Core Insights - In 2024, the company achieved operating revenue of 1.32 billion yuan, a year-on-year increase of 10.16%, while net profit attributable to shareholders was 63 million yuan, a decline of 22.39% [1] - The decline in profit is attributed to increased depreciation expenses after the completion of the animal health industrial park, a 17.49% rise in management expenses, and a 46.48% increase in financial expenses due to interest expenses being recognized as costs [1] Enzyme Business - The enzyme business generated revenue of 505 million yuan in 2024, a year-on-year growth of 14.34%, becoming the main driver of the company's revenue growth [2] - The gross profit margin reached 63.69%, an increase of 2.89 percentage points, driven by continuous investment in technological innovation and optimization of production processes [2] - The company is expanding into various fields including industrial enzymes, food enzymes, and pharmaceutical enzymes, and has established an AI technology development laboratory to enhance R&D efficiency [2] Animal Health Products - Revenue from the animal health products business was 308 million yuan in 2024, a slight increase of 3.56%, but the gross profit margin fell to 33.51%, down 8.23 percentage points [3] - The decline in gross profit margin is primarily due to increased depreciation after the industrial park's completion, but long-term benefits are expected from improved product structure and quality [3] - The company plans to focus on biological products, particularly pig vaccines and imported generics, while also expanding into the pet medicine sector [3] Capacity and R&D Investment - With the increase in new capacity utilization and the gradual release of new products, the profitability of the animal health business is expected to recover [4] - The company invested 118 million yuan in R&D in 2024, a year-on-year increase of 6.81%, accounting for 8.95% of revenue, with 266 R&D personnel [4] - The company has established six technology centers and two key laboratories, with major projects expected to be operational by 2025, laying a foundation for future growth [4] Profit Forecast and Investment Recommendation - The expected EPS for 2025-2027 is projected to be 0.44 yuan, 0.51 yuan, and 0.60 yuan, corresponding to dynamic PE ratios of 29, 24, and 21 times, respectively, maintaining a "hold" rating [4]

Core Insights - The company reported a revenue of 1.321 billion yuan for the year 2024, representing a year-on-year growth of 10.16%, while the net profit attributable to shareholders decreased by 22.39% to 62.6375 million yuan [1] - The company invested 118 million yuan in R&D, accounting for 8.95% of its revenue, focusing on technological innovation and global expansion to strengthen its core competitiveness and promote sustainable development [1] Group 1: Enzyme Business - The enzyme segment achieved a revenue of 505 million yuan, reflecting a year-on-year increase of 14.34% [1] - The company has established four efficient protein expression systems and corresponding large-scale fermentation systems, which are crucial for the development of microbial production strains [1] Group 2: AI Integration and Animal Health - The company is exploring the deep integration of AI technology with biomanufacturing, establishing an AI technology development and application laboratory to enhance enzyme protein optimization and intelligent fermentation [2] - The company has built a comprehensive empowerment platform for animal health, providing systematic solutions covering animal nutrition, health breeding, and disease management [2] Group 3: Production Capacity and Future Plans - The company’s technology center and various production projects have commenced operations, with the production line for refined enzyme products expected to be operational by August 2025, indicating a systematic capacity layout across its business segments [2] - The company aims to support biomanufacturing with core technologies and provide clean energy solutions for traditional industries, focusing on multiple sectors including agriculture, food, health, and environmental protection [2]