin for 2024 are 53.86% and 8.30%, respectively, showing declines of 5.33 percentage points and 9.04 percentage points. For Q1 2025, the gross margin is 54.53% and the net margin is 21.96% [5] - The company maintains a solid market share in key products, with a 23% market share in pig circovirus vaccines and a 40% market share in brucellosis vaccines. Several major products are expected to be launched in 2024, contributing to revenue growth in 2025 [5][6] R&D and Innovation - In 2024, the company invested 179 million yuan in R&D, accounting for 14.25% of its revenue. The company has secured production licenses for several important vaccines and is progressing with the development of the world's first mRNA vaccine for feline infectious peritonitis [6] - The company emphasizes continuous innovation and has a robust pipeline of new products, indicating strong long-term growth potential [6]

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]